Company exceeds customer expectations with newly launched pharmacy benefits optimizer (PBO) model, achieving above-average customer loyalty scores and Silver Stevie Award for Customer Service
RxBenefits, the employee benefits industry’s first and only technology-enabled pharmacy benefits optimizer (PBO), today announced that the company grew its membership by an average of 31.8% YoY over the last three years and received numerous customer service accolades as the need for a fully optimized end-to-end pharmacy benefit experience soars among consultants, self-funded employers, and their members.
In response to industry gaps that result in many employers significantly over-paying for pharmacy benefits, last year RxBenefits launched the first and only pharmacy benefits optimizer, or PBO, which uses advanced data science to advocate in the best economic and clinical interest of self-funded employers and their members. The PBO model provides consultants and their self-insured clients a seat at the negotiating table regardless of their size, a data-driven clinical approach, and high-touch, personalized service, substantially reducing costs while increasing value and improving member health.
“Increasing prescription drug costs have put employers between a rock and a hard place as they struggle to reign in dramatically increasing pharmacy benefit spend while protecting the health of their members. These concerns have only been magnified during the pandemic, with 85% of self-funded employers citing rising drug costs as a considerable concern going into 2021,” said Nathan White, Chief Client Officer, RxBenefits. “Pharmacy is the most time-intensive, complex benefit to address. With the PBO model, our clients are saving an average of 28% the first year through contract improvements and an additional 7-10% annually with independent clinical oversight while improving the benefit experience they provide to their employees. Our team’s focus on delivering client value has led to significant customer success and achievements for both our clients and our team.”
RxBenefits has implemented a number of programs to ensure clients receive optimum value from their pharmacy benefits programs, with a personalized service experience at the heart of the company’s model. As a result, the company has achieved a 96% customer retention rate over the past three years, and this year reported a Net Promoter Score of 68 – a significantly higher ranking than the industry average for “health care: pharmacy and other services” category, which is 0, (scores range from -100 to 100). This score, an accepted standard for measuring customer loyalty by determining how likely customers are to recommend a business, highlights the company’s unique approach to customer service within the pharmacy benefits industry. In addition, the company was named a silver winner in the Healthcare and Pharmaceuticals category of the 15th Annual Stevie® Awards for Sales & Customer Service. This is the second year running that RxBenefits has been awarded a Stevie for its excellence in customer service, having been a Bronze Award Winner in 2020.
Additional recent RxBenefits milestones include:
- Received a notable investment by Advent International, providing the company with additional capital to accelerate the build out of its salesforce, broker channels, and technology and continue executing on its strong growth strategy.
- Celebrated its 25th anniversary, marking over two decades of driving innovation in the pharmacy benefits industry.
- Increased company headcount by over 65% over the last two years, adding 50 new employees in 2020 including key executives such as Kelly Chillingworth, RPh, Northeast Business Development Director, who is leading the regional customer growth strategy.
“At RxBenefits, we believe that you can do good, by doing good,” said Bryan Statham, Chief Executive Officer, RxBenefits. “I am proud of the exceptional customer and member experience our team is providing, which is core to our company’s DNA and unrivaled in the pharmacy benefits space. Our company’s growth coupled with the continuous positive feedback we receive from our customers is a testament to the fact that the PBO model is greatly needed in the pharmacy benefits market. We look forward to expanding our solutions and services this year to further serve our consulting partners and their self-insured employers and members.”
RxBenefits has additional product and technology developments planned for the coming months. To explore how to optimize your pharmacy benefits with a PBM alternative, visit www.rxbenefits.com/pbo.