Is your PBM honest? By Bill Miller the Creator of the Honest PBM.

Description: On this episode of Impact Healthcare, Lester is joined by Bill Miller, CEO of Drexi. Together, they discuss the intricacies of the pharmacy benefits industry and how Bill transitioned from a serial entrepreneur to an honest, transparent PBM. In the episode, he breaks down a real-life example of claims data and shares powerful analogies to help listeners understand the difference between transparent pharmacy benefits and traditional pharmacy benefits. Bill also shares several words of advice for employers and advisors when choosing PBMs. Show Notes: Welcome to Impact Healthcare! Bill kicks the podcast off the podcast by describing how he got into the industry as an ‘honest’ Pharmacy Benefits Manager (PBM) (1:00) and describes how a traditional PBM operates (4:00). He also explains how this affects fully insured employers (14:55) and how PBM’s are compensated under a self-insured model (17:20). Bill shares a real-life example of claims data and breaks it down (20:45) and why employers shouldn’t chase rebates (33:00). Lastly, Bill shares advice and questions that, if answered incorrectly by a PBM, should raise red flags for any employer or advisor (40:15).