Fifth Group Restaurants

When Fifth Group Restaurants, a well-respected hospitality brand, sought a better approach to managing pharmacy benefits, they turned to their trusted benefits consultant, Intrepid Benefits. With rising specialty drug costs and a legacy pharmacy benefit manager (PBM) model creating financial uncertainty, Fifth Group sought a partner that could provide transparency, savings, and seamless service. That’s when Steve Simon, founder of Fifth Group Restaurants, decided to make the switch to SmithRx.

The Challenge: Rising Pharmacy Costs and Lack of Transparency

Fifth Group Restaurants faced significant challenges in managing their pharmacy benefits. Their previous, legacy PBM provided little transparency into costs, making it difficult to manage spending effectively. Specialty pharmacy costs, in particular, were a major concern, as they accounted for a large portion of their total pharmacy spend. Without a clear, strategic approach, employees and the company alike were feeling the financial burden.

The Solution: A Transparent and Cost-Effective PBM

Partnering with Maggi Quinn, VP of Benefit Consulting at Intrepid Benefits, Fifth Group Restaurants made the strategic decision to transition to SmithRx. This move allowed them to take advantage of SmithRx’s innovative Connect 360 programs, which identify cost-saving opportunities for high-cost medications and ensure the most affordable pathways for members.

Key Benefits of Switching to SmithRx:

• Significant Cost Savings: Fifth Group Restaurants saved over $250,000 since implementing SmithRx in 2022.
• Lower Per Member Per Month Spend: Achieved a $39 PMPM (well below industry benchmarks of $112 for legacy and $102 for other pass-through PBMs).
• Seamless Transition: SmithRx and Intrepid Benefits managed the implementation, making the transition effortless for Fifth Group.
• Zero Cost Increases: The company experienced no increase in insurance plan costs this year, thanks to their savings with SmithRx.

The Impact: Better Service, Lower Costs, and Happy Employees

According to Steve Simon, Founder of Fifth Group Restaurants, switching to SmithRx was a game-changer:

“Our goals were really quite simple. We wanted a partner that was innovative, transparent, and cost-effective. SmithRx delivered on all three.”

One of the most unexpected benefits was how SmithRx proactively identified employees using high-cost medications and found ways to eliminate out-of-pocket costs for both the employees and the company.

“They actually identify employees that are using very expensive meds and figure out ways to get them for free—sometimes $20,000-$25,000 per month meds—at no cost to the employee or the company.”

From a broker’s perspective, Maggi Quinn, VP of Benefit Consulting at Intrepid Benefits, highlights SmithRx’s responsiveness and commitment to innovation:

“When we think about a PBM that truly embodies trust, innovation, and forward-thinking solutions, there’s no better partner than SmithRx.”

A Model for Pharmacy Benefit Success

With SmithRx, Fifth Group Restaurants achieved a level of cost control and service excellence they hadn’t experienced before. Their savings directly contributed to their ability to maintain stable insurance costs for employees while continuing to grow their business.

As Steve Simon puts it:

“If you’re not working with SmithRx, you should be.”

For brokers and employers looking to rethink their pharmacy benefits, SmithRx offers a proven model that prioritizes transparency, affordability, and care.

Learn how SmithRx can help your business achieve similar results. Contact us today to explore a better way to manage pharmacy benefits.