Note: The job is a remote job and is open to candidates in USA. Marsh McLennan Agency is a leader in the employee benefits marketplace, helping organizations manage employee health and welfare benefits and risk. The Pharmacy Financial Consultant will support the East Region Pharmacy Practice through financial and risk analysis, pharmacy benefit manager contract evaluations and negotiations, clinical management support, client reporting, and pharmacy account management.
Responsibilities
- Perform financial and risk analysis support for internal consulting and sales team clients using MMA East proprietary models to determine contract valuation
- Assist with annual MMA East Rx Coalitions contract negotiation process by providing financial analysis support at the direction of the Pharmacy Practice Leader using MMA East proprietary models
- Perform the analysis and negotiation of contract terms with the Pharmacy Benefit Manager (PBM) in conjunction with the MMA East Account Manager and Underwriter on behalf of clients to secure optimal, cost-competitive pharmacy procurement
- Review and validate marketing results and MMA EastRx proposals for accuracy
- Assure contract compliance through reconciliations performed at set intervals throughout the plan year to assure agreed upon performance and financial guarantees are achieved
- Complete market check evaluations to confirm contract competitiveness
- Support unique needs of Clients within house pharmacies as well as 340b designations with support and training from the Pharmacy Practice
- Work to provide data elements needed by Third Party firms to perform audits as requested
- Assist with the yearly PBM marketplace evaluation through a detailed RFI including analyzing various formulary, networks, pricing models and clinical management programs available in the market currently to help support a streamlined RFP process as well as inform Account Teams, Clients and Prospective Clients of available market solutions to help optimize their overall pharmacy spend
- Participate in prospective client data analysis and presentations
- Work with Pharmacy Practice and Account Team members to provide client deliverables as requested by Account Manager including providing support of Client Stewardship Report, ongoing quarterly pharmacy reporting/dashboards and Client Service Plans as well as support overall activities around Medispan and external legal review of coalition contract drafts, etc
- Work with internal operations team on deployment and ongoing maintenance of pharmacy database to help streamline process and assure applications help support the Pharmacy Practice ongoing
- Help support the quarterly Rx Newsletter, Annual Webinar, ongoing review of MMA East Rx training guide materials as well as identified needs throughout the year as a contributor not owner of specific deliverables
- Participate in special projects as needed
- Maintain quality service standards and organization to assure timely service to MMA East team
- Research and remain abreast of the dynamic, competitive pharmacy market including changing players due to recent vertical integrations, employer driven coalitions, increased interest in transparent contracting, outcomes-based contracts, gene therapy solutions and constantly changing proposed legislation that governs or potentially impacts business
Skills
- Bachelor's Degree in Risk Management & Insurance, Actuarial Science, Mathematics and/or other related field is preferred or equivalent experience is required
- Minimum of five years prior work experience with prescription drug benefit design and pricing in the Benefits Brokerage, Consulting, or Insurance industry
- Strong background in prescription drug underwriting required
- Effective analytical, math and problem-solving skills, sound judgment, strong decision making ability, confidence to make difficult decisions and excellent communication skills
- Must be organized, detail oriented and able to translate big picture ideas into client objectives
- Strong organizational, analytical skills and strong attention to detail
- Excellent troubleshooting, decision making and problem-solving skills
- Proven ability to support multiple projects simultaneously with attention to detail and process
- Ability to multi-task and work in a fast-paced environment
- Excellent verbal and written communication skills
- Ability to prioritize projects and meet deadlines
- Ability to follow through on and successfully execute tasks while adhering to specified quality standards
- Must be able to effectively interact with people internal and external customers
- Demonstrate high emotional intelligence (eq) in all matters related to client and internal interactions
- While performing the duties of this job, the employee is: + Frequently required to sit; speak or hear; use hands to finger, handle, feel objects, and reach with hands and arms
- + Occasionally required to stand and walk
- + Extensive use of computer and keyboard and viewing of computer screen is required
- + Specific vision abilities required by this job include vision, and ability to adjust focus
- Work is typically performed either remotely or in a hybrid manner at Marsh McLennan Agency's Conshohocken, PA office, or at various customer/MMA locations as required
- Intermediate knowledge of MS Office Suite (Word, Excel, Access, Outlook), working knowledge of pivot tables, Power BI and SQL with query writing experience preferred
Benefits
- This position may be eligible for performance-based incentives.
- Health and welfare benefits
- Tuition assistance
- 401K savings
- Other retirement programs
- Employee assistance programs
- Work is typically performed either remotely or in a hybrid manner at Marsh McLennan Agency’s Conshohocken, PA office, or at various customer/MMA locations as required.
- A diverse, inclusive and flexible work environment
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