2 New Health Systems in 6 Months for Prime Therapeutics
New venture, merger of two Blue Cross subsidiaries into a new for-profit company in the Pharmacy Benefit Management marketplace.
Joint Venture initially owned 50/50 by BCBS MN and BCBS NE, Two offices (Eagan MN and Omaha NE).
Primary operations in claims processing, formulary management, manufacturer revenue, pharmacy networks, mail order and physician education.
Five-person Senior Management Team, nineteen second level Managers.
Marketplace dominated by Pharmaceutical company captive operations.
Client base relatively static, Academic Detailing programs well regarded.
Need for Prime Therapeutics to quickly establish unique marketplace presence, strategy and business plan as separate company.
Develop new culture.
Needed to transition rapidly from Blue Cross to a new entrepreneurial culture that combines the strengths of each operation.
Established a high level cross-functional core team of second level managers, with Senior Management as the Executive Review Board, to develop a comprehensive Business Plan. CEO was the Sponsor.
Used the Business Plan to identify key initiatives which would help achieve preferred service provider status and establish a new identity.
Five teams were chosen to provide effective implementation support.
Teams received comprehensive assistance in developing objectives, establishing time lines, identifying resource requirements and assigning specific tasks to each team member.
Coaching was provided to teams in order to ensure that their projects were completed on time, within budget and to achieve project objectives.
Implementation of major initiatives from the business plan continued in an aggressive 90-day effort utilizing team approach to secure broad involvement. Continued with team approach in Phase III.
Comprehensive business plan completed in six weeks. Served as the basis for a Private Placement Memorandum. Owner Board Chairman stated that: “We should have a plan like this for all our companies”.
Sharing the Business Plan with each Associate provided an opportunity to communicate marketplace realities in a consistent manner and provide a basis for shared understanding.
Implementation Teams: Customer Success, Major Prospects, Manufacturer Revenue Operations, New Account Integration and Technology Support provided opportunity for team members to work together in a fast paced setting and accomplish significant results.
Major business functions reorganized. Operations Council Program implemented.
Successful completion of merger.
Each Implementation Team provided specific guidance to the organization which helped to ensure that Revenue Growth, Performance Improvement and Distinctive Advantage objectives were achieved.
New Account Implementation Team Program in place.
Business contracts secured with two new Blue Cross Plans within 6 months.
“Masters Alliance was at our side helping to drive the merger process, all at a pace we thought unattainable until they showed us how to do it in weeks rather than months.”
“Every one of our subsidiaries should have a business plan like the one Masters Alliance helped Prime Therapeutics deliver.”