SmithRx

💡 "Those who hold the paper hold the power." But only if you understand what's actually in that paper. Many medical and pharmacy contracts are designed to be confusing. And the numbers prove that legacy strategy is working to keep employers in the dark: Last week at the National Alliance of Healthcare Purchaser Coalitions Annual Forum, we asked benefits leaders how comfortable they felt with PBM contracting. 🫤 60% said they weren't comfortable at all. 📥 Another 16% said they delegate it entirely to someone else. That's a risk—especially when those contracts directly impact your fiduciary responsibility and your organization's pharmacy spend. Jake Frenz, Founder and CEO, SmithRx and Cora Opsahl, Health Fund Director, Building Service 32BJ Benefit Funds tackled this head-on in "Courage in Contracting," a workshop that walked through real contract examples and identified red flags like vague rebate definitions and hidden offsetting clauses. ✅ The takeaway? Understanding your contract terms is an essential skill for benefits leaders. Modern PBM contracts should be clear, cost-based, and aligned with your fiduciary responsibility, not built on complexity that obscures true costs. Preparing for a contract review? Access our PBM evaluation checklist and other workshop resources: 👉 https://rebrand.ly/snaaeg3 #NAHPC2025 #NatAllForum #PBMContracting #PharmacyBenefits #BenefitsLeadership #SmithRx

Benefits leaders want to know: Is switching to a modern PBM worth it? This month at The Millennium Alliance's Benefits Leadership Transformation Assembly in Miami, HR leaders from Keystone Cooperative answered that question directly at the keynote, "Modern PBMs: Reducing the Cost and Complexity of Pharmacy Benefits." Angela Macke Hudgins, former Vice President Human Resources and CHRO, and Marie Yorn, Director of Total Rewards at Keystone Cooperative, joined  Ty Perry, VP of Sales at SmithRx on stage to share their transition story: 🔎 The evaluation process 📉 What to expect 💰 The real impact on their bottom line Angela summed it up: "When you think about that $1.8 million in savings that @SmithRx has saved us, it all goes back to your overall healthcare spend and ultimately lowered our bottom line." Marie added: "We love our SmithRx account manager—he feels like an extension of our team and is always bringing new ways for both Keystone and ultimately our members to save money on their pharmacy benefits." Thinking about making the switch? ➡️ 🎥 Watch our on-demand webinar with real insights on the transition process: https://rebrand.ly/si0z94p #MillenniumLive #PBMs #ModernPBM #BenefitsLeaders #HR #SmithRx

💡 A national labor union achieved 61.8% pharmacy cost savings that have lasted over three years. How?  ✅ They treated the root cause of rising costs, not just the symptoms. Just like a pain reliever masks a headache without fixing what’s causing it, some PBM solutions deliver short-term savings without addressing the real problem: misaligned incentives. When your PBM benefits from higher drug costs, long-term cost control becomes nearly impossible. The labor union experienced this firsthand. After years of escalating costs and weekly member complaints with their legacy PBM, they needed more than a quick fix. They needed structural change. In 2022, they switched to SmithRx. The results weren't just immediate—they were sustained: ✓ 61.8% reduction in per-member-per-month (PMPM) cost in Year 1 ✓ PMPM cost reduced to $56 by 2024—lower than their goal and below industry average ✓ 3.5+ years of consistent, below-market performance—and still going ✓ 20.6x return on investment (ROI) And most importantly, these cost reductions came with a sharp decline in member complaints, proof that excellent service isn't about how much you spend, it's about implementing solutions that work for your organization instead of your organization working for your PBM. How did they achieve this? By eliminating conflicts of interest and realigning their PBM with their needs: ✓ 100% pass-through pricing with transparent fees unaffected by drug costs ✓ Proactive savings tools that uncover opportunities instead of hiding them—like the $1M+ saved through the Autoimmune Pathway program ✓ Expert member support that doesn't just answer questions, but actively guides members through the complexities of the healthcare system The result? A foundation for long-term cost control that benefits both their organization and its members. 🧡 When you're ready to make the switch, we're here to help you build a pharmacy benefit that works the way a PBM should: as your partner in navigating care effectively and efficiently. 📙 Read the full case study: https://qrco.de/bgSphm #CaseStudy #Healthcare #PBMs #BenefitsLeaders #PBM #ModernPBM #SmithRx

