PBM reverse auction definition

PBM reverse auction means an automated, transparent, and dynamically competitive bidding pro- cess conducted online that starts with an opening round of bids and allows qualified PBM bidders to counter- offer a lower price for as many rounds of bidding as determined by the department of administrative services or its authorized representative conducting the reverse auction for a multiple health plan prescription drug purchasing group.
Sample 1Sample 2Sample 3
PBM reverse auction means an automated, transparent, and
Sample 1Sample 2Sample 3
PBM reverse auction means an automated, transparent, and dynamically competitive bidding process conducted online that starts with an opening round of bids and allows qualified PBM bidders to counter-offer a lower price for as many rounds of bidding as determined by the department for a multiple health plan prescription drug purchasing group.
Sample 1

Examples of PBM reverse auction in a sentence

  • The state employee health plan and any self-funded public or private sector health plans that may be permitted to participate with the state in a joint PBM reverse auction purchasing pool shall retain full autonomy over determination of their respective prescription drug formularies and pharmacy benefit designs and shall not be required to adopt a common drug formulary or common prescription pharmacy benefit design.

  • Any such entity or purchasing group shall agree, before participating in the PBM reverse auction, to accept the prescription drug pricing plan that is selected through the PBM reverse auction process.

  • An entity may request in writing and subject to the approval of the commissioner to participate in a joint purchasing group with the state employee and retiree group insurance program for procuring for PBM services through a PBM reverse auction or otherwise.

  • The vendor shall not outsource any part of the PBM reverse auction or the automated, real-time, electronic, line-by-line, claim-by-claim review of invoiced PBM prescription drug claims.

  • Technology platform with the required capabilities for conducting a PBM reverse auction, along with the related services of a technology operator, as described in subparagraph (a).

  • A successful PBM reverse auction begins with the state’s drafting of a detailed, high-value PBM contract.

  • The PBM reverse auction RFP process and subsequent contract development shall take place April to July 2021.

  • The PBM reverse auction planning shall take place February to March 2021.

  • The resulting PBM Contract will become effective January 1, 2022.Reverse Auction Technology PlatformThe Contractor shall provide a secure, online platform to host and conduct a PBM reverse auction.

  • Bidder’s proposed technology platform used to conduct the PBM reverse auction must have the ability to be repurposed over the duration of the PBM services contract as an automated pharmacy claims adjudication engine to perform real-time, electronic, line-by-line, claim-by-claim review of 100 percent of invoiced PBM prescription drug claims, and identify all deviations from the specific terms of PBM services contracts.


More Definitions of PBM reverse auction

PBM reverse auction means an automated, transparent, and dynamically competitive
Sample 1

Related to PBM reverse auction

  • Reverse auction means a procurement method in which offerors are invited to bid on specified goods or services through online bidding and real-time electronic bidding. During an electronic bidding process, offerors’ prices or relative ranking are available to competing offerors and offerors may modify their offer prices until the closing date and time.

  • Reverse auctioning means a procurement method wherein bidders are invited to bid on specified goods or nonprofessional services through real-time electronic bidding, with the award being made to the lowest responsive and responsible bidder. During the bidding process, bidders' prices are revealed and bidders shall have the opportunity to modify their bid prices for the duration of the time period established for bid opening.

  • E-Auction Process /”E-Auction” shall mean the electronic auction process for sale of the Company conducted in accordance with the provisions of IBC, Liquidation Process Regulations, Applicable Law(s) and this E- Auction Process Information Document inviting Bid from the Bidders for consummating the sale of Company on going concern basis in accordance with the provisions of IBC and Liquidation Process Regulations;

  • public auction means a method of sale where goods or services are offered by the trader to consumers, who attend or are given the possibility to attend the auction in person, through a transparent, competitive bidding procedure run by an auctioneer and where the successful bidder is bound to purchase the goods or services;

  • Dutch Auction means an auction (an “Auction”) conducted by Holdings or one of its Subsidiaries in order to purchase any Term Loans under a Tranche (the “Purchase”) in accordance with the following procedures or such other procedures as may be agreed to between the Administrative Agent and the Borrower:

  • LIBOR Auction means a solicitation of Money Market Quotes setting forth Money Market Margins based on the London Interbank Offered Rate pursuant to Section 2.3.

  • Failed Auction has the meaning assigned to such term in the definition of “Dutch Auction”.

  • Successful Bidder” or “Successful E-Auction Process Participant means, the Qualified Bidder whose bid is approved and who is declared successful by the Liquidator at the end of the determined auction phase.C. INTRODUCTION

  • Absolute Rate Auction means a solicitation of Competitive Bid Quotes setting forth Competitive Bid Absolute Rates pursuant to Section 2.03.

  • Base Residual Auction means the auction conducted three years prior to the start of the Delivery Year to secure commitments from Capacity Resources as necessary to satisfy any portion of the Unforced Capacity Obligation of the PJM Region not satisfied through Self- Supply.

  • Incremental Auction means any of several auctions conducted for a Delivery Year after the Base Residual Auction for such Delivery Year and before the first day of such Delivery Year, including the First Incremental Auction, Second Incremental Auction, Third Incremental Auction or Conditional Incremental Auction. Incremental Auctions (other than the Conditional Incremental Auction), shall be held for the purposes of:

  • Selected Bidder or Successful Bidder means the Bidder selected pursuant to this RfS to set up the Project and supply electrical output as per the terms of standard PPA.

  • Reverse Sequential Order means (a) first, to the reduction of the Note Principal Balance of each B Note, on a Pro Rata and Pari Passu Basis, until the Note Principal Balance of each such Note is reduced to zero; and (b) second, to the reduction of the Note Principal Balance of each of A Note, on a Pro Rata and Pari Passu Basis, until the Note Principal Balance of each such Note is reduced to zero.

  • Auction Notice has the meaning assigned to such term in the definition of “Dutch Auction”.

  • Supplier/ Successful or Selected bidder means the person, private or government entity, or a combination of the above, whose Bid to perform the Contract has been accepted by the Purchaser and is named as such in the Agreement, and includes the legal successors or permitted assigns of the successful/ selected bidder.

  • Auction Period means the dates during which the Test the Waters Auction is held and ending on the last day of the Test the Waters Auction.

  • Auction Date means the first Business Day preceding the first day of a Dividend Period.

  • Approved Valuer means a firm of valuers recognized as such by the Income Tax Department and having experience of valuing at least 5 (five) properties exceeding Rs. 100 cr. (Rupees one hundred crore) each in value;

  • Approved Vendor means a person who has been approved for inclusion on an approved vendor list through the approved vendor list process.

  • Servicing Transfer Event means any of the events specified in the Servicing Agreement, whereby the servicing of the Mortgage Loan is required to be transferred to the Special Servicer from the Master Servicer.

  • First Incremental Auction means an Incremental Auction conducted 20 months prior to the start of the Delivery Year to which it relates.

  • Auction Final Price means the relevant auction final price that may be published by ISDA or any administrator of any auction coordinated by ISDA from time to time and that would be applicable to the senior, unsecured debt obligations issued or guaranteed by the relevant

  • electronic auction means an iterative process that involves the use of electronic means for the presentation by suppliers of either new prices, or new values for quantifiable non-price elements of the tender related to the evaluation criteria, or both, resulting in a ranking or re-ranking of tenders;

  • Day Case Procedure means a Medically Necessary surgical procedure for investigation or treatment to the Insured Person performed in a medical clinic, or day case procedure centre or Hospital with facilities for recovery as a Day Patient.

  • Auction shall have the meaning specified in Section 2.1 hereof.

  • Adverse REMIC Event As defined in Section 9.01(f) hereof.