Tuesday, February 25, 2020

Tip of the Week: For your next PBM request for proposal ditch email and paper

Self-funded employers now have the technology available to them to automate large portions of repetitive tasks, streamline operations, and supercharge their pharmacy benefit manager RFPs. Companies that fail to adapt to technology will find themselves losing out to PBMs and competitors who have successfully embraced digital transformation and implemented new solutions to their PBM selection process.

e-Procurement provides excellent leverage for businesses that want the most efficient PBM spend process. RFI, RFQ and RFP software can help self-funded employers and take things to the next level.

First, let’s define what RFI, RFQ and RFP mean:

  • RFI – Request for Information is created to retain information from a supplier or vendor with no commitment to engage in a project. Typically RFI include no information about the project and can be issued to suppliers using RFI software. 
  • RFQ – Request for Quote strictly relates to price. RFQs focus on providing a quote that has a specific validity period. RFQ is typically used when the main terms of a deal are focused on financial metrics. 
  • RFP – Request for Proposal is an in-depth list of specific goods and/or services to be rendered by the service provider. PBMs typically respond to RFPs with their least transparent offer to provide what is being asked of them.

Reduced Prices. When you implement eRFx software  into your company, you save money through digitizing your PBM procurement process by going paperless. Errors that occur when filling out or evaluating forms with a manual process are eliminated. This means you can avoid costly mistakes that need investigation, resolution and reworking to be fixed.

Faster Business Cycles. e-Procurement software which handles eRFx operations enable transactions to be completed faster than manual processes once allowed for. The software uses an automated process which increases the volume of transactions completed in near real-time. This enhanced efficiency can have a domino effect throughout your entire business and improve go-live timing, as other relevant departments no longer have to wait for manual data entry and manual approvals.

Skyrocket Productivity. To have a successful PBM procurement process, you need to be operating under maximum efficiency and productivity. eRFx software reduces the amount of time required to complete time-consuming business tasks like proposal evaluation and scoring. Through automating tasks that once were completed manually, you free your team members from performing low-value tasks such as data entry, emailing, and paper processing. Instead, team members can cast their efforts on high-quality functions that drive business like contract analysis and scoring.

Take Control of your Pharmacy Spend with e-Procurement Software

A robust PBM e-procurement system breeds transparency and control within your company. This also means you can share better information with relevant stakeholders. Dashboards enhance visibility which provides a full procurement cycle transparency that your competitors cannot offer to clients if they are failing to use e-procurement software.

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