Amalgamated Employee Benefits Administrators, one of the nation’s leading third party administrators (TPA) for unions, businesses, associations and self-insured plans, announced today that it has launched AEBRx (www.aebrx.com), a new Pharmacy Benefit Administration (PBA) service. This union affiliated, innovative, end-to-end PBA service will focus on helping plan sponsors effectively manage high-cost specialty drugs while providing excellent service and access to a national network of retail pharmacies with mail order capabilities. Amalgamated Employee Benefits Administrators has partnered with Magellan Rx Management, a full-service pharmacy benefits management division of Magellan Health, Inc. (NASDAQ: MGLN) as the engine for AEBRx.
Taft-Hartley trust funds and plan sponsors will have the opportunity to realize significant cost savings from the standard inclusion of both the Payer Matrix and ELMCRx Solutions’ Tesser Health programs. These two programs work in conjunction to create an advanced specialty drug cost management program and specialty drug prior authorization service that results in a 40 percent average savings while also limiting stop loss liability.
AEBRx offers a user-friendly, easy to navigate platform powered by Magellan Rx Management. It features visually engaging dashboards, intuitive functionality, and real-time data that is readily accessible online. Robust tools connect plan members on a 24/7 basis to drug and related healthcare information from their mobile devices or desktops. Using AEBRx’s responsive member portal and quick response (QR) codes on select specialty prescription labels, plan members can easily access information and medication videos on demand and obtain refill reminders with real time alerts.
Paul Mallen, president and CEO of the Amalgamated Family of Companies, stated, “Specialty drug costs represent 50 percent of the overall pharmacy benefit spend and that figure continues to rise. Further, for every dollar spent on specialty drug costs, there typically is at least another dollar spent on medical benefits. At the Amalgamated Family of Companies, we are committed to providing solutions that effectively help contain healthcare costs for trust funds and plan sponsors, as well as their members, and we are excited to launch this innovative service.”
Amalgamated Employee Benefits Administrators (AEBA) is one of the nation’s leading third party administrators (TPA) of employee benefit plans for unions, businesses, associations, and self-insured plans. A member of the Amalgamated Family of Companies, AEBA is a full-service TPA offering services across all benefit plans. The Amalgamated Family of Companies is a group of affiliated businesses which have grown from the flagship company, Amalgamated Life Insurance Company, a leading provider of comprehensive insurance solutions. Founded in 1943, Amalgamated Life operates in all 50 states and the District of Columbia. It has consistently earned an “A” (Excellent) Rating from A.M. Best Company since 1975, attesting to its strong fiscal position. In addition to Amalgamated Life, the Amalgamated Family of Companies includes: Amalgamated Employee Benefits Administrators, a third party administrator; Amalgamated Medical Care Management, a medical care management firm; Amalgamated Agency, a property and casualty broker; and AliGraphics, a printing firm. For more information, please visit amalgamatedbenefits.com.