Truveris Launches RxChoice, the Industry’s First Pharmacy Benefit Marketplace
RxChoice Lets Advisors Run Free Pharmacy Benefit Quotes from Top Vendors, Award Contracts
NEW YORK, September 23, 2014 – Truveris, the leading pharmacy benefit pricing and analytics company, announced the first U.S. pharmacy benefit marketplace, RxChoice. Designed with pharmacy benefit brokers and health plan advisers in mind, RxChoice creates the ability to generate free pharmacy benefit quotes from the nation’s top vendors and award contracts in minutes, providing unprecedented transparency, access and significant time savings.
As brokers look to finalize PBM contracts in time to award plans with a January 2015 start date, the RxChoice marketplace is an invaluable tool in meeting the tight deadlines. RxChoice provides access to pre-negotiated contracts and highly competitive pricing in just a few simple steps, automating the formerly laborious process of selecting a pharmacy benefit manager (PBM).
In a rapidly evolving healthcare market, RxChoice will continue to streamline the complex pharmacy benefit selection process in 2015 with the addition of plan design modeling. Starting in Q1 of next year, brokers and advisors will be able to use RxChoice to identify plan improvements and savings opportunities by calculating the financial impact of plan design changes, access stop loss insurance and have insight into drug-level inflation.
“RxChoice builds naturally on our foundation of providing state of the art pharmacy benefit plan tools designed to help employers keep their benefit costs in check.” said Bryan Birch, CEO of Truveris. “We are very pleased with the traction RxChoice has seen out of the gate – running more than 150 quotes in the past 90 days, with extremely positive broker feedback.”
Founded in 2009, Truveris is a leader in bringing unprecedented efficiency, transparency and cost containment to the pharmacy benefit process through cloud based, SaaS solutions for PBMs, health insurers, benefit consultants and self-insured companies. An early innovator in the pharmacy benefit landscape, Truveris currently analyzes nearly 10% of the prescriptions in the U.S., giving Truveris unique insights into the issues and challenges of the $300 billion prescription drug industry in the U.S. Based in New York City, Truveris is funded by Canaan Partners, New Leaf Venture Partners, Tribeca Venture Partners, New Atlantic Ventures and First Round Capital.