The Merriam-Webster Online Dictionary defines transparent as "having the property of transmitting light without appreciable scattering so that bodies lying beyond are seen clearly."  Pharmacy Benefit Managers (PBMs) throughout the country have marketed themselves using the PBM buzz words of “Transparent PBM” and/or “PBM Transparency”.  PBMs should be carefully examined to determine how they define the word “transparent”, given that there are a variety of interpretations of this simple word.  Many PBMs use the word “disclosure” as a synonym to the word, “transparent”; however true transparency is much more than simple disclosure.