Pharmacy Benefit Financial Associate

Title: (Hybrid) Pharmacy Benefit Financial Associate

Location: Chicago, Illinois, United States

Employment Type

Full Time

Department

NFP Corp

Workplace Type

Hybrid

Job Description: 

Who We Are:   

NFP, an Aon company, is a multiple Best Places to Work award winner in Business Insurance. We are an organization of consultative advisors and problem solvers. We help companies and individuals around the globe address their most significant risk, workforce, wealth management and retirement challenges through custom solutions and a people-first approach. To learn more, please visit: https://www.NFP.com. 

Job Summary:

The Pharmacy Benefit Financial Associate (PBFA) position serves an essential role on a critical team within VPS. The PBFA acts as the liaison between sales, consulting, brokers, prospects, and other key stakeholders. Involved in stakeholder meetings and assists in the management of the RFP process and every phase of proposal development, including research of legal regulations, negotiation of edits to terms, and preparation of final documents.

The PBFA helps coordinate VPS meetings, and assists in representing the clients’ or prospects’ interests with vendors, third party providers, and internal and external partners. The PBFA is responsible for maintaining the timelines and many deliverables associated with the RFP and contract process, and for establishing best practices related to document and resource preservation.

Principal Duties and Responsibilities / Essential Functions:

1. Develop and maintain effective working relationships in a liaison role between internal and external stakeholders.
2. Communicate “Our Value Added Service”.
3. Knowledgeable on the VPS and PBM marketplace, including carrier contacts and services, as well as carrier underwriting requirements.
4. Keep leadership fully informed of all important activities during the RFP process.
5. Assist in communications between client, broker, PBM companies and NFP legal team in order to resolve problems specific to individual client requirements.
6. Accountable for accurate and timely preparation of RFP workbooks, as well as overall high-quality communication, execution, and preservation of all documents.
7. Responsible for assisting on strategic initiatives and providing analytical support to the sales and consulting teams
8. Review prescription drug usage patterns, and demographic information to ensure accuracy in financial and clinical outcomes.
9. Support team in the presentation of outcomes, processes, and RFP criteria to internal and external stakeholder.
10. Support the development of pricing strategies and contract negotiations with existing pharmacy benefit partners and third-party vendors.
11. Ensure adherence to regulatory requirements and PBM policies related to drug pricing and coverage.
12. Keep all information on prospects accurate and up to date in the Zoho CRM, and Monday.com software, or any other software that is introduced in the future.
13. Present a positive image of self and of VPS / NFP, in and out of the office.
14. Help with research and answer questions presented by the client regarding quotes, contracts, benefits, and rates.
15. Collaborate with Project Management on the execution of legal documents required for the RFP process and their appropriate dissemination i.e., BAA, NDA, LOE, PHI releases, etc.

Minimum Requirements for Education, Experience, and Certifications/Licenses:

• Bachelor’s degree required.
• Prefer minimum of 2 years’ experience in PBM or related industry.

Qualifications & Skills:

1. Knowledge of the Employee Benefits industry, and PBM specifically
2. Ability to interpret industry policies and contract documents, proposals, and other documentation
3. Ability to respond efficiently and accurately to common inquiries or complaints from customers or carrier
4. Ability to effectively present information to key stakeholders
5. Excellent oral and written communication skills and command of the English language
6. Ability to apply basic mathematical concepts such as percentages, adding, subtracting, multiplying and division to required tasks
7. High degree of critical thinking, organizational and decision making skills
8. High degree of initiative
9. High degree of attention to detail
10. Ability to function independently with minimal supervision
11. Ability to prioritize multiple projects and meet objectives and deadlines established by supervisor and clients, often with short turnaround times
12. Ability to maintain positive and beneficial relationships with department staff, numerous internal departments, external customers, agents, and subscribers
13. Proficiency in MS Teams, Excel, Word, Outlook, and PowerPoint
14. Ability to comply with company confidentiality requirements as well as with HIPAA and other applicable government regulations

Travel: This position may require occasional overnight trips. Less than 5% travel.

What We Offer: 

We're proud to offer a competitive salary, PTO & paid holidays, 401(k) with match, exclusive discount programs, health & wellness programs, and more. Our PeopleFirst culture focuses on building and nurturing lifelong relationships with our employees because, at the end of the day, we exist to be there for others. The base salary range for this position is $44,000.00 – $85,000.00. The base salary offered will be determined by factors including, but not limited to, experience, credentials, education, certifications, skill level required for the position, the scope of the position, and geographic location. Actual base salary offered will be determined on a case-by-case basis. In addition to the base salary, this position may be eligible for performance-based incentives. 

NFP and You... Better Together! 

NFP is an inclusive Equal Employment Opportunity employer. 

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