Finding the Hidden Costs in Pharmacy Benefits: Insights from Matt Collier

If pharmacy benefits feel like one of the least transparent parts of your health plan strategy, this episode shows how employers can look beyond the spreadsheet, ask better questions, and uncover real opportunities for savings. Resources Mentioned: 2026 On the Pulse Report: Insights on Employee Benefits Trends – Download this free report for forward-looking trends in employee benefits, including pharmacy strategy, healthcare cost management, transparency, and smarter plan design. [https://imacorp.com/insights/hr-insights-on-the-pulse-report-2026] Visit imacorp.com to connect with the IMA team and learn more about building smarter employee benefits. Listen and Subscribe: Share this episode with a fellow HR leader and subscribe to On the Pulse with IMA on your favorite podcast platform for more practical insights. Have questions or topics you'd like covered? Reach out via imacorp.com. Episode Description: Kelly Bowman sits down with Matt Collier of IMA Financial Group to explore why pharmacy benefits have become one of the fastest-growing and most complex areas of healthcare spend. Matt explains why many employers lack visibility into their PBM contracts, how spreadsheet comparisons can miss important contract details, and why words, exclusions, rebate structures, audit rights, and pricing guarantees all matter. They discuss IMA Pharmacy Consulting, the importance of transparency and accountability, the role of regulation, and why employers should begin evaluating their pharmacy strategy now instead of waiting for new rules to take effect. Matt also breaks down specialty drug costs, GLP-1 coverage considerations, biosimilars, prior authorization, step therapy, IMARx, and the difference between a lowest net cost strategy and a rebate-driven approach. Whether you are reviewing your PBM contract, preparing for an RFP, or simply trying to understand where pharmacy spend is going, this episode offers a practical roadmap for taking a more proactive approach. Guest Bio: Matt Collier is a pharmacy benefits specialist at IMA Financial Group. Based in Denver, Matt has been with IMA for 19 years and has worked across financial analysis, self-funding, PBM strategy, and pharmacy consulting. His work focuses on helping employers better understand pharmacy benefit contracts, evaluate PBM arrangements, identify hidden cost drivers, and build more transparent, accountable pharmacy strategies. Host: Kelly Bowman Key Timestamps: 00:00 - 00:55: Introduction to pharmacy benefits as a fast-growing and complex area of healthcare spend. 00:55 - 01:25: Show intro and welcome. 01:25 - 02:41: Matt introduces himself, his Denver base, family life, and 19-year career at IMA. 02:41 - 03:48: How Matt moved into pharmacy benefits and helped build IMA’s pharmacy consulting capabilities. 03:48 - 05:23: What IMA Pharmacy Consulting is and why IMA built this internal expertise. 05:23 - 06:36: Common gaps employers face with PBM contracts, hidden fees, AWP discounts, and contract language. 06:36 - 09:27: Simplifying pharmacy complexity through analogies like the detailed horse, snorkeling, scuba diving, and the iceberg. 09:27 - 10:37: Why employers are asking more questions about PBMs, GLP-1s, rebates, and pharmacy strategy. 10:37 - 13:10: Why many employers still lack transparency and control in pharmacy benefits. 13:10 - 14:39: Why spreadsheet comparisons are only the surface of PBM evaluation. 14:39 - 16:03: How regulation is changing the PBM landscape and why consultants need to act now. 16:03 - 17:09: What employers can do today to begin evaluating their current pharmacy arrangement. 17:09 - 19:44: How IMA engages with clients from first review through procurement, implementation, and ongoing monitoring. 19:44 - 22:13: Where savings opportunities often appear, including contract terms, exclusions, benchmarks, GLP-1s, step therapy, prior authorization, and biosimilars. 22:13 - 23:43: Strategies for specialty drugs, specialty carve-outs, clinical programs, IMARx, and lowest net cost management. 23:43 - 25:26: Why GLP-1s are in a league of their own and how employers can think through coverage decisions. 25:26 - 27:42: Lowest net cost versus rebate-driven strategies and why higher rebates do not always mean lower total cost. 27:42 - 29:11: When employers should consider running a PBM RFP or procurement process. 29:11 - 30:48: Where pharmacy benefits are headed and why transparency, visibility, and cost management will remain critical. 30:48 - 32:40: Matt’s advice for employers: demand transparency, ask better questions, and review contracts proactively. 32:40 - End: Closing thanks and show outro. Resources Mentioned (Repeated for Convenience): 2026 On the Pulse Report: Insights on Employee Benefits Trends – Download this free report for forward-looking trends in employee benefits, including pharmacy strategy, healthcare cost management, transparency, and smarter plan design. [https://imacorp.com/insights/hr-insights-on-the-pulse-report-2026] Visit imacorp.com to connect with the IMA team and learn more about building smarter employee benefits. Listen and Subscribe (Repeated for Convenience): If you enjoyed this episode, share it with a fellow HR leader and subscribe to On the Pulse with IMA on your favorite podcast platform for more practical insights. Have questions or topics you'd like covered? Reach out via imacorp.com.