Title
A Resolution to Approve the Change of Pharmacy Benefit Managers
Summary
Description of Topic: (who, what, where, when, why and how much)
Discuss changing pharmacy benefit managers (PBM). HR Has been working with our Benefit Brokers to consider changing PBM companies. A proposal from OneVeracity was received. Based on the evaluation of the City's prior pharmacy utilization, OneVeracity proposes an estimated $1,245,187.16 annual savings. There are approximately 30 medications in the current pharmacy utilization that present opportunities for savings.
Budgetary Impact:
Non-Capital Item:
____ Budgeted under account #_______________ (discussion item)
____ Not budgeted, requesting transfer of $__________ from Account #______________ to Account #_____________.**Request to Transfer Departmental Budget Dollars form must be attached**
____ Not budgeted requiring increase to account #___________ in the amount of $____________.**Request to Increase Departmental Budget Dollars form must be attached**
Capital - Departmental **Capital Purchase Worksheet form must be attached**
____ Budgeted under account #______________ for $_________ and described in budget as ________________________. Additional amount needed, if any: Increase in budget of $_________ OR, transfer of $________ from Account #____________ to Account #_____________**Request to Increase OR Request toTransfer Departmental Budget Dollars form must be attached**
____ Not Budgeted - account #____________ requires budget increase of $_____________.**Request to Increase Departmental Budget Dollars form must be attached**
Capital Project - **If requesting to start a project, a Capital Project Worksheet form must be attached**
In current year Capital Projects Plan:
_____ Yes, described as __________________________, planned amount $___________, requesting $_________ as total project estimate, including contingencies, under account #_________________
_____ No, requesting $___________ as total project estimate, including contingencies, under account #____________________.
_____ Yes, requesting an increase of $___________ to an already approved project titled ________________________ that is being tracked under Account No. ___________________.
_____ No, requesting an increase of $__________ to an already approved project titled _______________________ that is being tracked under Account No. _________________.
Body
WHEREAS, the City of Foley provides prescription drug benefits to eligible employees, retirees, and their eligible dependents; and
WHEREAS, the City of Foley continually reviews benefit providers with our benefits brokers through Marsh McClellan, LLC to provide quality benefits and cost effectiveness; and
WHEREAS, the City of Foley currently partners with National Cooperative as the pharmacy benefit manager; and
WHEREAS, the City of Foley has received a proposal from OneVeracity for pharmacy benefit management that offers significant estimated prescription savings annually; and
WHEREAS, the contract with OneVeracity would begin on January 1, 2027.
NOW THEREFORE BE IT RESOLVED that the City Council of the City of Foley, Alabama, as follows:
SECTION 1: Authorizes the change in pharmacy benefit managers from National CooperativeRX to OneVeracity effective January 1, 2027.
SECTION 2: This Resolution shall become effective immediately upon its adoption as required by law.