PBGC Awards $21.4M Contract for Pharmacy Benefit Management to Integrated Management Resources Group
Contract Overview
Contract Amount: $21,437,722 ($21.4M)
Contractor: Integrated Management Resources Group, Inc.
Awarding Agency: Pension Benefit Guaranty Corporation
Start Date: 2015-01-14
End Date: 2020-04-30
Contract Duration: 1,933 days
Daily Burn Rate: $11.1K/day
Competition Type: FULL AND OPEN COMPETITION AFTER EXCLUSION OF SOURCES
Number of Offers Received: 5
Pricing Type: TIME AND MATERIALS
Sector: Other
Official Description: IGF::CL::IGF FBA WILMINGTON, DE
Place of Performance
Location: DORAL, MIAMI-DADE County, FLORIDA, 33178
State: Florida Government Spending
Plain-Language Summary
Pension Benefit Guaranty Corporation obligated $21.4 million to INTEGRATED MANAGEMENT RESOURCES GROUP, INC. for work described as: IGF::CL::IGF FBA WILMINGTON, DE Key points: 1. The contract value of $21.4 million over approximately 5 years indicates a significant investment in pharmacy benefit management services. 2. Integrated Management Resources Group, Inc. secured this award, suggesting potential specialization or a competitive bid process. 3. The 'FULL AND OPEN COMPETITION AFTER EXCLUSION OF SOURCES' indicates a specific procurement strategy that may warrant further review for its impact on competition. 4. The 'Pharmacy Benefit Management and Other Third Party Administration of Insurance and Pension Funds' sector is critical for managing healthcare costs and benefits for pension funds.
Value Assessment
Rating: fair
The contract value of $21.4 million for a 5-year period suggests a moderate annual spend. Benchmarking against similar pharmacy benefit management contracts would be necessary to assess if this pricing is competitive.
Cost Per Unit: N/A
Competition Analysis
Competition Level: full-and-open
The contract was awarded under 'FULL AND OPEN COMPETITION AFTER EXCLUSION OF SOURCES'. While this implies competition, the exclusion of sources needs to be understood to determine the full extent of price discovery and market engagement.
Taxpayer Impact: The $21.4 million expenditure represents taxpayer funds allocated to ensure efficient management of pension fund benefits, aiming for cost savings and effective service delivery.
Public Impact
Ensures continued administration of pharmacy benefits for pension fund participants. Potential impact on the cost and accessibility of prescription drugs for beneficiaries. Supports the operational stability of the Pension Benefit Guaranty Corporation's services.
Waste & Efficiency Indicators
Waste Risk Score: 50 / 10
Warning Flags
- The specific reason for 'EXCLUSION OF SOURCES' in a full and open competition needs clarification to ensure maximum value.
- Lack of detailed performance metrics or outcomes in the provided data.
- Potential for vendor lock-in if transition costs are high.
Positive Signals
- Awarded through a competitive process, suggesting potential for cost-effectiveness.
- Long-term contract (approx. 5 years) provides stability for service delivery.
- Focus on a specialized area (Pharmacy Benefit Management) indicates targeted expertise.
Sector Analysis
This contract falls within the administrative and financial services sector, specifically focusing on third-party administration for insurance and pension funds. Spending in this area is crucial for efficient fund management and cost control.
Small Business Impact
The data does not indicate any specific set-asides or participation goals for small businesses in this contract award.
Oversight & Accountability
The Pension Benefit Guaranty Corporation is responsible for overseeing this contract. Further review of their oversight mechanisms and performance monitoring would be beneficial.
Related Government Programs
- Pharmacy Benefit Management and Other Third Party Administration of Insurance and Pension Funds
- Pension Benefit Guaranty Corporation Contracting
- Pension Benefit Guaranty Corporation Programs
Risk Flags
- Lack of transparency regarding source exclusion.
- Absence of detailed cost breakdown for benchmarking.
- Unclear performance metrics and oversight details.
- Potential for limited competition despite 'full and open' designation.
Tags
pharmacy-benefit-management-and-other-th, pension-benefit-guaranty-corporation, fl, definitive-contract, 10m-plus
Frequently Asked Questions
What is this federal contract paying for?
Pension Benefit Guaranty Corporation awarded $21.4 million to INTEGRATED MANAGEMENT RESOURCES GROUP, INC.. IGF::CL::IGF FBA WILMINGTON, DE
Who is the contractor on this award?
The obligated recipient is INTEGRATED MANAGEMENT RESOURCES GROUP, INC..
Which agency awarded this contract?
Awarding agency: Pension Benefit Guaranty Corporation (Pension Benefit Guaranty Corporation).
What is the total obligated amount?
The obligated amount is $21.4 million.
What is the period of performance?
Start: 2015-01-14. End: 2020-04-30.
What was the specific justification for excluding certain sources in this 'full and open competition'?
The exclusion of sources in a full and open competition typically occurs when specific technical requirements, existing infrastructure compatibility, or unique service needs necessitate limiting the pool of potential bidders. Understanding the precise rationale is crucial to ascertain if the exclusion unduly restricted competition or was a necessary measure to ensure the best fit for the agency's requirements and taxpayer value.
How does the per-unit cost of pharmacy benefit management services under this contract compare to industry benchmarks?
Without specific per-unit cost data (e.g., cost per prescription, administrative fee per participant), a direct comparison to industry benchmarks is not possible. A thorough analysis would require breaking down the total contract value into key performance indicators and comparing these against established rates for similar services provided by other government agencies or private sector entities.
What mechanisms are in place to ensure the effectiveness and efficiency of Integrated Management Resources Group's pharmacy benefit management services?
The provided data lacks details on performance metrics, service level agreements, or quality assurance processes. Effective oversight would involve regular performance reviews, audits, and clear contractual obligations tied to measurable outcomes in areas such as cost savings, formulary management, and member satisfaction.
Industry Classification
NAICS: Finance and Insurance › Agencies, Brokerages, and Other Insurance Related Activities › Pharmacy Benefit Management and Other Third Party Administration of Insurance and Pension Funds
Product/Service Code: SUPPORT SVCS (PROF, ADMIN, MGMT) › PROFESSIONAL SERVICES
Competition & Pricing
Extent Competed: FULL AND OPEN COMPETITION AFTER EXCLUSION OF SOURCES
Solicitation Procedures: NEGOTIATED PROPOSAL/QUOTE
Solicitation ID: PBGC01-RP-15-0004
Offers Received: 5
Pricing Type: TIME AND MATERIALS (Y)
Evaluated Preference: NONE
Contractor Details
Address: 4640 FORBES BLVD STE 200, LANHAM, MD, 20706
Business Categories: Black American Owned Business, Category Business, Corporate Entity Not Tax Exempt, Minority Owned Business, Small Business, Special Designations, Subchapter S Corporation, U.S.-Owned Business, Woman Owned Business
Financial Breakdown
Contract Ceiling: $24,948,261
Exercised Options: $24,948,251
Current Obligation: $21,437,722
Contract Characteristics
Commercial Item: COMMERCIAL ITEM
Cost or Pricing Data: NO
Timeline
Start Date: 2015-01-14
Current End Date: 2020-04-30
Potential End Date: 2020-04-30 00:00:00
Last Modified: 2021-02-25
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