Formulary Management
The process of developing and maintaining a list of preferred medications covered by an insurance plan or healthcare organization.
Formulary management is the systematic process of developing, maintaining, and updating a list of preferred medications (formulary) that are covered by an insurance plan, pharmacy benefit manager (PBM), or healthcare organization. Formularies are designed to promote cost-effective medication use while ensuring access to necessary treatments. Formulary management involves evaluating medications for inclusion, establishing tier structures, managing prior authorizations, and providing clinical decision support to guide prescribing decisions.
Keywords
Related Terms
Compounded Preparations
Compounded preparations are custom-mixed medications prepared by pharmacists to meet specific patient needs when commercially available products are unsuitable.
Compounding Pharmacy
A compounding pharmacy specializes in preparing custom-formulated medications tailored to individual patient needs under the direction of a licensed pharmacist.
Every Medication Workflow. Connected.
Formidable develops the systems that let healthcare organizations prescribe, sign, harmonize, and dispense — digitally and compliantly. From electronic prescriptions to FHIR interoperability, we turn complex workflows into production-ready software.