|By Marketwired .||
|April 14, 2014 10:29 AM EDT||
PLANO, TX -- (Marketwired) -- 04/14/14 -- The Pharmacy Benefit Management Institute (PBMI) today released its 2014 PBM Customer Satisfaction Report based on its annual survey of drug benefit plan sponsors. The report shows a mean overall satisfaction score of 7.5 on a 10-point scale, a result that has remained relatively unchanged for the past five years. The 2014 survey was completed by 394 U.S. plan sponsors representing more than 64.7 million enrollees. PBMs are rated not only on their overall performance, but also on specific functions and services, including those related to specialty ("biotech") drugs.
The survey is regularly updated to reflect market trends. This year's survey included two new service dimension ratings: commitment to good customer service and meeting financial guarantees.
"The survey results provide an objective metric that drug benefit plan sponsors can use as they evaluate their PBM relationships," said Kathleen Fairman, PBMI's Vice President of Research and Education. "As an independent education and research organization, we want to drive best practices in the marketplace, and this survey is an important component of that effort. We also try to identify metrics on which PBMs can differentiate themselves from their competitors, such as transparency."
The following highlights key findings from the report:
- Comparing plan sponsor types (health plans, employers, and unions), little variation is found in overall satisfaction or satisfaction with specific service dimensions, PBM functions, or noncore services.
- The Net Promoter Score (NPS), a key metric of customer loyalty, remains relatively unchanged at +15% compared to +14% last year.
- The percentage of respondents indicating that their financial relationship with their PBM is completely transparent grew significantly this year, up to 44% versus 35% in 2013.
- Although financial transparency scores have increased, less than one-half of respondents report that their PBM relationship is completely transparent.
- Both transparency and perceived alignment of interests are strongly associated with overall satisfaction.
The 2014 Pharmacy Benefit Manager Customer Satisfaction Report is available in electronic format for purchase. This year's report includes profiles of 12 PBMs.
About The Pharmacy Benefit Management Institute
The Pharmacy Benefit Management Institute provides research and education to help health care benefit executives work with pharmacy benefit managers (PBMs) and other professionals to design prescription drug benefit programs. For PBMI news, visit www.pbmi.com.
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