Precise, risk modeled process results in accurate contracting and low net costs for clients
MILWAUKEE, Jan. 30, 2012 — TRICAST, Inc. announced today that in the preceding 12 months it signed contracts to conduct its proprietary RFP examination process of pharmacy benefits programs for a variety of organizations across the country. According to President/CEO Greg Rucinski, TRICAST placed $1.5 Billion in total pharmacy spend for the organizations they ran RFPs for in 2011.
"We achieved a significant milestone earlier in the year when we secured an engagement that put our drug spending analysis past the billion dollar mark," Rucinski said. "We kept pushing through the fourth quarter with additional projects that helped us reach the $1.5 Billion mark, the highest since the firm was founded in 1997."
TRICAST clients run the gamut from state and local governments to Fortune 500 companies. Customers include public employee health plans, school districts, state employees, labor unions, healthcare coalitions, and health insurance.
In all, 11 contracts were signed by organizations that trusted TRICAST to guide selection of their PBM programs in the calendar year 2011. Through the PBM RFP process, they developed and executed pharmacy benefits analysis programs for multiple companies representing 1.2 Million participating members coast-to-coast.
The TRICAST Pharmacy Benefit RFP project is unique in that it crafts a combination of tailored RFP language and proprietary data file measurement tools specific to each client and are built to secure successful PBM contracts and relationships. Utilizing current PBM data for pricing analysis, financial comparisons and forecasting allows TRICAST to produce quantitative analyses that contain key performance criteria. Given the ambiguity in PBM contract language, this approach ensures accurate assessment and measurement of current pharmacy program performance.
Using a PBM's plan specific data, TRICAST requires all potential vendors to provide re-adjudicated historical claims according to their proposed contract terms and programs. Utilizing this detail, along with several other points of information, TRICAST then conducts an actuarial analysis to determine the potential ROI for clients.
"Typically, our analysis identifies potential savings of 5% to 10%," Rucinski said. "Because our analysis is conducted on the frequency basis that best suits a client's particular needs, we provide insights that allow them to take immediate steps to recover dollars spent, as well as identify ways to avoid misspent funds."
In addition to cost-savings, TRICAST provides clients with an improved process orientation applied to drug spending that includes:
- Mail order maintenance prescriptions
- Formulary management
- Specialty product spending
- Coordination of benefits
- Medicare Part D Data Validation
- Employer group waiver plans
"We know from our clients, that during a time of tight budgets and increased scrutiny on healthcare spending, it is paramount that all organizations are good stewards of all benefit programs," said Jack Steinkamp, TRICAST CFO.
"TRICAST's solutions are all highly customized to our clients' particular needs," Rucinski said. "Our audit tools provide immediate feedback on PBM and plan management accuracy. Clients can choose their level of involvement in our solutions through a continuum of options. TRICAST's reporting experts work with clients to develop solutions that are custom-fit to their particular needs."
About TRICAST
Founded in 1997, TRICAST, Inc. is a leading next-generation health information entity built specific to pharmacy benefits. We provide risk analysis and applications that support analysis and risk modeling for the healthcare industry. Our suite of software applications, expert audit and consulting services assist health plans in managing and forecasting pharmacy costs. Visit www.tricast.com to learn more.
Contact:
Kristin Karakis
TRICAST, Inc.
414.302.9733 ext. 245
Email
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