MedImpact Wins Contract To Manage Pharmacy Benefits At UM
SAN DIEGO, Calif. -- MedImpact Healthcare Systems Inc. has won a 39-month contract to provide pharmacy benefit management services to the University of Michigan's Prescription Drug Plan.
The University of Michigan plan provides outpatient prescription drug coverage for 95,000 faculty, staff, benefit-eligible graduate students, retirees, and their dependents enrolled in a UM medical plan. Service delivery begins Oct. 1.
"By coordinating administration of our drug plan with a PBM, the university saves money on its net drug plan costs, which helps control costs for the UM drug plan members," says Keith Bruhnsen, University of Michigan Benefits Office Assistant Director and Drug Plan Manager. "The university estimates it will save $13 million in drug expenditures over the term of the contract."
UM's prescription drug plan has consistently outperformed the national average, saving nearly $72 million since the university implemented the current self-insured plan model in 2003, according to the plan's 2011 annual report.
"We plan to work with MedImpact to continue our cost savings by identifying innovative programs and partnering for implementation," Bruhnsen said.
Added Greg Watanabe, MedImpact president: "MedImpact's retail pharmacy management strategy for the University of Michigan leverages the University's 340B Federal Drug Program, group purchasing organization pricing, and the use of the UM in-house pharmacies to ensure prescriptions are dispensed by pharmacies largely located in the State of Michigan. The university's insight and forward-thinking approach to pharmacy channel management reduces costs and delivers added economic value to the university. MedImpact's independence from pharmacy ownership makes it uniquely qualified to execute this strategy."
More at www.medimpact.com.
