What is Group Purchasing
At a basic level, group purchasing leverages the collective purchasing power of individual organizations to obtain better pricing, service and contractual terms than each organization could consistently get on its own over time. In short, plan managers and their participants obtain a better price and a better experience.
Labor Health Solutions' Group Purchasing Program for Pharmacy Benefits Management (PBM) works to reduce overall prescription drug and pharmacy cost trends for Taft-Hartley and other multiemployer plans. In addition to financial savings by using our PBM contract, participants also gain:
- Additional clinical and account management support from Labor Health Solutions staff who offer clear advice on managing your plan and the PBM relationship;
- Audit and contract management by both a third-party auditor and our in-house legal team; and
- Insights and analytics from PBM experts who help ensure the integrity and sustainability of your plan.
Click here to access a whitepaper on Labor Health Solution's group purchasing pharmacy trend.
To learn more about PBM purchasing and procurement, click here.