Complete transparency delivers significant pharmacy savings.
The Company
Pekin Insurance is a national insurance provider with more than 700 employees, 1,200 agencies, and 7,500 independent agents. They partnered with CorVel in 2009 for their bill review, case management, pharmacy and specialty network programs. Since then, CorVel has delivered proven program results and statistics.
Maximizing network penetration is also part of CorVel’s strategy. Protocols redirect claimants who visit out-of-network pharmacies and re-index claims received from third party billers to ensure subsequent prescription fills are processed. As a result of CorVel’s comprehensive pharmacy program, Pekin realized an average Pharmacy Benefits Manager (PBM) utilization rate of 98% compared to 68% at the end of 2010, yielding a savings growth of 11 percentage points in four years. Additionally, as PBM penetration increased, prescriptions from third party billers and other pharmacy sources decreased, evidencing the success of CorVel’s channeling and reindexing capabilities.
Highlighting CorVel’s formulary management efforts, Pekin’s generic efficiency rate remains consistently over 98% per quarter and narcotics usage saw a 10% reduction.
