CVS Health has announced the availability of their new service, Vendor Benefit Management. The new service is designed to help CVS Caremark pharmacy benefit management (PBM) clients contract and manage their relationship with third-party vendors that offer employee benefits.
“As health care continues to evolve, plan sponsors have begun looking beyond the standard medical, pharmacy, dental and vision health benefit offerings, and are increasingly considering supplemental benefits to help improve health outcomes and reduce overall medical spend,” said Derica Rice, president of CVS Caremark, the PBM business of CVS Health.
“We asked our clients what they needed and are now proudly easing their administrative burden so their members can more quickly and easily access these solutions that are growing in availability and importance,” she continued.
The new service will allow PBM clients to implement and manage their choice of available third-party health and wellness benefit solutions. CVS noted that this includes both digital and non-digital third-party vendors. Additionally, the new service offers clients “a seamless way to access negotiated pricing, standardized member eligibility verification in real-time, simplified billing and payment processing, and standardized results measurement and reporting across multiple vendors.”
Currently, the digital therapeutics company, Big Health, is the only participating vendor. Through the Vendor Benefit Management program, Big Health’s personalized digital sleep improvement program, Sleepio, will be available for CVS Caremark clients.
“The scientific evidence is overwhelming that improving sleep represents a de-stigmatized way to improve wider mental health,” said Big Health co-founder and Chief Medical Officer, Professor Colin Espie. “So it’s exciting to see a leader in health care like CVS Health commit to bringing our digital therapeutic for sleep to their clients and members.”
“Given that poor-quality sleep and insomnia affect approximately 30 percent of adults, and is a condition that can impact a wide variety of mental health conditions, we are pleased to be working with Big Health to help make their digital therapeutic product, Sleepio, more accessible,” Troyen A. Brennan, MD, chief medical officer of CVS Health, said in a statement.
CVS explained that the Vendor Benefit Management service is an open-platform service. CVS Health will actively work to identify and onboard additional vendors to participate in the new service. According to the company, future vendors who participate may address:
- smoking cessation and substance abuse support;
- care management solutions;
- medication optimization and adherence; and,
- tools that help members navigate their benefits.
CVS noted that the health care industry is evolving at a rapid pace. CVS said they will continue to evaluate other enhanced features for the new service and is committed to helping meet the many needs of their PBM clients. —Julie Gould