Pharmacy Benefits Plan Cost Reduction
Pharmacy Services Case Study
The health plan retained the Brown & Brown Pharmacy team to perform a mid-contract market check. Based on the existing scope of the health plan’s contract language, the Pharmacy team utilized its proprietary database to evaluate the pricing and contract terms of customers similar in size, scope and demographics to the health plan.
The Brown & Brown Pharmacy team collaborated with the health plan to understand its unique needs and requirements. After completing the market check, the Pharmacy team was well-positioned to recommend optimal contract audit and reconciliation methodology language as well as competitive pricing opportunities. The market check resulted in $9 million (12 percent) savings over the customer’s remaining contract term.
The health plan continues to utilize the Brown & Brown Pharmacy team’s consulting guidance and auditing practice to help keep its pharmacy benefit contract performance transparent and competitive.
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