BroadPeak Case Study:
AEC-Rx lowers costs and improves client services with BroadPeak’s K3
Snapshot
- AEC-Rx wanted to move from manual processes and inconsistent data management to a streamlined, self-sufficient system for data unification and transformation.
- The client implemented BroadPeak’s K3 data integration platform, replacing its previous tech stack, and incorporated Microsoft SQL Server database and Tableau for reporting.
- Through BroadPeak’s involvement, the client was able to cut unnecessary expenses, reduce reliance on external contractors, improve margins and empower consultants with data-driven insights, enhancing client service efficiency overall.
“Our clients need clarity of cost and trend drivers for their pharmacy benefit plan. Unfortunately, the vast amounts of data that is produced by their vendors makes this difficult. K3 offered us a more manageable and cost-effective way to easily assimilate myriad data files, so our Tableau data visualization tools can assist us in providing clients with the most accurate insights.”
Background
AEC-Rx is a consulting and auditing company for large pharmacy benefit plan sponsors and is nationally recognized in the pharmacy benefit management (PBM) sector for its analytics-centric culture. Its consultants collect, organize, and analyze client data for insights that help optimize expenditures on clients’ pharmacy benefit plans.
- Customers use AEC-Rx’s data to manage plan costs, measure performance, predict future costs, and identify opportunities for benefit redesign.
- AEC-Rx also serves as back-office support for other pharmacy benefit consultants, providing them with data analytics and auditing services to meet clients’ needs.
The Challenge
As the business grew, AEC-Rx quickly needed to move beyond manual processes and data that was poorly formatted and inconsistent. The business managed this with short-term contractor support to solve data problems that began to crop up on a daily basis.
With a pre-existing tech stack that used Informatica to normalize client data files and Salesforce to store that data and build custom reports, pharmacy benefit consultants were overly reliant on technical staff to effectively help them service customers.
The Solution
Upon an initial assessment, BroadPeak discovered AEC-Rx was not utilizing the capacity of its tech stack and was burdened by excess complexity. The company was using Salesforce as a simple database and Informatica for fundamental data mapping, while spending unnecessary dollars along the way.
Our solution was streamlined and frictionless. BroadPeak’s K3 data integration platform replaced AEC-Rx’s stack and also added Microsoft SQL Server database for data storage and Tableau for reporting. K3 delivered an easy-to-maintain ETL process as well as a clean data repository and Tableau empowering the client to visualize and analyze information as needed.
AEC-Rx consultants could now incorporate new files and handle changes to existing client files by themselves. Additionally, as data formats changed over time, rather than hiring technical contractors, AEC-Rx ‘s consultants were able to adapt directly in K3. This simple revision shaved down a substantial amount of time and cost.
The Result
By utilizing BroadPeak’s K3, AEC-Rx was successfully able to rid itself of unnecessary software expenses while also eliminating its reliance on external technical contractors to drive a core part of its business. This enriched margins and gave it a competitive edge in pricing, allowing it to bid more efficaciously on new deals. With data-powered consultants and shorter process times, it enhanced its already diligent client service. Overall, its new technical stack has served as a foundation for the company’s growth, while providing company executives with increased control and awareness over their clients’ data.
Rather than focus on data plumbing, AEC-Rx is able to focus time and resources on its core mission: uncovering insights to help its clients’ bottom lines.