Pharmacy Financial Consultant

About the role

As a member of the Specialty Consulting Practice, the Pharmacy Financial Consultant will support the MMA East Pharmacy Practice. This individual will provide financial analysis utilizing modeling tools to evaluate pharmacy benefit managers, including MMA East Rx’s Coalitions, supporting financial evaluations, clinical management support, and strategies, as well as general pharmacy account management in concert with the Pharmacy Team and MMA East Account Management Team.

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 the 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 East Rx proposals for accuracy.
• Assure contract compliance through reconciliations performed at set intervals throughout the plan year to ensure 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.
• Provide data elements needed by third-party firms to perform audits as requested.
• Assist with the yearly PBM marketplace evaluation through a detailed RFI, analyzing various formulary, networks, pricing models, and clinical management programs available in the market to support a streamlined RFP process and inform Account Teams, Clients, and Prospective Clients of available market solutions.
• Participate in prospective client data analysis and presentations.
• Work with Pharmacy Practice and Account Team members to provide client deliverables as requested, including support of Client Stewardship Reports, ongoing quarterly pharmacy reporting/dashboards, and Client Service Plans, as well as overall activities around Medispan and external legal review of coalition contract drafts.
• Work with the internal operations team on deployment and ongoing maintenance of the pharmacy database to streamline processes and support the Pharmacy Practice.
• Support the quarterly Rx Newsletter, Annual Webinar, and ongoing review of MMA East Rx training guide materials as a contributor.
• Participate in special projects as needed.
• Maintain quality service standards and organization to ensure timely service to the MMA East team.
• Research and remain abreast of the dynamic, competitive pharmacy market, including changes due to vertical integrations, employer-driven coalitions, transparent contracting, outcomes-based contracts, gene therapy solutions, and proposed legislation.

Requirements

• Bachelor’s Degree in Risk Management & Insurance, Actuarial Science, Mathematics, or other related field is preferred, or equivalent experience is required.
• Minimum of five years of prior work experience with prescription drug benefit design and pricing in the Benefits Brokerage, Consulting, or Insurance industry.
• Strong background in prescription drug underwriting.
• Effective analytical, math, and problem-solving skills, sound judgment, strong decision-making ability, and excellent communication skills.
• Must be organized, detail-oriented, and able to translate big-picture ideas into client objectives.

Skills

• Strong organizational and analytical skills with keen 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 tasks while adhering to specified quality standards.
• Must effectively interact with internal and external customers.
• Demonstrate high emotional intelligence (EQ) in all client and internal interactions.
• Intermediate knowledge of MS Office Suite (Word, Excel, Access, Outlook); working knowledge of pivot tables, Power BI, and SQL with query writing experience preferred.

Work Environment

The physical demands described are representative of those that must be met to successfully perform the essential functions of this job. While performing the duties, 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 include close vision and the ability to adjust focus.

Other working conditions are normal for an office environment.

Work Location

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.

Pay

The applicable base salary range for this role is $71,800 to $133,700. The base pay offered will be determined on factors such as experience, skills, training, location, certifications, and education. Decisions will be determined on a case-by-case basis. In addition to the base salary, this position may be eligible for performance-based incentives.

Benefits

We offer a competitive total rewards package which includes:

• Health and welfare benefits.
• Tuition assistance.
• 401K savings and other retirement programs.
• Employee assistance programs.