Rachel Strauss on Self-Funding, Advocacy and the Power of HCAA Membership

Executive Forum’s Leadership Series: Conversations with Self-Funding’s Experts

The HCAA Executive Forum 2025 continued its deep dive into self-funding’s most pressing topics through a series of interviews with industry leaders. In this ongoing series, John Lynn, Founder and Chief Editor of Healthcare IT Today, sat down with top experts to uncover insights shaping the future of self-funding.

Previously, Julie Wohlstein of Centrix Benefit Administrators discussed the evolution of self-funding, the importance of continuous learning, and how HCAA serves as a catalyst for industry collaboration. Now, we shift focus to Rachel Strauss, Founder of PBM Princess, to discuss how advocacy, education, and networking are shaping the self-funding space.

Building a Career in Pharmacy Benefits

Rachel has spent over two decades in the pharmacy benefits space, making a name for herself as an industry advocate and educator. Her passion for the field even led to the creation of her company, PBMP, where she focuses on education, advocacy, and finding innovative solutions in pharmacy benefits.

“I once got introduced at an event as the ‘PBM Princess,’” Rachel said with a laugh. “Instead of rejecting it, I embraced it because I truly am passionate about this space and the work we do.”

HCAA University: A Gateway to Industry Knowledge

The launch of HCAA University promises to play a critical role in the professional journeys of many self funding experts and newcomers to the field.

“We all tend to work in silos,” she explained. “Unless you're one of the architects of a health plan, it’s easy to stay focused on just your piece of the puzzle. HCAA University helps broaden that view and allows professionals to see how their role fits into the bigger picture.”

Rachel highlighted that HCAA University is particularly beneficial for those entering the industry or transitioning into self-funding. “It’s an invaluable tool for professionals looking to upskill and understand the ecosystem beyond their niche.”

CSFS Certification: Removing Barriers to Access

Rachel has long been a supporter of the Certified Self-Funding Specialist (CSFS) program, though she admitted that time constraints had kept her from completing it in the past.

“For years, I’ve wanted to go through the certification process, but there was always something in the way,” she said. “Now, with the digital updates, it’s more accessible than ever, and I have no excuse not to do it.”

She sees the updates as a game-changer for professionals looking to deepen their industry knowledge without disrupting their busy schedules.

Why HCAA Membership and Conferences Matter

HCAA has been a cornerstone of Rachel’s career, offering a supportive and collaborative environment where professionals can grow.

“What sets HCAA apart is its inclusivity,” Rachel said. “Even when I was new to the organization, they found ways to get me involved. Whether through committees, networking events, or mentorship, there’s a real effort to welcome and integrate new voices.”

She also emphasized that HCAA events go beyond just networking. “At many conferences, people show up to collect business cards. But at HCAA, it’s about education and meaningful discussions that help advance the industry.”

Pharmacy Benefits and the Regulatory Landscape

One of the most exciting trends in the industry, according to Rachel, is the increased focus on pharmacy benefit management (PBM) regulation.

“For years, I’d tell people I worked in pharmacy benefits, and they had no idea what a PBM was,” she said. “Now, with new legislation and regulatory attention, PBMs are finally part of the national healthcare conversation.”

She sees this as an opportunity to drive meaningful change and improve cost transparency, patient access, and plan sustainability.

Looking to the Future

Rachel is optimistic about the future of self-funding and believes that continued education and advocacy will be critical to the industry’s evolution.

“The more we educate ourselves and advocate for change, the better the outcomes will be—not just for employers and plan sponsors, but for the members who rely on these benefits.”

She encourages professionals to take full advantage of resources like HCAA University, CSFS certification, and industry events to stay ahead of the curve.

Final Thoughts

Rachel closed by reiterating the importance of community and education in self-funding.

“HCAA has been an incredible resource, and I encourage anyone in this industry to get involved. Whether you're new to self-funding or a seasoned professional, there’s always something to learn and someone to connect with.”

Stay tuned for the next installment in our Executive Forum’s Leadership Series, featuring another leading voice in self-funding.