PBM Forecasting & Trend Analytics Director, SmithRx
Next-generation pharmacy benefits
Posted today
Next-generation pharmacy benefits
201-500 employees
Posted today
201-500 employees
Company mission
To reduce the complexity and costs of pharmacy benefits for America's employers and patients.
Role
Who you are
- 8+ years of experience in analytical, forecasting, financial, actuarial or strategy roles, including 3+ years experience in healthcare and/or pharmacy industry related roles
- Bachelor's degree or equivalent experience, advanced degree or MBA preferred
- Strong familiarity with pharmacy industry dynamics and major market events
- Prior experience in finance or consulting is a plus
- Excel at both written and oral communication, adeptly presenting SmithRx trend expectations with a deep level of rigor to audiences including internal leaders, brokers, pharmacy consultants, and employers
What the job involves
- SmithRx is seeking a Forecasting & Trend Analytics Director to join our growing team
- In this strategic leadership role, you'll collaborate directly with senior executives and our key clients to ensure that SmithRx is achieving our objective of providing the lowest possible drug costs
- This individual will be responsible for architecting Smith’s strategy enhanced forecast analytics at both the customer and market levels
- The role is key to identifying and developing the financial and clinical data strategies that project healthcare expenditures for our clients
- This will entail collaborating with our Data Analytics, Clinical Strategy, Pricing, and Performance & Accountability teams
- Own the development, maintenance, and execution of forward-looking drug spend forecasting models
- Quantify the impact of macro-market shifts in collaboration with Pricing team
- Partner with the Clinical Strategy team to translate upcoming pharmacy market events into quantitative financial models
- Evaluate customer level trends, to identify key drivers and inform future expectations at the overall spend levels
- Translate highly complex actuarial and analytical findings into clear, compelling narratives for executive leadership, consultants, and sophisticated employer groups
- Direct the creation of external trend reports showcasing the Smith’s market expectations and cost-containment efficacy
- Work with the Data Analytics team to build out model(s) for deeply understanding drug spend forecasts, and build reports to maximally automate the process of spend forecasting given customer specific trends
- Actively participate in customer level assessment for ongoing retention activity
- Work closely with Sales and Proposals teams to craft offers to pharmacy consultants, brokers, and clients which properly reflect SmithRx’s value
- Engage pharmacy consultants and brokers to educate the market about SmithRx’s market trend expectations and how Smith manages to optimize client outcomes against trend
- Various other ad hoc strategic projects aimed supporting SmithRx growth initiatives
Our take
PBMs (Pharmacy Benefit Managers) save payers and patients 40% to 50% on prescription drug and related medical costs in the US, compared to what they would spend without them. It’s generally accepted, though, that PBMs are working for profit and not solely on the customers benefit.
SmithRx is a company looking to reduce complications in the current system with its innovative PBM structure. It uses its cloud-based technology to present the most cost effective options transparently to self-insured businesses, supporting them in getting the lowest cost drugs they can, as well as making the transition to these alternatives seamless.
It does this by partnering with innovative drug companies, as well as applying coupons and making use of available savings and assistance programs. As the company does not take economics from the supply chain, it is able to work for its customers with no hidden agendas. And with significant growth, cost savings, customer satisfaction, and market traction in 2024, the company is very much on track for continued success.
Steph
Company Specialist at Welcome to the Jungle
Insights
Company
Funding (last 2 of 5 rounds)
Jan 2024
$60m
SERIES C
Mar 2022
$20m
SERIES B
Total funding: $97.5m
Company benefits
- Wellness: Extensive Medical, Dental and Vision plans
- Life and Disability: Fully paid Life Insurance and Disability coverage
- Parental Leave: Paid leave benefits for new parents
- Career Growth: Training, development and advancement support
- Vacation Time: Generous and flexible paid time off
Company HQ
South Park, San Francisco, CA
Leadership
Jake Frenz
(Founder & CEO)Previously worked as Director of Plan Operations at CollectiveHealth and Project Director at Anthem Inc.
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