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Full-Time

Payroll Administrator

Posted on 7/18/2024

SmithRx

SmithRx

201-500 employees

Pharmacy benefit management with transparent pricing

Data & Analytics
Hardware
Biotechnology
Healthcare

Senior, Expert

Remote in USA

Category
Payroll Accounting
Accounting
Required Skills
Human Resources Information System (HRIS)
Requirements
  • 8+ years progressive experience with proven success in owning and managing end to end payroll process for exempt and hourly workforce
  • Bachelor's degree or equivalent in Accounting, Business, Management, or related field required.
  • In-depth experience with reconciling month end balance sheet accounts
  • Effective communication, interpersonal and consultative skills
  • Proven ability to handle sensitive and confidential information with discretion
  • Sound judgment and problem-solving skills
  • A ‘get it done’ creative attitude and an ability to seek out and implement novel solutions to meet a growing, dynamic, and ever-changing environment
  • Ability to work independently, manage multiple projects simultaneously, be flexible, detail oriented and able to prioritize
Responsibilities
  • Own and process bi-weekly payroll for exempt and hourly employees from end to end and perform audit and reconciliation reports in line with best practices
  • Conduct payroll variance analysis for each bi-weekly payroll cycle
  • Process off-cycle payrolls for employee status changes and non-recurring payments
  • Enter payroll and benefit journal entries into the general ledger, including resolving any payroll errors and discrepancies while being able to record the corrections and recording payroll expenses and accruals in accordance with GAAP
  • Produce journal entries and account reconciliations which include, but are not limited to, cash, prepaid expenses, payroll, and benefits
  • Perform monthly payroll close duties, including the preparation of period-end accruals and monthly journal entries for all payroll and benefits, reconciliations of payroll registers to the general ledger, etc. with minimal supervision
  • Prepare bank deposits, analyze and reconcile post-payroll reports and quarterly tax filings to identify discrepancies in order to resolve problems in a timely manner
  • Handle all incoming garnishment requests and monitor payment requests and tracking
  • Work closely with management team on timesheet management and provide best practices and trainings
  • Ensure organization is properly set up to submit employment tax report and payments to various states for current and new geographies
  • Review and approve pending employee changes related to payroll in HRIS and ensure accuracy of payroll deduction uploads and changes

SmithRx operates as a Pharmacy Benefit Manager (PBM) that focuses on managing prescription drug plans for self-insured employers and plan sponsors. The company uses a transparent pricing model called "Pass Through Pricing," where it charges only an administrative fee and passes all rebates from prescriptions directly to clients and their members. This model contrasts with traditional PBMs that often inflate drug prices and retain rebates for profit. SmithRx's clients benefit from a technology platform that utilizes real-time data to improve service delivery, ensuring efficient and high-quality pharmacy benefit management. The company also provides a concierge service to enhance support for both members and clients. By prioritizing transparency, advanced technology, and exceptional customer service, SmithRx aims to simplify pharmacy benefits and maximize value for its clients.

Company Stage

Series C

Total Funding

$98.7M

Headquarters

San Francisco, California

Founded

2016

Growth & Insights
Headcount

6 month growth

5%

1 year growth

41%

2 year growth

265%
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Simplify's Take

What believers are saying

  • SmithRx's recent $60M Series C funding led by Venrock positions the company for significant growth and innovation in the PBM market.
  • The partnership with Banjo Health to revolutionize prior authorization processes demonstrates SmithRx's commitment to leveraging cutting-edge technology for improved efficiency and transparency.
  • SmithRx's collaboration with TheracosBio to offer newly approved diabetes drugs highlights its dedication to providing cost-effective and essential medications to its members.

What critics are saying

  • The PBM market is highly competitive, and SmithRx must continuously innovate to maintain its unique value proposition.
  • Reliance on the 'Pass Through Pricing' model may limit revenue growth compared to traditional PBMs that profit from rebates and hidden fees.

What makes SmithRx unique

  • SmithRx's 'Pass Through Pricing' model ensures complete transparency by passing 100% of rebates to clients, unlike traditional PBMs that profit from hidden fees and inflated drug prices.
  • The company's robust technology platform leverages real-time data to enhance service offerings, setting it apart from competitors who may rely on outdated systems.
  • SmithRx's concierge service provides exceptional support to both members and customers, further distinguishing it from other PBMs that may lack personalized customer care.
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