Disrupting Traditional Pharmacy Benefits Models to Drive
Down Healthcare Costs
SALT
LAKE CITY & NASHVILLE,
Tenn., Sept. 4, 2024 /PRNewswire/ -- Xevant, a
leader in pharmacy benefits optimization, and RxPreferred, a
leading transparent pharmacy benefits administrator, are excited to
announce the expansion of their partnership. Aligned in both vision
and product, this collaboration includes strategic co-investments
and aims to provide innovative, transparent, and technology-driven
solutions to improve medication accessibility and significantly
reduce the overall cost of healthcare.
The financial commitments to each organization will strengthen
their combined market leadership, uniting their vision to address
the most pressing challenges in healthcare today. The expanded
partnership of the award-winning organizations will integrate
Xevant's optimization platform in RxPreferred's platform, enabling
real-time pharmacy benefits optimization at the point of care. This
strategic alliance is designed to empower employers, plan sponors,
and independent pharmacies, helping them manage complex contracts
with PBMs (Pharmacy Benefit Managers) while addressing the critical
issues of transparency and cost.
Key Features Include:
- RxPreferred's Pharmacy Benefits Administration and Rebate
Administration: Delivering a robust and transparent platform for
managing pharmacy benefits and rebates, ensuring employers and
independent pharmacies can effectively navigate and control
costs..
- Xevant's Rebate Processing and Pharmacy Benefits Analytics:
Streamlining administration and offering advanced analytics to
optimize pharmacy benefits in real-time, reducing waste and excess
costs.
- Collaborative Innovation: By merging their technologies,
RxPreferred and Xevant bring a new level of transparency to the
pharmacy benefits space, addressing the urgent need for cost
control in a data-driven envirnoment.
The strategic development between the organizations is set to
disrupt an inefficient and decades-old approach to pharmacy
benefits management. Leveraging cutting-edge technology, the
combined solutions will empower employers to regain control over
escalating drug costs and reduce their reliance on traditional
pharmacy benefits strategies, which are currently under intense
national and legislative scrutiny.
Brandon Newman, Founder and CEO
of Xevant, stated, "Our partnership with RxPreferred marks a
significant step forward in revolutionizing pharmacy benefits
management. Together, we are addressing one of the most pressing
issues in American healthcare today—transparency and cost. We are
excited to continue collaborating with RxPreferred to deliver the
best solutions for payers, pharmacies, and patients alike."
Jeff Malone, President and CEO of
RxPreferred, added, "This expanded partnership is a testament to
the strength of our collaboration with Xevant. By integrating our
platforms, we provide employers and independent pharmacies the
tools they need to navigate the complex prescription benefit
environment and reduce patient costs. We are committed to
delivering innovative and transparent solutions that benefit the
entire healthcare ecosystem."
Greg Abram, Chief Growth Officer
of Xevant, emphasized, "This partnership represents the future of
pharmacy benefits management. Integrating our technologies will
optimize cost savings and empower stakeholders to make informed
decisions, ultimately improving patient outcomes."
RxPreferred started their efforts in transforming healthcare in
2011 with transparent and custom pharmacy solutions for employers
nationwide to administer their pharmacy benefits plan. This
partnership is the next iteration of strategic innovation it
provides its' customers as part of an ever–evolving environment
with the goals of sustainable prescription drug spend, improved
member access, and transparency for employers and their
members.
About Xevant
Xevant is a leading provider of
pharmacy benefits optimization solutions, offering innovative
technology that streamlines rebate processing and delivers advanced
pharmacy benefits analytics. Xevant's platform empowers payers,
PBMs, and consultants to optimize pharmacy benefits in real-time,
driving transparency and reducing costs.
About RxPreferred
RxPreferred is a Nashville-based pharmacy benefits
administrator dedicated to providing transparent, technology-driven
solutions that empower independent pharmacies and payers. With a
focus on innovation and collaboration, RxPreferred's platform
delivers robust pharmacy benefits administration and rebate
management to help clients navigate the complexities of the
healthcare industry.
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SOURCE RxPreferred