RFP Process Helps Reduce Pharmacy Benefits Costs
Pharmacy Services Case Study
Brown & Brown’s Pharmacy team completed a custom RFP process that included a full financial analysis for all lines of business, developed a 25-question qualitative questionnaire that focused on five main areas of interest and evaluated the responses within the questionnaire.
This entire process was completed within a six-month timeline, as the customer needed to quickly meet a year-end deadline.
The results of the RFP process provided an opportunity for the health plan to renegotiate 8.25 percentage points better overall on its commercial contract and 11.6 percentage points better overall on their Medicare Part D contract.
In addition, the PBM provides rebates for the Medicare Part D program, and the Pharmacy team assisted the health plan to gain almost $260 more on average per brand claim than what the health plan was receiving previously. Lastly, the team assisted the customer with renegotiating the terms of their contract and was instrumental in revising and including additional language to further protect the customer from unexpected shifts in guarantees, clarify calculation methodologies and right-size how guarantees were calculated based on ambiguous caveat language.
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