TRICAST & PSRx Team to Provide Assessment of Pharmacy Benefits for the Wisconsin Department of Employee Trust Funds
Sentinel Effect Ensures Maximum Value from Employee & Retiree Pharmacy Drug Program
Milwaukee, WI – TRICAST, Inc. <http://www.tricast.com> and PSRx Advisors, LLC <http://www.psrx.com> are teaming together to conduct a review of pharmacy drug benefits for the Wisconsin Department of Employee Trust Funds (ETF). The TRICAST/PSRx partnership will provide ETF with an independent assessment and analysis on the effectiveness and cost efficiency of the State and Wisconsin Public Employers (WPE) group health insurance programs’ spending on pharmacy benefits for nearly 250,000 state and local government employees and retirees.
“Due to the magnitude of typical expenditures by the public sector on pharmacy drug spending it is a best practices approach to bring in a third-party to analyze all aspects of a program,” said Greg Rucinski, President and CEO of Milwaukee-based TRICAST.
ETF administers retirement and other benefit programs for more than 550,000 Wisconsin Retirement System (WRS) participants and 1,400 employers. ETF programs cover state and local government employees and retirees. Pharmacy benefits for the State and the WPE group health insurance programs are self-funded and managed by a pharmacy benefit management company.
Pharmacy benefits management is dependant on a variety of moving parts, including multiple pricing schedules and ever-more complex drug utilization protocols. Having an unbiased third-party examine the pharmacy benefits ensures the proper administration of these benefits.
“Our clients manage multimillion dollar expenditures and complex utilization issues,” Rucinski said. “TRICAST’s approach provides a sentinel effect of clarity, accountability and financial opportunity to ensure the maximum value is garnered from a pharmacy program.”
The approach to be undertaken by TRICAST/PSRx will involve data analysis of prescription drug expenses over the last several years. An independent look at the State and WPE pharmacy benefits will not only determine if the benefit is being used properly, it also will help guide the ETF Division of Insurance Services in planning and budgeting for the future.
“During this period of economic uncertainty and the current state of health care, we believe it is increasingly important for us to be good stewards of our members’ benefit programs,” said Lisa Ellinger, Deputy Administrator for ETF’s Division of Insurance Services. “We look forward to working with TRICAST & PSRx to ensure our pharmacy benefit expenditures stay in line with expectations while delivering the highest possible value.”
About TRICAST, Inc.
TRICAST, Inc. <http://www.tricast.com> , founded in Milwaukee in 1997, uses pharmaceutical and medical claims analysis for benchmarking, audits and risk analysis for health benefit plan sponsors. The company also provides timely reporting on vendor performance, allowing opportunities for decisive responses. The net result is better program oversight, lowered plan costs and risk exposure. Please visit http://www.tricast.com <http://www.tricast.com/> to learn more.
About PSRx Advisors, LLC
PSRx Advisors provides pharmacy benefits management consulting and audit services to drive solutions for unions, public employee groups and state and federal programs. PSRx Advisors’ applications and audits are powered by TRICAST, Inc. For more information please visit us at http://www.psrx.com.
About the Wisconsin Department of Employee Trust Funds
The Wisconsin Department of Employee Trust Funds is a state agency that administers fringe benefit programs for public employees across Wisconsin. ETF’s mission is to develop and deliver quality benefits and services to state and local government employees and retirees, while safeguarding the integrity of the Public Employee Trust Fund. The Division of Insurance Services is responsible for policy development and implementation of health, life, disability, and long-term care insurance; accumulated sick leave conversion credit; and employee reimbursement account and commuter benefit programs. Please visit etf.wi.gov <http://etf.wi.gov/> to learn more.
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Media Contact: Michael Beightol, Coyote Marsh & Associates, Inc.; [email protected]; 847-277-7353.