The pharmacy benefits model has been broken for decades. 💡 It's time for a new category. Identifying a new category means taking a step back to observe and solve problems people may not even realize they have or don't have better options for solving. 💊 For pharmacy benefits, that problem was hiding in plain sight: Legacy PBMs manipulate the pharmacy supply chain in their favor, then report "success" based on discount percentages off inflated list prices, hiding actual net costs. Because this lack of transparency has become the industry standard, many benefits leaders don't realize they're evaluating their PBM with incomplete data. Our VP of Marketing, Vidya Drego, recently joined Vince Quinn on the Future Fuzz - B2B Marketing Podcast to discuss what it takes to create a category from scratch, and why the pharmacy benefits space needed a new option. 🎧 In Episode 134: Creating a Category From Scratch, Vidya shares: → Why legacy PBM pricing models are fundamentally broken → How we're educating the market on what transparency really means → The content strategies fueling a category shift in healthcare → What it takes to challenge decades-old industry giants Listen to the full conversation: https://qrco.de/bgSDpB #PBMs #PharmacyBenefits #EmployeeBenefits #HealthcareCosts #BenefitsLeadership #Transparency #ModernPBM 

⏫ Fresh stats: 31% of employers now contract with transparent PBMs—up from just 12% last year. New survey data from National Alliance of Healthcare Purchaser Coalitions, reported by Fierce Healthcare, reveals the momentum behind the movement away from legacy PBMs: 📈 31% now use transparent PBMs (vs. 12% in 2024) 📉 61% still contract with the Big Three—down from 72% 🔄 55% are considering switching in the next 1-3 years The data on why employers are moving is equally compelling: • 53% say healthcare costs are making it harder to compete • 40% can't access key claims data from their current PBM • Employers with transparent PBMs are 1.6x more likely to report lower premiums Our latest blog explores what's driving this movement and how modern PBMs deliver for enterprise organizations—including one national enterprise employer that achieved 35% savings by switching to SmithRx's transparent model and using our Drug Pathways Engine. Keep reading: 🔗 Blog | Why America’s Largest Employers Are Switching PBMs: https://qrco.de/bgSF68 #EnterpriseHR #HR #ModernPBM #BenefitsLeaders #EmployeeBenefits #PharmacyBenefits #SmithRx

👋 At the National Alliance of Healthcare Purchaser Coalitions Annual Forum this week? Join us tomorrow morning for "Courage in Contracting", an interactive workshop on navigating PBM contracts with confidence. You'll learn how to recognize contract risks, ask informed questions, and approach your next negotiation with confidence. 🎤 Workshop: Courage in Contracting 📅 November 12 | 9:00-10:30 AM 👥 Jake Frenz, Founder and CEO, SmithRx | Cora Opsahl, Health Fund Director, Building Service 32BJ Benefit Funds 🧡 Until then, find us at Table 21 today to ask questions, enter our Yeti cooler raffle, and grab SmithRx giveaways.  Stop by—we're here to help! #NAHPC2025 #PharmacyBenefits #ModernPBM #SmithRx

It's been a great first day at the National Alliance of Healthcare Purchaser Coalitions Annual Forum! We're at Table 21 through Tuesday—stop by to: 💡 Learn how modern PBM solutions cut through contract complexity ❄️ Enter to win a Yeti cooler 🎁 Grab SmithRx giveaways (notebooks, golf balls, Tide pens and more!) 💬 Ask us anything about transparent pharmacy benefits 📌 Wednesday from 9:00-10:30 AM, our CEO Jake Frenz and Cora Opsahl from Building Service 32BJ Benefit Funds will be co-hosting "Courage in Contracting"—an interactive workshop on navigating PBM contracts with confidence. Looking forward to connecting! #NAHPC2025 #PharmacyBenefits #ModernPBM #SmithRx

