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 * Sections
   * Critical Risks
   * Risk Management
   * The Insurance Industry
   * Claims & The Law
   * Workers’ Comp Forum
   * Risk Insiders
   * Sector Focus
   * .
   * Risk Central
   * Power Broker
   * Risk Matrix
   * Risk Scenarios
   * Risk All Stars
   * Teddy Award
   * Sponsored Content
   * Branded Webinars
 * Magazine
   * Digital Issue
   * Issue Archive
   * Subscribe
 * Conferences
   * National Comp
   * National Ergo & Ergo Expo
 * Advertise
 * Subscribe
 * More
   * Award Applications
   * Newsletters
   * &BrandStudio
   * Privacy Policy
   * About R&I
   * Contact Us
   * Media Kit

NEWSLETTERS

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POWER BROKER



POWER BROKER OVERVIEW

Topics: Award Applications | Power Broker Application



What is a Power Broker?
Our goal is to broadly recognize and promote outstanding risk management and
customer service among the brokerage community. Therefore, we don’t select a
single winner but instead recognize four to six winners in different industry
categories.

Who selects the winners?
A Power Broker® is selected based upon the strength of client testimonials. Risk
& Insurance® editors and writers collect and choose the most compelling
testimonials based on the award criteria.

What criteria are used to select winners?
It is very important to note that Power Broker® is focused on recent
accomplishments. Certainly the below criteria could be demonstrated through the
arc of an entire career, but for this program we strive to highlight recent
challenges and solutions. This approach is utilized for the benefit of our
readers who most value learning about challenges and solutions to current
problems. The criteria are:

 * Risk Solution (50%): What specific challenge did a client face and how did
   the applicant/nominee solve that problem?
 * Customer Service (25%): Does the applicant/nominee demonstrate a commitment
   to primarily serve the interests of their clients?
 * Industry Knowledge (25%): Is the applicant/nominee committed to mastering the
   industry category they work in?

The focus is on the individual broker
Creativity and problem solving are critical success factors independent of firm
or account size. Therefore, neither the size of a broker’s firm nor the size of
an account is an important criteria for the Power Broker® program. We strongly
encourage all brokers to apply.

Nomination process
Applications/nominations (referred to below as simply “applications”) are
accepted from any source including a client, insurer, brokerage firm, service
provider or individual broker. In the interest of maintaining a level playing
field, Risk & Insurance® will accept no more than 100 Power Broker® applications
from any one firm or its subsidiaries. Since the client testimonial is most
important for judging, the source of the application does not impact an
applicant’s chance of winning.

We require an application form to be completed in order to capture profile
information, an overview of the problem/solution and client contact information.
Provide enough information to give our editors an overview of you and your
accomplishment but don’t feel compelled to write overly long responses. Think
concise and factual.

Important Note Regarding Confidentiality: We are very conscious of the sensitive
nature of the information provided. Client references listed on applications and
contacted by judges may choose to be on or off the record. This includes the
client name, company name and additional identifying information. All other
information on the application will be considered on-the-record unless specified
otherwise.

Judging process
Judges consisting of Risk & Insurance® editors and/or writers are appointed for
each industry category. All of the applications in a category are first reviewed
by the judges to provide an overview of the field and to ensure that the
applications are complete. Client references listed on the applications are then
contacted and interviewed.

A summary of the interview along with an evaluation form is completed by the
judge performing the interview. Once all interviews are complete, the judging
team meets to review all the interviews and evaluations. The four to six brokers
that received the strongest client referrals based on the award criteria are
named a Power Broker®.

Rising Star Designation



Power Broker® winners and finalists who are 40 years old or younger are
highlighted in the annual “Rising Star” section. Designees are determined based
on the DOB listed on the Power Broker® application. No additional application is
needed to apply for this designation.

Publication
Winners are announced in the January/February print issue of Risk & Insurance®.
The information is also posted on the Risk & Insurance® website, enewsletter,
web digital edition and iPad/iPhone Apps. A profile highlighting each Power
Broker’s accomplishments along with a head-shot is presented by industry
category.

Award Packages
A few weeks after the winners are announced, each Power Broker® receives a
package with a copy of the print issue, an award plaque and additional
information.

Download the 2024 Logo Usage Agreement and PR Statement.

2025 Application Deadline: October 18, 2024
2025 Winner Announcement Date: February 24, 2025

 








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SPONSORED CONTENT BY CORVEL



3 TRAITS TO LOOK FOR IN YOUR PHARMACY MANAGEMENT SOLUTION PARTNER

CorVel has witnessed topical costs rise following the recent drop in opioid
prescriptions, and now offers alternatives to manage their expense without
impacting care.
By: CorVel | September 3, 2024

A single workers’ compensation claim has several moving parts: scheduling
appointments, return-to-work strategies, keeping all stakeholders informed and
more.

Pharmacy management is another piece of the comp puzzle that must be addressed.
Brand drugs and other prescription practices used in workers’ compensation can
quickly drive claims costs if they’re not managed effectively, and minimizing
patient risk and reducing pharmacy spend should go hand in hand.

“Injured employees waiting at the pharmacy for their medications can become a
significant pain point,” said Sarah Scott, vice president of network services
for CorVel.

“Likewise, not having a clear view of the best pharmacy management solution
strategy can slow down the process and become costly,” both in terms of the
actual price tag and in terms of patient recovery.

Finding a pharmacy management solution does not need to feel like an added
chore. According to Scott, there are three key elements that make up a good
pharmacy solutions partner: transparency, cost efficiency and customization.

Here’s a deeper look at these three traits, why they are important when it comes
to pharmacy management in workers’ comp, and the added benefits of finding a
solution-driven pharmacy management partner.


