E&I Introduces Pharmacy Benefits Management partnership
Thursday, August 15, 2019
Posted by: Anita Girelli
E&I AND SOURCERX SIGN NEW AGREEMENT FOR PHARMACY BENEFITS MANAGEMENT
Unique cooperative contract delivers significant savings for E&I members on prescription drugs
E&I Cooperative Services (E&I) announces its new agreement with SourceRx, a pharmacy benefits management (PBM) coalition created by Sourcing Alliance and Health Action Council. E&I members in the higher education and K-12 sectors that are self-insured now have a way to access savings on their employees’ drug prescriptions through either CVS Caremark or OptumRx. E&I’s PBM contract is the only cooperative contract currently offered in the education market.
SourceRx is the longest-standing non-profit PBM, and the only nationwide publicly procured PBM program. The coalition leverages over $1 billion in annual spend and delivers pharmacy benefits to more than three million employees and family members. As part of this contract, E&I members will receive a Member Market Check at no cost, which provides an apples-to-apples comparison of current plans to the SourceRx plan.
The program provides self-insured employers with a more cost-effective way to provide pharmacy benefits to employees, with aggressive terms designed to provide greater prescription drug stability, extensive flexibility, dramatically increased control, and budget certainty while delivering substantial savings.
SourceRx manages the implementation process, provides ongoing customer service and support, and includes an annual audit for each member, all at no additional cost. “Navigating the complexities of PBM can be a daunting challenge,” said Tom Fitzgerald, CEO of E&I. “In addition to significant discounts, SourceRx’s expertise and support will be incredibly beneficial to our members. We are proud to be the only cooperative offering PBM to educational institutions and look forward to providing unrivaled value in this area.”
To learn more about the E&I SourceRx Pharmacy Benefits Management contract, visit www.eandi.org/contracts/sourcerx.