A pharmacy benefit manager (PBM) ensures patients can access affordable medications while balancing insurers, drug manufacturers, and pharmacies’ needs. To succeed as a PBM, there are a few top skills every PBM needs to master.
This blog has highlighted how you can be a good pharmacy manager, the essential skills for a pharmacy benefit manager, how a pharmacy benefit manager impacts healthcare costs, and the qualifications needed to become a successful pharmacy benefit manager. Let’s dive in!
How Can I Be a Good Pharmacy Manager?
To answer the question of “How can I be a good pharmacy manager?” you must first understand what a pharmacy manager is. A pharmacy manager is an individual whose main responsibility is managing and supervising the schedules and activities of pharmacy employees.
They resolve operation issues like supply shortages, staffing issues, and customer complaints and ensure the pharmacy always operates in accordance with policies and regulations. So, how can you become a good pharmacy manager, and what skills do pharmacists need?
You can be a good pharmacy manager by staying updated on the following:
- Pharmacy standards
- Industry trends
- New technology
Read more: How to Expand Your Reach and Find New Healthcare Opportunities
What Are the Essential Skills for a Pharmacy Benefit Manager?
To be a pharmacy benefit manager, you must have relevant PBM industry knowledge and interpersonal skills, among other essential skills, to perform your duties.
Below are some essential pharmacy benefit manager skills every PBM should master.
- Negotiation
- Attention to detail
- Analytical thinking
- Communication and interpersonal skills
- Proofreading
- Patient counseling
- Management skills
- Multitasking
- Strong skills in science and mathematics
- Confidentiality
- Professional ethics
- Finance skills
- Computer skills
Read more: Negotiating Lowering Medical Bills: What You Need To Know
How Does a Pharmacy Benefit Manager Impact Healthcare Costs?
A pharmacy benefit manager impacts healthcare costs in the following ways. Pharmacy benefit managers undertake administrative roles directly reimbursing retail pharmacies on the insurer’s behalf. Additionally, a pharmacy benefit manager can negotiate discounts and rebates for insurance plans from drug manufacturing companies and calculate the payments pharmacies receive and the prices insurers pay.
What Qualifications Are Needed to Become a Successful Pharmacy Benefit Manager?
Before you can work as a PBM, you must meet some pharmacy benefit manager requirements and qualifications. These qualifications and requirements include a Bachelor’s degree and or a Doctorate in pharmacy (preferred).
Additional requirements needed:
- At least five years of experience as a pharmacist.
- Five years of experience in health plan pharmaceutical management.
- A current pharmacist license (required).
- Completion of continuing education to keep the license active.
- Ability to collaborate effectively.
- A thorough understanding of pharmacy practices, theory, and techniques.
Read more: Lower Prescription Costs with Discount Prescription Programs
The Wrap-Up On Top Skills Every Pharmacy Benefit Manager (PBM) Should Master
Managing and supervising a successful pharmacy can be challenging and rewarding if you comprehensively understand the operations and processes involved.
From stocking and ordering pharmacy supplies to supervising and managing employee rosters, having a firm grasp on the ins and outs of pharmacy management is essential. Moreover, having the skills every PBM should master never hurts either.
Contact me to learn more about the skills every PBM should master and get help streamlining your pharmacy operations so you can capitalize on the advantages of working with an experienced PBM and ensure your pharmacy’s success.