1) TRANSPARENCY AND SERVICE EXCELLENCE

Sarah Scott, Vice President of Network Services, CorVel

Good communication is always appreciated, no matter the discipline or industry.

In workers’ compensation — and specifically pharmacy management — effective
communication is demonstrated through transparency in costs, performance and
clinical engagement.

“At CorVel, we give clients full visibility into medication costs and promote
fair pricing strategies. In jurisdictions with medication fee schedules, we
offer our clients pricing at or below the fee schedule. Additionally, we don’t
promote or take rebate credits on brand medications,” Scott said.

“We want our clients to have complete transparency into what we’re paying for
medications and ensure that we’re fairly compensated for our management and
activities,” she added.

This is done in an effort to eliminate unwanted surprises throughout the
process. It’s also done to show that pharmacy management solutions can be
tailored specifically to the needs of the workers’ compensation space.

Workers’ comp can be a complex industry, and any workers’ compensation partner
must have the skills to navigate the space effectively. Transparency in pricing
and performance is a great start, but true mastery comes with the people
supporting these efforts. That’s why good communication in customer service must
be weighted equally to transparency.

CorVel has worked to create a team ready to address the many needs of patients
throughout their pharmacy journey.

“Given the complexity of workers’ comp, one of the ways we’ve worked toward
great customer service is by ensuring that our entire pharmacy team, from
customer service representatives to management, are certified pharmacy
technicians,” said Scott.

In addition to certified pharmacy techs, the team comprises PharmDs and pharmacy
nurses, fostering a patient-centric clinical approach to care that ensures safe,
appropriate and cost-effective medication management.

“We believe it’s critical that the team has the clinical knowledge in the space
they’re working in and can effectively communicate with the clinicians they
interface with,” said Scott.


2) PHARMACY SPEND REDUCTION AND EFFICIENCY

Being up-front and transparent goes a long way in pharmacy management and
patient recovery. The next step in the process is having a partner that actively
finds ways to reduce costs where appropriate.

Scott shared that CorVel approaches pharmacy spend reduction in several key
ways: through strategies like maximum network penetration, custom formulary
management, generic substitution and aggressive utilization management.

“When we say ‘maximum network penetration,’ we’re referring to maximizing the
volume of prescriptions that go through our pharmacy network, allowing us to
control and manage them proactively,” she explained.

CorVel does this to ensure prescriptions are appropriate and safe for the injury
in question while also keeping a finger on the pulse of out-of-network
prescriptions that can be redirected back in-network to better manage their
cost.

Regarding custom formulary management, Scott said that the team offers formulary
customization at various levels. For example, “at the client level, we can have
a custom formulary where the customer specifies which medications should be
approved and which require prior authorization,” she said.

“We can also customize at a granular level for individual claims. This custom
formulary management allows us to tailor the formulary to the specific needs of
clients and individual claims.”

These efforts further reduce time to fill because they enable the client to
decide which specific medications are paid up front. Another key saving approach
is that the formulary itself is universally generic, meaning any brand name
medications must receive prior authorization before being dispensed.

Finally, Scott said, utilization management can be used to make sure the
medications and other treatments administered are appropriate for the individual
claim. This is something that’s particularly important in the management of
opioids, high-cost prescription topicals or specialty medications.

“As a team of health care professionals, it is our job to work together to
identify what treatment an individual requires to make a full recovery,” Scott
said. “Staying ahead of every single new and upcoming medication is indeed
challenging, but within our organization, we focus on staying informed about
these developments … to provide the best possible service to our clients and the
individuals on the claim.”


3) CUSTOMIZATION AND INTEGRATION

The final trait of a good pharmacy management solution partner is an ability to
customize its services to match the needs of its clients.

The CorVel team has worked to tailor its solutions to meet the unique needs of
each client, as seen in its ability to allow the client to decide which drugs
can be paid up front and which require prior authorization.

When taking it one step further, said Scott, “integration is a key component.”

CorVel looks at the different elements of a prescription, like out-of-network
spending, state formularies and fee schedules, and brings them together into its
workflow, all in an effort to streamline processes and deliver efficient
solutions to clients.

“We offer a variety of integrations, but the most impactful is the ability for
clients to click into our system and view key medical components of a claim to
assist in determination of prior authorization,” she added. “During this
process, they have full visibility into the medical spend and access to
information on previously dispensed medications from prescribers.”


BRINGING PHARMACY MANAGEMENT SOLUTIONS UNDER ONE ROOF

With over 35 years of experience in the workers’ compensation space, CorVel not
only demonstrates the key traits of a pharmacy management solutions partner —
its team lives by them.

“We aim to provide tailored solutions that address the specific needs and
challenges our clients face. Our approach is centered around the specific nature
of each case, considering the particular injury, task and employment context of
the individual in the claim,” said Scott.

“This targeted focus creates natural guardrails that ensure we deliver the most
appropriate and effective care for each individual.”

CorVel has put in the time and effort while acquiring the resources to provide
clients with a comprehensive formulary focused on medications needed for
recovery. It has made this process as transparent as possible, and offers 24/7
access to customer service should a question arise.

“Our pharmacy management solution goes beyond cost reduction,” said Scott. “We
actively offer a transparent, efficient and client-centric approach to pharmacy
management, placing our clients’ needs and the injured employee’s care at the
center of what we do.”

To learn more, visit:
https://www.corvel.com/services/workers-compensation/pharmacy-benefit-management.




This article was produced by the R&I Brand Studio, a unit of the advertising
department of Risk & Insurance, in collaboration with CorVel. The editorial
staff of Risk & Insurance had no role in its preparation.

CorVel is a national provider of risk management solutions for employers, third
party administrators, insurance companies and government agencies seeking to
control costs and promote positive outcomes.







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