As previously communicated by Araya, the Federal government passed the above Act in 2020. This act requires all self-insured health plans to report on pharmacy benefits and drug costs to HHS. Recently, CMS updated the reporting instructions and provided additional guidance. The initial reports need to be filed by December 27, 2022 for plan years 2020 and 2021. For 2022 and beyond, reports will need to be submitted no later than June 1st, in the following year.
Araya will be offering two options for providing pharmacy data elements required by this regulation to support our clients in compliance with this new regulation.
Araya will require the following information to set up the reporting for your data. Please complete the following information:
Lowcost Pharmacy Benefit Management
877.877.5711
info@arayarx.com
PO Box 460
Latham, NY 12110