Pharmacy Benefit Consulting
Helping Employers Effectively Manage Pharmacy Expenditures
Pharmacy expenditures are one of the largest and fastest growing cost drivers for employers, signifying nearly 18% of total plan costs. Given the industry’s lack of transparency, pharmacy claims represent one of the biggest opportunities for improving the financial performance of most employee benefit plans.
USI believes very few employers have performed the detailed analysis and taken the appropriate actions around the pharmacy program to ensure plan sponsors have control of their program.
USI’s pharmacy consulting expertise includes:
- Client Specific Pharmacy Trend and Benchmark Analysis
- Performance Analysis
- Rx Pricing Strategies
- Rx Program Management Strategies
- Specialty Program Review
- Proprietary Pass Through Pharmacy Program – USI Clear Options RX
These services allow employers to benchmark their pharmacy program compared to other employers, understand costs drivers and implement steps to take control of these costs. Our goal is to eliminate excess cost and reduce pharmacy trend for our clients.
To analyze our client’s business issues and challenges, our benefits team leverages USI ONE™, a fundamentally different approach to employee benefits and risk management. USI ONE integrates proprietary business analytics with a network of local and national technical experts in a team based consultative planning process to evaluate the client’s risk profile and identify targeted solutions. Clients then receive tailored recommendations for improving their employee benefits plans.
Experience the USI ONE Advantage® and learn how our Pharmacy tools, program management and pricing strategies provide cutting edge, transparent, cost management capabilities to reduce pharmacy spend and enhance employee offerings. Email EBsolutions@usi.com or contact your local USI office today.
USI Implements Cost Containment Pharmacy Programs and Client Saves Over $730,000
USI reviewed the pharmacy benefits of a 500 life packaging company, revealing unsustainable trends in specialty drug expenses. USI implemented cost containment programs that included prior authorization, step therapy and quantity limits. These changes were communicated to the company’s employees during open enrollment to ensure member’s clear understanding of the new programs. The reduced exposure to specialty drugs saved the company $25,000 in aggregate claims exposure and $10,000 in fixed premium. The step therapy program directed one member to a lower cost treatment, avoiding an expensive specialty alternative and resulting in over $700,000 annual pharmacy savings.
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Speak to a representative at your local USI office today!