Formulary Compliance Analyst

Job: Formulary Compliance Analyst
Duration: 3 Months
Location: Parsippany, NJ, 07054 ((Hybrid/Remote))
Shifts: 9-5 (flexible, looking for hybrid (Tuesday & Wednesdays) would settle for remote with the right candidate.

Job Description:

The purpose of the position is to identify and resolve compliance and eligibility issues with contracted managed care customers. This position works with the Market Access account managers and the contracted account to gain alignment on formulary product placement and compliance and to recover previously paid rebate or discounts in the event of noncompliant formulary findings.

Reporting to the Senior Manager, Contract & Formulary Compliance, the incumbent will be responsible for identifying and investigating formulary positions on PBM and Health Plan websites and formal Pharmacy Drug Lists (PDL) to validate product placement comply with all terms and conditions of the managed care contract. Using critical thinking skills and data analytics, the incumbent will complete complex investigational audit reviews, identify risks and compliance issues and present findings both verbally and in writing to key internal and external stakeholders.

How you’ll spend your day

• Establish an audit plan to review assigned account formularies across Commercial, Medicare Part D, and medical channels
• Review products on each formulary and assess compliance with the stated terms and conditions of contract; request and obtain supporting documentation (e.g., prior authorizations, step edits etc.) as needed to complete the assessment.

Core Essential Skill Set:

Required:

• Thorough understanding of Managed Care contracting as it relates to formulary access and tier positioning; Industry understanding of step-edits, NDC blocks, prior authorizations, copay differentials, preferred and non-preferred status is a plus
• Ability to articulate a comprehensive understanding of contract terms and conditions
• Advanced understanding of pharmaceutical rebate flow and decision points
• 340B knowledge is a plus
• Minimum of 3 years’ experience in financial analysis
• Minimum of 2 years’ experience working with drug formularies
• Superior skills in Excel and PowerPoint
• Pharma Experience is a must.
• Managed Care experience rather than rebate experience.

Preferred:

• Experience in brand pharmaceutical business, specifically in market access, rebate operations, and/or pharma contract compliance
• Strong negotiation and presentation skills
• Understanding of drug purchase discounts and their interaction with Rx based rebates

Education: Bachelor's Degree in Finance or other business-oriented fields. This is a must.