Tennessee House Bill HB0963

Tennessee 2023-2024 Regular Session

• Introduced: 1/30/23

Caption

AN ACT to amend Tennessee Code Annotated, Title 4; Title 10, Chapter 7, Part 5; Title 38; Title 53; Title 56; Title 63 and Title 71, relative to pharmacy benefits managers.

Impact

With the implementation of HB0963, there will be a shift in how pharmacy benefits managers operate under state contracts. The requirement for regular auditing and compliance reporting to key legislative figures aims to increase transparency and accountability in the management of pharmacy benefits. This bill is expected to have significant implications for both pharmacy benefits managers and healthcare providers, as it directly impacts how prescription drug benefits are managed and administered in Tennessee.

Summary

House Bill 0963 aims to amend various sections of the Tennessee Code Annotated concerning pharmacy benefits managers. The bill introduces requirements for the state department of finance and administration to monitor the compliance of pharmacy benefits managers with their state contracts. It mandates that an independent audit must be conducted to ensure adherence to the established contracts, enhancing the oversight of pharmacy benefits management in the state.

Contention

While the bill is largely seen as a step towards better regulation of pharmacy benefits managers, it may also draw concerns from some stakeholders regarding the additional administrative burden it places on both the state and the managers themselves. The emphasis on compliance and auditing could lead to discussions about the costs and feasibility of these requirements, particularly in terms of the resources necessary to carry out the mandated audits and reports. Stakeholders may debate the effectiveness versus the costs of implementing these oversight measures.