Pharmacy Benefits Optimizer drives innovation in pharmacy benefits industry for over two decades, achieving significant growth and ROI for self-insured employers
RxBenefits, an award-winning pharmacy benefits optimizer (PBO), today announced it has surpassed 3.9 million members served and 117 million total claims received since 2012 alone, marking a significant milestone as the company celebrates its 25th anniversary. Founded in 1995, the company was designed to help the broker community provide the best pharmacy benefits options and experience for their clients. Recognizing gaps in the industry that result in many employers significantly over-paying for pharmacy benefits, the company has since launched the industry’s first PBO model and today sets the standard in providing unparalleled pharmacy benefits solutions.
“RxBenefits is a spirited company that disrupts the status quo and is singularly focused on providing employers and their members the very best in pharmacy benefits, in an industry where they otherwise would not have an advocate,” said Bryan Statham, CEO of RxBenefits. “Over the past 25 years, we’ve consistently driven the company forward based on one core principle: Do the right thing. Take good care of clients, brokers, and customers, and everything else will follow. This philosophy has been embraced by everyone in the company, and its impact is felt by our customers.”
RxBenefits has achieved many milestones throughout its 25 years of industry innovation and enabling employee benefits consultants to meet the unique needs of their self-insured clients:
- As the only pharmacy benefits solutions provider that partners with all three major PBMs, by 2005, the company had signed two PBM partners, expanding its reach to 30,000 member lives.
- In 2009, the company launched Claim Repricing Platform and in 2011, it signed on its third PBM partner.
- 2017 held a number of milestones for the company, as it launched the RxAnalyzer® Data Analytics Platform, unveiled Independent Clinical Oversight Solutions, and debuted its Hospital Division.
- In 2019, the company hit records by managing $2 billion in drug spend and growing to over 350 employees.
The company has grown consistently over the last 25 years, but 2020 was particularly noteworthy. This year, RxBenefits surpassed 500 employees, growing its people-first culture, and was honored as a “Best Places to Work” by the Birmingham Business Journal. In August, the company officially launched the PBO category, which formally established a new model to help employee benefits consultants and their self-insured employer clients access and deliver an affordable, best-in-class pharmacy benefit that drives down overall healthcare costs. The PBO model provides a transparent, data-driven, and hands-on approach to pharmacy benefits by optimizing three key areas of pharmacy benefits plans: contract management, experience management, and utilization management.
“Our plan utilization and clinical management strategies are pivotal to maximizing value and reducing costs for employers as well as improving health outcomes for members,” said Mark Campbell, PharmD, Vice President of Clinical Solutions for RxBenefits. “By leveraging data analytics combined with clinical oversight of pharmacy claims by a full-time team of licensed pharmacists, our team evaluates the medical necessity and appropriateness of prescription medications. In an industry where employers are in dire need of an advocate, our tailored approach effectively serves the best interests of brokers, their self-insured clients, and their members.”