Michael Niarchos

Managing Director
20+ years of experience in the managed care and pharmacy ecosystem
Extensive experience advising on turnarounds for health plans, PBMs and pharmacies
Interim executive management experience; serves as expert witness 
Boston
@alvarezmarsal
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Michael Niarchos is a Managing Director with Alvarez & Marsal Healthcare Industry Group in Boston. He leads the Pharmacy and Pharmacy Benefit Manager practice. Mr. Niarchos brings more than 20 years of experience in strategy, growth, operational transformation and financial performance improvement within the managed care and pharmacy ecosystem. 

Mr. Niarchos serves health plans, pharmacy benefit managers (PBMs), and pharmacy organizations as a strategic advisor and interim executive in the pharmacy and PBM marketplace. He focuses on turnarounds, operating model transformation, and navigating emerging trends, disruptive forces and regulatory issues and delivers results across competitive strategy, financial performance, operations, and technology transformation, including supporting turnarounds, reorganizations, M&A, and strategic options development, evaluation, and execution. Mr. Niarchos has worked in commercial and government-sponsored businesses and within health plan, PBM and pharmacy operational areas.

Mr. Niarchos has driven performance improvement efforts across the industry, including the turnaround and performance improvement of multiple PBMs and health plans; the consolidation, integration, and performance improvement for retail, mail-order and specialty pharmacy operations; and the integration and migration of membership across PBM platforms for more than 10M members. His work has included stand-up of new entities for rebate management, wind-down of insurance entities, revenue cycle and supply chain improvements, and evaluation of strategic options including build, buy, and outsource analysis. 

Most recently, Mr. Niarchos led a turnaround and sale of a mid-market PBM, including legal entity structures, operating model forecast and cash flow management improvement, operational performance improvement, and product and division wind-down. 

Mr. Niarchos served as interim Senior Vice President at a full-service PBM where he drove an organizational transformation and enabled EBITDA improvement. He oversaw underwriting, trade relations, and pharmacy network management and pricing, including retail, mail, and specialty pharmacies. Mr. Niarchos has also supported multiple litigation efforts as an expert witness.

Mr. Niarchos earned a bachelor’s degree in economics from Wake Forest University and an MBA from Emory University. 

Insights By This Professional

A&M’s Michael Niarchos moderatea a podcast with Lockton Company’s’ Ryan Czado on pharmacy benefits and emerging healthcare trends. They discuss how organizations are revising their strategies to improve outcomes and manage costs.
Alvarez & Marsal Managing Director, Michael Niarchos, hosts a conversation with John O’Brien, Former Senior Advisor to the Secretary of Health and Human Services, where they will discuss Health and Human Services Final Drug Pricing Rebate Rule.
The recent announcement of 2021 CMS STAR ratings revealed that several MAPD and PDP plans have struggled to keep pace with increasing performance standards and shifting measure weights.
A&M has a dedicated Pharmacy and PBM practice to help health plans, MCOs and PBMs address pharmacy strategy and operations.
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Thought Leadership
We are pleased to share the inaugural Alvarez & Marsal Distress Alert Southeast Asia report, a significant milestone in our effort to generate insights into the region’s distress market.
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