Your partner with smarter solutions for benefits consulting, prescription management, and cost containment to protect your bottom line.
THE CHALLENGE:
Oral Roberts University (ORU), a prestigious higher education institution, was facing a significant challenge related to rising healthcare and pharmacy costs.
The key issue ORU faced was a high-cost prescription medication that had been “lasered” in their plan. A laser refers to a condition or treatment excluded from stop- loss coverage,
meaning the university would bear the full brunt of the cost— over six figures in liability.
Additionally, the university’s network was struggling with rising pharmacy premiums, impacting both the institution’s bottom line and the out-of-pocket costs for their employees.
WHAT WE DID:
“The level of knowledge that (Summit) provides has an indelible impact on Oral Roberts University, our faculty, and staff.”
SYLVIA A., DIRECTOR OF HUMAN RESOURCES, ORAL ROBERTS UNIVERSITY
Summit’s team not only removed the high-cost medication from ORU’s formulary but also negotiated a new plan that lowered both the university’s renewal costs and employees’ out-of-pocket expenses.
By shifting to a new PBM, Summit eliminated the six-figure laser that was costing the university an unsustainable amount. Additionally, the reinsurance quote was lowered due to the reduction in overall risk, further contributing to savings.
Summit’s plan review and negotiation reduced ORU employees’ out-of-pocket costs while significantly lowering the university’s health plan fixed costs for future years.
THE RESULT:
By leveraging the Summit team’s expertise and focusing on cost-containment strategies, Summit provided ORU with a plan that not only solved their immediate challenges, but also positioned them for long-term sustainability.
ORU saved over six figures by removing the lasered medication from their plan and switching to a more cost-effective PBM.
