Prescription Plans that Save
Professional Risk Asset Management Insurance Services
The changing face of healthcare in the United States signals a change for many businesses involved in that industry. David Wilson, Chairman and founder of Professional Risk Asset Management Insurance Services – also known as PRAM – sees opportunities for underwriters and auditors, as well as a shift toward savings on prescriptions.
Since founding PRAM in Orange County, California in 1989, Wilson adapted technology to make the business of underwriting prescription plans much more efficient. Initially formed as a benefits consultancy, Wilson looked for a way to quickly differentiate PRAM from other businesses.
“I felt that the prescription drug area was wide open, since there seem to be few consultants who had any idea about how to control costs in this area,” Wilson told The Suit Magazine. He paid particular attention to understanding how pharmacy benefits management companies or PBM develop and control costs. “In most cases the clients didn't have any idea as to what [these PBMs] were doing.”
Services performed by PRAM typically start with an audit. “The process usually begins for us an off cycle audit of the client's prescription drug card program. It is through this information that the client learns for the first time how their PBM – their pharmacy benefits management company – is managing prescription drug costs. They become fluent in understanding what possible problems could be associated with a contract that they signed.”
Two prescription programs created by PRAM help the member, or custom- er – as well as the plan provider – save money.
“Frankly, we have very exciting programs. We offer a number of underwriting opportunities that can curb the impact of prescription drug costs on families who have children with special needs,” Wilson explained. “The key program we offer under PRAM's mail services allows a 90-day supply with zero copay for the member, and at a far less cost for the plan sponsor than savings available under traditional pharmacy programs.”
Elderly members receive a similar benefit under the plans that PRAM underwrites. “Every effort is made to include them when underwriting seniors for state, local and national employer groups,” said Wilson. “For seniors, getting a zero copay for a 90-day supply of maintenance drugs is pretty exciting – and frankly, we think it is a one-of-akind program that controls costs dramatically for [seniors] throughout the country.”
According to Wilson, PRAM's underwriting services are available in all but two states, however, PRAM's consulting services and self-funded programs are available in every state.
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