In this episode of ShiftShapers, host David Saltzman invites David Mordo, Senior Compliance Officer at MZQ Consulting, to discuss the intricacies of prescription drug reporting (RxDC) as mandated by the Consolidated Appropriations Act of 2021. The conversation delves into the transparency requirements for employers regarding their prescription drug plans, encompassing the scope of reporting, deadlines, submission processes, and implications of non-compliance. With a focus on the pivotal role of employers, insurance carriers, third-party administrators (TPAs), and Pharmacy Benefit Managers (PBMs) in this process, the talk highlights the collaborative effort needed to ensure compliance. Mordo offers valuable insights are offered on how brokers and advisors can assist their clients in navigating the complexities of RxDC reporting, the selection of vendors for report preparation, and the importance of timely action to meet regulatory deadlines.

Key Takeaways From This Episode:

• RxDC is part of the Consolidated Appropriations Act of 2021, requiring employers to provide prescription drug plan information.
• Employers have to comply with multiple reporting requirements related to prescription drug plans annually.
• Reports for 2024 regarding prescription drug plans are due on June 3rd.
• Employers are responsible for ensuring compliance with prescription reporting, even if they use TPAs or PBMs for assistance.
• Brokers need to ensure vendors for reporting have experience, are reasonably priced, and can deliver timely and accurate data.

This episode is sponsored by Benepower, the platform of choice for a modern benefits experience. Benepower is an AI-powered benefits platform offering access to top products and services, enabling consultants and employers to create customized plans, optimize usage, and measure effectiveness. www.benepower.com