URAC’s stringent standards help accredited PBMs focus formulary decisions on two criteria: first, the safety, efficacy and therapeutic need for drugs and, second, once these considerations are met, cost. The process brings numerous benefits, which include:
- Driving appropriate therapeutic outcomes for consumers and reducing adverse events
- Promoting safe and effective drug therapy that is rational and clinically appropriate
- Ensuring an up-to-date formulary, along with an appeals process, peer clinical review and P&T committee standards
In addition, achieving this gold standard credential provides other benefits:
- Elevates contracting power, credibility, and differentiation over competitors as payers and stakeholders are assured of organizational competency
- Provides a practical roadmap for ongoing improvement with operational and clinical infrastructure, processes and efficiencies
- Delivers risk management peace-of-mind with standards that prevent and manage liabilities
- Inspires innovation through a non-prescriptive approach that support your specific business and clinical practices
- Validates compliance with all state and federal regulations, licensing and other regulatory requirements
- Helps you stay informed of breaking industry trends
What to Expect
In six months or less, URAC will collaborate with your team to create a flexible framework for continuous improvement without prescribing how to meet those standards. URAC’s approach stimulates innovation across the continuum of care through email, conference calls and educational webinars.
Who May Apply
Pharmacy benefit management companies, health plans and other health care organizations are welcome to apply for this credential.
For Your Contracted Provider Network
PBMs understand the value of an accredited network since accreditation is both a business requirement and indication of excellence. URAC provides an array of relevant accreditations that reassures clients you can be depended on to follow best practices.