Prescription Solutions by OptumRx Receives 4th Consecutive TIPPS Certification for Pharmacy Benefits Transparency Standards
- HR Policy Association’s 60-member Coalition Recognizes Pharmacy Benefit Management Organization for its Commitment to Open and Honest Pricing Information
Prescription Solutions by OptumRx, a leading pharmacy benefit management (PBM) organization and a UnitedHealth Group (NYSE: UNH) company, announced it has received certification for the fourth consecutive year from the HR Policy Association (HR Policy) Pharmaceutical Coalition. The certification is part of HR Policy’s Transparency in Pharmaceutical Purchasing Solutions (TIPPS)SM initiative.
Prescription Solutions is one of five PBMs that provide Wholesale Acquisition Cost (WAC) pricing for mail order medications. The WAC is a nationally tracked index that closely reflects drug pricing dynamics.
“We want our clients to fully understand our pricing structure, as well as the overall value of their health benefits. This enables clients to provide cost control for their companies and employees,” said Ed Feaver, Pharm.D, president of OptumRx. “TIPPS certification is an important contributor to our reputation as an industry leader. Every day we strive to show our commitment to our clients, and one element of that commitment is to be open and honest about our pricing structure.”
TIPPS standards endorse contracting that enables employers – as well as their beneficiaries and dependents – to better understand the exact price of a medication. The standards were created to ensure that PBMs encourage the use of the most clinically sound and cost-effective medications available.
The HR Policy Association Pharmaceutical Coalition encompasses close to 60 association member companies and represents more than 5 million Americans. TIPPS certification allows Prescription Solutions to offer PBM services to members of the coalition.
About HR Policy Association
HR Policy Association is the lead organization representing chief human resource officers of major employers. The Association consists of more than 325 of the largest corporations doing business in the United States and globally, and these employers are represented in the organization by their most senior human resource executive. Collectively, their companies employ more than ten million employees in the United States, nearly nine percent of the private sector workforce, and 20 million employees worldwide. They have a combined market capitalization of more than $7.5 trillion. These senior corporate officers participate in the Association because of their commitment to improving the direction of human resource policy. Their objective is to use the combined power of the membership to act as a positive influence to better public policy, the HR marketplace, and the human resource profession. For more information visit www.hrpolicy.org.
About Prescription Solutions by OptumRx
Prescription Solutions by OptumRx is an innovative pharmacy benefit management organization managing the prescription drug benefits of commercial, Medicare and other governmental health plans, as well as those of employers and unions through a national network of 64,000 community pharmacies and state-of-the-art mail service pharmacies in California and Kansas, both of which have earned the prestigious Verified Internet Pharmacy Practice Sites™ (VIPPS®) accreditation by the National Association of Boards of Pharmacy®. Visit www.optum.com or www.prescriptionsolutions.com for more information.
Optum is a leading information and technology-enabled health services business dedicated to making the health system work better for everyone. Optum is comprised of three companies – OptumHealth, OptumInsight and OptumRx – representing more than 30,000 employees worldwide who collaborate to deliver intelligent solutions that modernize the health system, improve overall population health and support Sustainable Health Communities. Optum serves the broad health care marketplace, including care providers, plan sponsors, government agencies, life sciences companies and consumers.