Spectrum Engineers

Spectrum Engineers, a multi-discipline consulting engineering firm that specializes in electrical, mechanical, plumbing and fire protection design, is committed to doing what’s right—and that belief extends to their employees and benefits. Prior to partnering with SmithRx, the Spectrum faced a number of issues with their legacy pharmacy benefit manager (PBM) including a lack of transparency in regards to pharmacy spend and rebate structures. This meant they had no insight into why their members were paying sky-high prices at the pharmacy. Spectrum’s leadership made the top down choice to transition to a modern PBM. After a comprehensive process led by their insurance committee and with the guidance of their insurance consultant, Dan Dearden, Founder & Owner of Spherica Employee Benefits, SmithRx was the clear choice to help Spectrum demystify and decrease pharmacy spend. 

The Challenge: No Transparency & High Spend

Prior to the transition, Spectrum Engineers' Human Resources Director, Amy Banks, faced a few key pain points that pushed her to seek out a new partner for their pharmacy benefits. Spend was constantly increasing, but Amy and her team had no real insight into why due to their legacy PBM’s lack of transparency.

"We had a lack of visibility into our pharmacy spend and rebate structure," Banks explained. "It was difficult for us to understand where our dollars were being spent, and our members were getting frustrated with the high cost of medications."

“We discovered that they were not receiving any rebates back for the prescription drugs that were being filled and that really caused them a lot of distress,” elaborated Dearden, “They didn’t even know that was a possibility.”

This lack of transparency had the Spectrum Engineers team operating in the dark and unable to make informed decisions to control costs or improve the member experience. The day-to-day work of managing pharmacy benefits was a constant struggle, with Amy’s team having to deal with a legacy PBM that was difficult to work with and unresponsive.

The Solution: A Transparent, People-First PBM Partnership

Recognizing the need for a change, Spectrum Engineers’ ultimately made the choice to partner with SmithRx. This decision was driven by a few key considerations: SmithRx’s full transparency, dedication to exceptional, clinically-informed member support, and of course, cost savings.

Spectrum Engineers’ implementation process with SmithRx went off without a hitch thanks to SmithRx’s commitment to proactive communication and dedicated, in-house support organization. 

“Spectrum, SmithRx, and Spherica communicate regularly to review how the program is performing with the plan overall as well as with the individual plan members,” Dearden explained.

The Results: Improved Insights & Lower Costs

The results of the partnership have been transformative for Spectrum Engineers. The new approach has delivered both financial benefits and a notable improvement in the member experience.

“The savings with SmithRx have been huge for Spectrum. They have been easy and responsive to work with, we have improved insights into pharmacy spend, and it also helps our employees pay less out of pocket,” noted Banks. 

• Significant Cost Savings: Total plan savings now total over $80,000 thanks to SmithRx with per member, per month spend being reduced by 99% in just the first year of partnership.

• Improved Member Experience: The employee member experience has been transformed with SmithRx. Now, employees are reporting fewer issues at the pharmacy and a fundamentally better understanding of their options when it comes to their pharmacy benefits. 

• Transformative Support and Data Access: The SmithRx service model and in-depth reporting have empowered the Spectrum and Spherica teams to stay on top of pharmacy spend.

Looking Ahead: Continued Savings and Experience Improvements

The decision to partner with SmithRx has empowered Spectrum Engineers to take control of their pharmacy benefits. The collaborative, transparent relationship has not only resulted in measurable savings but also transformed their member experience for the better.

"I would 100% recommend SmithRx to anybody that’s looking for a PBM," Banks commented. "They are the easiest to work with and I have had the best experience with them."

With SmithRx as a trusted partner, Spectrum Engineers is well-positioned to continue prioritizing the health and financial well-being of its members.

“We measure success from working with SmithRx by looking at the cost savings we receive,” concluded Banks. “We’ve been able to recognize a $20,000 savings from just this last quarter.”

Learn how SmithRx can transform your pharmacy benefits experience and deliver measurable savings. Contact us today to explore a better way to manage pharmacy benefits.

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