PHOENIX, Ariz. (June 30, 2020) – Costs of prescription drugs continue to rise exponentially, with total spending in the United States predicted to reach $610 billion in 2021. As pharmacy benefits represent a significant expense for self-insured employers, Vālenz™ is changing the approach to prescription drug coverage with its latest solution.
v-Rx, powered by ScoutRx, offers innovative cost-reduction and containment strategies that significantly enhance the benefits and services traditionally offered by a pharmacy benefits manager.
“While PBMs focus on getting the best discounts and the biggest rebates, we believe those should be considered short-term solutions. The real opportunity is to deliver long-term strategies that contain costs perpetually and help self-insured employers regain control of their pharmacy spend,” said Rob Gelb, Chief Executive Officer for Valenz.
With a suite of services comprising three core offerings, v-Rx creates long-term reductions in pharmacy benefit spend with average annual savings of 43 percent, while also delivering a concierge-style experience for members.
“Traditional PBM solutions base their savings on discounts without taking pharmaceutical inflation into account. The V-Rx solution gives the group the ability to dramatically reduce their spend and maintain that reduction year-over-year,” said Jordan Hersh, Vice President, Enterprise Solutions for Valenz. “At the same time, members receive highly personalized service and advocacy to assure that they never have to go without their medication.”
The three tiers of v-Rx services include:
- Specialty Pharmacy: Alternative funding is used to reduce specialty drug costs by up to 100%.
- Co-Pay Optimization: The full-service co-pay card optimization program enhances group savings without changes or disruption for individual members.
- International Pharmacy: Dramatic savings for many brand-name, domestically equivalent medications, including temperature-sensitive items.
The v-Rx solution further expands the Valenz ecosystem, offering seamless pharmacy benefits delivery and a superior platform for healthier and more satisfied members.
Learn more about v-Rx powered by ScoutRx here.
Through a complete health administrative ecosystem, Valenz connects cost and quality data on a single-source, end-to-end analytics platform for smarter, better, faster healthcare. Valenz solutions integrate data from comprehensive care management services (Valenz Care), high-value provider networks (Valenz Access), claim flow management (Valenz Claim) and solutions for payment integrity, revenue cycle management and eligibility compliance (Valenz Assurance) into the ecosystem. More information is available at valenzhealth.com. Valenz is backed by Great Point Partners.
About Great Point Partners
Great Point Partners (“GPP”), founded in 2003 and based in Greenwich, CT, is a leading healthcare investment firm, currently with approximately $1.8 billion of equity capital under management and 28 professionals, investing in the United States, Canada and Western Europe. Learn more at www.gppfunds.com.
ScoutRx is a dedicated collection of pharmacy benefit professionals delivering revolutionary solutions to drastically reduce the pharmacy benefit costs for our plan sponsors and their members. Focused on servicing self-funded organizations, ScoutRx offers a fresh approach to maximizing savings and minimizing pharmacy benefit spend. Learn more at scoutrxconsulting.com.