Minimizing Pharmacy Plan Costs
Lisa Stamm
Vice President, Consulting Services, Sherrill Morgan
Lisa Stamm discusses minimizing pharmacy plan costs. She explains how the pharmaceutical industry presents some of the most complex and expensive costs for companies that sponsor health plans.
The main role of Pharmacy Benefit Managers (PBMs) is to facilitate transactions when a member fills their prescriptions at a pharmacy. There are four traditional ways of how a PBM is compensated. The first method includes adding a cost to every prescription that is processed. The second is rebate retention, which is retaining all the rebates that plans receive when members use their prescription drugs. The third way is by obtaining the part of the co-pay that was higher than the cost of the prescription, and the fourth is in a traditional structure by being a part of the mail order process.
Lisa shares the problems of a traditional model and the benefits of pass through as an alternative, which is when a PBM is given a fixed and controlled administrative fee. She also explains how focused an employer should be on pharmacy rebates, mail-order and the co-pay structure with regards to prescription drug management.
*The views and opinions expressed in the Public Risk Management Association (PRIMA) blogs/podcasts are those of each respective author/speaker. The views and opinions do not necessarily reflect the official policy or position of PRIMA.*
Lisa Stamm
Vice President, Consulting Services, Sherrill Morgan
Summary of Qualifications
Lisa is a graduate of Northern Kentucky University and the University of Cincinnati College of Law. She has been with Sherrill Morgan since 2005 and manages health and welfare benefit plans, particularly in the self-funded arena. As a licensed attorney, she can consult clients regarding applicable state and federal laws regarding health plans. She is also available to answer questions regarding compliance with applicable laws, including federal health care reform, COBRA, ERISA and HIPAA. Lisa is also an expert and featured speaker on regulatory issues, particularly as they relate to health care reform. She has been a member of the Kentucky Bar Association since 1992.
Responsibilities
Lisa is the VP of the consulting division. She and her team oversee all self-funded groups. She is the primary contact for regulation, compliance, and health care reform issues and questions. She has an outstanding track record in reducing and maintaining plan costs. Her vast experience makes her invaluable to her clients.
Business Experience
Lisa has been with Sherrill Morgan since 2005, and she has worked with a wide variety of clients in that time including both public and private employers in Ohio, Kentucky, and Tennessee.
