Pharmacy costs are unsustainable! Functional silos, antiquated platforms, and status quo leadership have plagued the PBM industry for decades providing no actionable alternatives to plan sponsors. It is time for plan sponsors to replace legacy PBM services with an innovative, integrated, and transparent PBM partnership model.
The PBM industry, which manages over $300B in prescription drug-spending, provides limited and fragmented services forcing plan sponsors to outsource critical functions to multiple vendors making it difficult to manage avoidable drug-impacted medical risk. Such a shortsighted practice has led to a lack of “single-point-accountability”, introducing an additional $350B of avoidable drug-impacted medical costs into the healthcare delivery system. In addition, $100 billion in poorly managed “buy and bill” specialty drug spend needs to be converted to an “authorize and manage” model. At RxAdvance, we employ a holistic approach to manage this $750B spend, bringing to an end the days of limited, fragmented, and inflexible PBM service delivery.
To accomplish optimal utilization of drug benefit, reduction in overall pharmacy costs, reduction in avoidable drug-impacted medical costs, and optimize specialty spend it is critical to engage members, physicians, pharmacists, and plan sponsor’s clinical/pharmacy staff in the decision making process. At RxAdvance, such collaboration is delivered through Collaborative PBM Cloud™, resulting in a new paradigm of collaboration in the PBM industry. Collaborative PBM Cloud™ revolutionizes the delivery of actionable intelligence to the physicians at the point of care, pharmacists at the point of sale, members through mobile cloud, while effectively engaging the plan sponsor’s clinical/pharmacy staff through case/care management workflows. The Collaborative PBM Cloud™ is also enabling RxAdvance to run at 40% less operating costs than any other PBM. This cost savings provide additional reduced administrative fees, reduced drug unit costs, and increased rebate income to plan sponsors.
RxAdvance, a national full service PBM, leverages disruptive Collaborative PBM Cloud™ to manage standard & specialty drug benefits with unmatched regulatory compliance and transparency. In addition, RxAdvance is willing to share global pharmacy risk standing shoulder-to-shoulder with plan sponsors. This risk model has never been offered by any other PBM.
Our tailored, world class services are for all plan sponsors — health plans, accountable care organizations (ACOs), exchanges, state Medicaid programs, and employer groups.