Where Healthcare Benefits Get Real
The pharmacy benefit management industry operates in the shadows. Hidden fees. Spread pricing. Rebate games that cost employers millions. We pull back the curtain — one episode at a time.
Full Disclosure is built for brokers, consultants, employers, TPAs, and healthcare leaders who want direct conversations without the industry fog.
Full Disclosure is a podcast dedicated to exposing the truth about pharmacy benefit management. Each episode breaks down how PBMs operate, how plan sponsors and brokers can protect themselves, and what fiduciary accountability actually looks like in practice.
The PBM industry moves hundreds of billions annually through a system engineered to obscure costs, inflate spreads, and hide who is actually getting paid. Brokers, HR leaders, CFOs, and plan sponsors deserve the facts.
A pharmacy benefit manager, or PBM, runs the prescription drug benefit for an employer or health plan. PBMs negotiate with drug makers, build pharmacy networks, process claims and decide which drugs are covered.
Spread pricing is when a PBM charges the plan more for a drug than it pays the pharmacy and keeps the difference. The plan sponsor usually cannot see that spread unless the contract requires full disclosure. Read the full guide →
In a pass-through model the PBM passes drug costs and manufacturer rebates directly to the plan and is paid a disclosed fee instead of earning hidden margin on each claim. Read the full guide →
Yes. Under ERISA, sponsors of self-funded group health plans owe fiduciary duties to plan participants, and that includes prudently selecting and monitoring the PBM and the fees it is paid. Read the full guide →
The Consolidated Appropriations Act, 2026 requires PBMs serving ERISA group health plans to report detailed drug spending to plan sponsors at least twice a year and to pass through 100% of rebates and related payments. Most provisions apply to plan years beginning on or after August 3, 2028. Read the full guide →
Full Disclosure is proudly sponsored by DisclosedRx — The Fully Disclosed PBM®. A fiduciary pharmacy benefit manager built on pass-through rebate pricing and zero spread pricing.
Full disclosure: both hosts work for DisclosedRx. Guests are never paid and never screened for agreement. We share one belief: plan sponsors deserve to know exactly where every dollar goes.
"No spread pricing. No hidden rebates.
Just your drugs at cost."
We are looking for brokers, attorneys, plan sponsors, clinicians, and industry insiders ready to speak plainly about what is broken — and what it takes to fix it.
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