Service
PBM RFP Management
End-to-end vendor selection and contract structure development
TeliosRx manages the full PBM RFP process for self-insured employers, unions, and benefit funds. We build evaluation frameworks tailored to your plan's actual cost drivers, manage every step of the vendor process, and deliver a normalized scorecard so you can choose the right PBM on the right terms. Most plan sponsors run RFPs every 2-3 years; the difference between a well-run RFP and a hasty one is often 10-20% on annual pharmacy spend.
What's Included
- Custom RFP document tailored to your plan
- Vendor invitation and qualification screening
- Question-and-answer management with 6-10 PBM finalists
- Normalized financial scorecard comparing apples-to-apples
- Reference checks with current PBM clients
- Negotiation support through contract execution
- Implementation oversight after PBM selection
Our Process
- Pre-RFP discovery: review current contract, claims data, and plan priorities
- Build the RFP and shortlist of qualified PBMs
- Issue RFP and manage vendor responses
- Score and shortlist 2-3 finalists for finalist interviews
- Negotiate final terms and execute contract
- Implementation oversight and quarterly reviews
Who This Is For
Self-insured employers, Taft-Hartley funds, and benefit trusts at 500+ lives that are due for a PBM renewal or considering a switch. Especially valuable for plans that have not run a formal RFP in the last three years.