Pharmacies and PBMs face a myriad of changes that are driving reinvention of business operating models—regulatory and demographic changes, consumerism, technological advances, shrinking margins in core revenue streams and commoditization of services. The best way to deal with these changes is by being able to rapidly build distinctive capabilities and optimize existing operations.
Cognizant helps retail, specialty and mail order pharmacies and PBMs understand the impact from fast-paced industry developments and rapidly respond to changing market dynamics.
Pharmacies and pharmacy benefit management firms (PBMs), large and small, are being forced to fundamentally remake their business models. By embracing new and distinctive organizational designs that make pharmacies and the PBM more agile, pharmacy and PBMs can optimize key business processes and improve their overall operational health.
Background on the role and reporting requirements of PBMs participating in Medicare Part D, regulatory mandates and audits and steps to ensure full compliance and survive federal scrutiny.