Common questions about TeliosRx, PBM consulting, and how we work with plan sponsors.

TeliosRx Consulting, LLC is an independent, fiduciary-aligned pharmacy benefits consulting firm based in Tampa, Florida. We help self-insured employers, unions, and plan sponsors audit their PBM contracts, recover overpayments, and design pharmacy benefits that put plan members first.

TeliosRx takes its name from the Greek word Telios, meaning perfection, completeness, and maturity. It reflects the firm's standard for client work: complete, conflict-free pharmacy benefit analysis. The "Rx" denotes the pharmacy benefit focus. TeliosRx Consulting, LLC is an independent, fiduciary-aligned pharmacy benefit consulting firm based in Tampa, Florida, co-founded by Wende Ward and Dr. Kali Panagos, PharmD.

TeliosRx is headquartered at 400 N Tampa Street, Suite 1550, in Tampa, Florida 33602. We serve clients nationwide.

TeliosRx was co-founded in July 2025 by Wende Ward and Dr. Kali Panagos. They bring decades of combined experience in pharmacy benefits, PBM contracting, and clinical pharmacy practice.

A fiduciary pharmacy benefits consultant has a legal and ethical obligation to act in the plan sponsor's best interest, not their own. TeliosRx never accepts rebates, spread, or hidden compensation from PBMs or drug manufacturers. Our only revenue is the consulting fee paid directly by clients, which keeps our incentives fully aligned with theirs.

A PBM (Pharmacy Benefit Manager) administers pharmacy benefits. PBMs process claims, negotiate with manufacturers, and operate mail-order and specialty pharmacies. They are paid by both manufacturers and plan sponsors, which creates conflicts of interest. TeliosRx is a consultant, not a PBM. We never administer benefits or accept payment from PBMs. We sit on the same side of the table as the plan sponsor and audit the PBM.

Flat consulting fees and retainers paid directly by clients. We accept no commissions, rebates, spread, or hidden compensation from any third party. Every engagement includes a written fiduciary attestation confirming there are no undisclosed revenue streams.

Plan sponsors covering 500 to 100,000+ lives, including self-insured employers, Taft-Hartley funds, public-sector plans, and trade associations.

Rebate reconciliation is the process of auditing the rebates a PBM guaranteed in its contract versus the rebates the PBM actually paid the plan sponsor. PBMs typically guarantee a minimum rebate per brand claim, but verifying delivery requires line-by-line claims auditing. TeliosRx routinely identifies five- and six-figure rebate underpayments through this work.

Pass-through pricing is a PBM contracting model where the PBM passes 100% of negotiated discounts and rebates through to the plan sponsor and takes only a transparent administrative fee. The alternative is traditional or spread pricing, where the PBM keeps the difference between what it charges the plan and what it reimburses the pharmacy. TeliosRx generally recommends pass-through models for full financial transparency.

Spread pricing is when a PBM charges the plan one price for a prescription and pays the pharmacy a lower price, retaining the difference. The spread can range from a few cents per generic to hundreds of dollars per specialty claim. Spread pricing is opaque to plan sponsors and is one of the primary drivers of inflated pharmacy benefit costs.

Yes. Specialty drugs now represent more than 50% of total drug spend for most plans. TeliosRx reviews specialty PBM contracts, clinical guidelines, prior authorization criteria, formulary placement, and the channel mix between pharmacy benefit and medical benefit to identify both clinical and financial improvements.

A carve-out is when a plan sponsor separates its pharmacy benefits from its medical insurance carrier and contracts directly with a PBM. Carve-outs typically deliver more transparency, more contract leverage, and access to pass-through pricing. TeliosRx helps plans evaluate whether a carve-out is the right move based on their size, current contract terms, and member-experience priorities.

Larger consulting firms often hold broker-of-record relationships with PBMs that pay them commissions, which can create conflicts of interest. TeliosRx is fully independent. We accept no compensation from any PBM, manufacturer, or specialty pharmacy. Our focused size also means clients work directly with senior consultants on every engagement rather than a rotating junior account team.

Email info@teliosrx.com or visit our contact page to schedule an initial consultation. Most engagements begin with a contract review and rebate audit to identify recoverable dollars before any retainer is committed.