RxAdvance wins SMART Union Pharmacy Benefit Management (PBM) contract to reduce overall pharmacy costs, avoidable drug-impacted medical costs, and optimize specialty drug utilization.
Southborough, MA – May 19th, 2017: RxAdvance today announced that the International Association of Sheet Metal, Air, Rail and Transportation Workers (SMART), one of North America’s most dynamic and diverse unions with 216,000 members, has awarded its multi-year pharmacy benefit management (PBM) services contract to RxAdvance beginning on Jan. 1, 2018. Through RxAdvance’s innovative, market-disrupting services, SMART will pursue its commitment to offering cost-effective coverage to members. RxAdvance is the first PBM in the marketplace to deliver true transparency and collaborative partnership to plan sponsors—allowing SMART complete visibility into the PBM’s pricing, operations, utilization, compliance, and modeling. The SMART PBM services agreement will leverage RxAdvance’s comprehensive PBM services and market-leading Collaborative PBM Cloud™ platform to deliver overall pharmacy and avoidable drug-impacted medical savings, while streamlining specialty spend for SMART.
RxAdvance’s technology and services will provide holistic medical and pharmacy care solutions that deliver better outcomes and cost savings for SMART members. RxAdvance’s fully integrated Collaborative PBM Cloud™ platform delivers actionable intelligence to all care continuum stakeholders through their respective workflows. Pass-through pricing, low admin fees, granular benefit design, intelligent clinical rule configuration, unlimited formulary tier design, and superior member experience are a sampling of the many services delivered through this agreement.
“SMART has worked with many large PBMs in the past, and was drawn to RxAdvance’s honesty and transparency throughout the RFP process, including their willingness to showcase their platform capabilities during the finalist presentation. We are very excited to partner with RxAdvance to deliver the most cost effective and innovative pharmacy solutions to our members through their holistic approach, which includes providing clinical and pharmacy support to SMART members. Their platform’s ability to integrate all pharmacy, medical, and lab information to maximize the health outcomes for our members was key in selecting RxAdvance. RxAdvance provides SMART with dynamic and fully user configurable solutions, enabling superior cost and quality visibility for benefit administrators,” said SMART’s Joseph Sellers, Jr., General President.
“Our commitment to redefining the PBM value proposition to plan sponsors has been fully embraced by SMART. I believe that together, we will continue to create an industry standard of PBM-Employee/Union partnership through reduction of overall pharmacy costs, reduction of avoidable drug-impacted medical costs, and optimization of specialty spend” says Ravi Ika, Founder & CEO of RxAdvance.
SMART, the International Association of Sheet Metal, Air, Rail and Transportation Workers, is one of North America’s most dynamic and diverse unions with 216,000 members. SMART’s members produce and provide the vital services that move products to market, passengers to their destinations and ensure the quality of the air we breathe. SMART is sheet metal workers, service technicians, bus operators, engineers, conductors, sign workers, welders, production employees and more. With members in scores of different occupations, SMART advocate for fairness in the workplace, excellence at work and opportunity for all working families. https://smart-union.org/
RxAdvance is a national full-service pharmacy benefit manager that leverages Collaborative PBM Cloud™ to deliver integrated PBM services that reduce overall pharmacy costs, optimize specialty spend by converting from “buy and bill” to “authorize and manage”, and reduce avoidable drug-impacted medical costs while improving patient’s quality of life with unmatched regulatory compliance and transparency. In addition, RxAdvance offers a global pharmacy risk partnership model standing shoulder-to-shoulder with plan sponsors. Our tailored, world-class services are for all plan sponsors — health plans, accountable care organizations (ACOs), exchanges, state Medicaid programs, and employer groups. We provide contractually guaranteed savings in administrative costs, ingredient unit costs, and rebate revenues. For more information, visit www.rxadvance.com.