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Historically, a pharmacy benefit manager (PBM) is a third-party administrator of prescription. drug programs. PBMs are primarily responsible for developing and maintaining the. formulary, contracting with pharmacies, negotiating discounts and rebates with drug. manufacturers, and processing and paying prescription drug claims.
Medical Definition of Medicare Part B. Medicare Part B: The Medicare program that covers physician and outpatient services. Medicare is the United States government's health insurance program for the aged and some disabled persons. Medicare is currently available to people 65 and older and to people with certain disabilities. Medicare Part A covers inpatient hospital stays.