Chief Client Officer Nathan White recently sat down with Health Professional Radio, sharing all there is to know about the benefits of the PBO model and how it’s helped drive RxBenefits’ recent growth. Nathan, a self-proclaimed “pharmacy benefits nerd,” discusses everything from optimizing pharmacy benefits [PBO] for middle-market employers and leveraging data analytics to RxBenefits’ growth during COVID and the technology development plans to come. The following is a brief excerpt of the interview. You can listen to the full episode here.
In the midst of the COVID-19 pandemic, you’ve recently experienced some significant growth. Talk about this growth and how the pandemic has affected the growth of your company – and what do you see going forward?
We’ve continued to grow because we’re highly aligned with the broker/consultant market, and more importantly, the employers they serve. So, our interests align completely with those types of organizations. Certainly during the pandemic, where employers are looking to save dollars in any way they can, our model becomes that much more important. We truly are an advocate for those organizations and middle-market employers who have everything going against them.
There’s been a rise in pharmacy benefits costs with the introduction of many high-cost specialty medications, there’s been consolidation in the pharmacy benefit market, and I think everyone is well aware of many of the PBMs out there that are serving the needs of more than 85% of Americans are now highly aligned with the carriers and not necessarily with middle-market employers. So, those middle-market employers aren’t always able to access the best rates, rebates, discounts, and contract terms because [the PBMs] are speaking to large municipality accounts and organizations that will move the needle for them financially. So, middle-market employers sometimes become an afterthought.
I think people have gravitated to our management model because we’ve been able to address these challenges that the middle-market employers are facing, and we’ve truly been an advocate for the brokers that serve these types of organizations as well. It’s a very confusing market. Being an advocate for these brokers and educating them on utilization spends and trends that we’re seeing in the industry is where we’ve excelled, and it’s obviously led to incremental growth.