RxBenefits, a full-service pharmacy benefits advisory firm, is pleased to introduce its latest innovation, a tailored and flexible approach to managing hospital pharmacy benefits. Providing customized support to hospital employer groups for more than 22 years, RxBenefits uncovered a need to devote greater focus to the development of pharmacy benefits solutions tailored for hospitals and health systems. The RxBenefits approach bridges the gap between hospital-specific resources and the traditional pharmacy model - in an enhanced solution that accounts for a hospital's dual role as an employer and provider.
"For more than two decades, RxBenefits has successfully delivered aggregate pricing terms, concierge service and strategic clinical management to our clients," said Bryan Statham, CEO of RxBenefits. "We've identified a major gap in how pharmacy benefits are managed in the hospital employer space. Each hospital is unique and requires a specialized pharmacy management solution to address their specific challenges. It's exciting to see our services help hospital employers leverage their own resources and opportunities to achieve their pharmacy benefits savings and access objectives."
The more than $962 billion hospital landscape in the U.S. has become increasingly complex. Over the past decade, the significant changes in the market have created financial constraint for hospitals, resulting in the need for controlling costs. From hospitals utilizing prescription medications 10-15 percent more than commercial employers, to specialty medications becoming the largest driver of cost increases facing hospital employers, the need for a customized hospital solution has never been greater.
Owned resources unique to hospitals, like on-site retail and/or specialty pharmacies, 340B/group purchasing, or own-use pricing, are not prioritized or optimized by traditional pharmacy benefit models. Providing best-in-class consultative services, through an account team that is well-versed in the hospital space, RxBenefits is better equipped to address the unique needs of its hospital clients. Since its September 2017 launch, RxBenefits' hospital solution has disrupted the market by identifying impactful contract and clinical opportunities that are unique to each hospital, achieving measurable results that include an average savings of 25-35 percent for more than 100 hospital partners nationwide.
Industry veteran Nathan White leads the hospital program, applying nearly two decades of experience to providing expert leadership and oversight to both hospital and healthcare clients. By blending a background in health care industry relations and hospital account management, White is uniquely positioned to pinpoint the exact needs of an organization and save them money while providing top-notch service.
"We are committed to delivering a best-in-class, flexible service offering tailored to each hospital's individual needs by optimizing health system resources and fully leveraging the capabilities of our pharmacy benefit managers (PBM) partnerships," said White, who serves as Vice President of Hospital and Strategic Markets. "We deliver value to our hospital clients by enhancing their margins while improving employee satisfaction, health outcomes and lowering absenteeism."
Clients utilizing RxBenefits' hospital solution can expect year-over-year pricing improvements, full visibility and client-specific guaranteed terms.