⚠️ Are you fulfilling your fiduciary obligation as a plan sponsor? If you sponsor an employee health plan, you're legally required to act in the best interest of your plan and its members. But the legacy PBM model often puts that duty at odds with opaque pricing and misaligned incentives. In this episode of Modern PBM 101, Alan Pannier, Pharm D,MBA, Chief Strategy Officer at SmithRx, breaks down what fiduciary alignment means and how to protect yourself. What true fiduciary alignment looks like:  ✓ Your PBM's success tied to your success—so your PBM doesn't benefit from higher drug costs ✓ A cost-based approach to pharmacy spend, not discount games ✓ Full transparency into how every dollar is spent ✓ No retained rebates, no spread pricing, no murky contract terms At SmithRx, fiduciary alignment goes beyond contract language: 💰 Financially – Flat fee model with complete visibility 🩺 Clinically – Recommendations in patients' best interest while controlling costs 🧡 Operationally – In-house support that helps you meet your fiduciary obligations Fiduciary alignment lowers drug costs, protects you from legal and regulatory risk, and ensures you're doing right by your members. 📺 Watch Alan explain why this matters and how it's been the cornerstone of SmithRx from day one. ⬇️ 👉 Follow SmithRx so you don't miss next month's episode. #FiduciaryAlignment #ModernPBM101 #ModernPBM #PBMReform #PharmacyBenefits #SmithRx

🧡 We're inspired by benefits leaders who put people first, and this podcast episode shows exactly what modern benefits leadership looks like ⬇️ Our client partner Rena Cater, MBA, PHR, Vice President, Human Resources at Eagle Transport Corporation, was recently featured on The Inspired Stories Podcast! In this powerful conversation with host Anthony Codispoti, Rena shares her journey to becoming a transformational HR leader and her philosophy of putting the human back in human resources. Eagle's innovative approach to employee benefits caught our attention—it mirrors what we believe at SmithRx: that benefits should truly serve the people they're meant to help. Rena shares how Eagle implemented: • A Care Coach program with confidential counseling support across their network • Cancer care navigation with clinical nurses reviewing treatment plans • Cost-free surgery options for procedures like knee replacements • Prescription savings programs that benefit both employees and the company As Rena puts it: "We're going to put the human back into human resources... We're going to help anybody in the company directly." This people-first mindset extends to every decision benefits leaders make—including choosing pharmacy benefit partners that align with your values of transparency and true employee support. Rena previously shared her insights on navigating PBM transitions in a guest post on our blog, and we're grateful for her partnership and leadership in the benefits community. 🎧 Listen to the full episode and read Rena's insights on navigating PBM transitions - links in the comments ⬇️ #BenefitsLeadership #HRInnovation #EmployeeBenefits #PharmacyBenefits #ModernPBM #SmithRx

Pharmacy benefits are a major driver of employee well-being and a significant cost center for employers. That's why we're heading to Brooklyn December 4-5 for The Conference Board's Employee Well-Being conference. Join us at the event to explore how modern pharmacy benefits can reduce costs while improving access and outcomes for your team. Here's what we have planned: 🎤 Speaking Session Joy Gilbert, SVP of Customer Success, SmithRx, will be presenting "Escaping the Legacy PBM Trap" on December 4 at 10:45 AM, covering how employers can break free from hidden fees and opaque pricing models. 🤝 1:1 Meetings Schedule time with our Chief Strategy Officer, Alan Pannier, Pharm D,MBA, or our Chief Sales Officer, Jeff Snow, to discuss your pharmacy benefits strategy and explore potential savings opportunities. 🎟️ Visit Our Booth Forge your own path to better pharmacy benefits! Stop by to connect with our team, explore how a modern PBM can help you take control of your pharmacy spend, and get hands-on with custom engraving for jewelry, leather goods, and more. Learn more on the event page below. Attending? We'd love to connect. See you in Brooklyn! 👋 #EmployeeWellBeing2025  #HRLeadership #BenefitsLeaders #ModernPBM #PBM #TheConferenceBoard #PharmacyBenefits #SmithRx