Pharmacy Financial Consultant

Marsh McLennan Agency; Conshohocken (Montgomery County); Hybrid; USD 72,000 - 134,000; Full time

Benefits offered by this job

Health benefits

Tuition assistance

401K savings

Retirement programs

Employee assistance

Job summary

Marsh McLennan Agency's East Region is seeking a Pharmacy Financial Consultant to support the MMA East Pharmacy Practice with financial analysis, modeling, and contract evaluation for PBMs and coalitions.

You will collaborate with the Pharmacy Team and MMA East Account Management to deliver client-ready analyses, assist with negotiations, and help optimize pharmacy spend and financial guarantees across plans.

Qualifications

• Bachelor’s degree in risk management/insurance or related field, or equivalent experience.
• Minimum five years’ experience with prescription drug benefit design and pricing.
• Strong underwriting background in prescription drugs.
• Excellent analytical, math, problem-solving, and communication skills.
• Organized, detail-oriented; ability to translate big ideas into client objectives.

Responsibilities

• Perform financial and risk analysis for internal consulting and clients.
• Support contract valuation using MMA East proprietary models.
• Assist with annual coalition contract negotiations with financial analysis.
• Negotiate contract terms with PBMs with account managers and underwriters.
• Review marketing results and MMA EastRx proposals for accuracy.
• Ensure contract compliance via periodic reconciliations.
• Support market checks for contract competitiveness.
• Prepare data for third-party audits and RFI/RFP processes.
• Contribute to client deliverables and quarterly reporting.
• Assist deployment of pharmacy databases and training materials.

Skills

Analytical skills

Problem-solving

Communication skills

Multitasking

Detail oriented

Education

Bachelor's degree

Risk Management

Actuarial Science

Mathematics

Equivalent experience

Tools

Excel

Power BI

SQL

Access

Word

Outlook

Job description

Marsh McLennan Agency's East Region is a leader in the employee benefits marketplace. Our associates simplify employee health and welfare benefits and risk management for regional, national, Fortune 500 and Fortune 1000 companies. We value integrity, collaboration, passion, innovation, and accountability, and we are committed to making a difference in the moments that matter for our colleagues, clients, and communities.

Brief Description

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

ESSENTIAL DUTIES AND RESPONSIBILITIES

include, but are not limited, to the following:

• 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.

REQUIRED EDUCATION AND EXPERIENCE

• 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.

Knowledge, Skills And Abilities

• 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.
• Intermediate knowledge of MS Office Suite (Word, Excel, Access, Outlook), working knowledge of pivot tables, Power BI and SQL with query writing experience preferred.

PHYSICAL DEMANDS AND WORK ENVIRONMENT

• The physical demands described here are representative of those that must be met by an employee to successfully perform the essential functions of this job. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions.
• 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.
• 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.

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.

We are excited to offer a competitive total rewards package which includes health and welfare benefits, tuition assistance, 401K savings and other retirement programs as well as employee assistance programs.

Marsh McLennan and it affiliates are

EOE Minority/Female/Disability/Vet/Sexual Orientation/Gender Identity employers.

#MMAE

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, education, and any applicable minimum wage requirements. 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.

We are excited to offer a competitive total rewards package which includes health and welfare benefits, tuition assistance, 401K savings and other retirement programs as well as employee assistance programs.

Applications will be accepted until: December 31, 2026