Truveris - 3x3x3 Challenge With Ben Pawliger
Truveris helps self-funded employers and benefits consultants control pharmacy spend through independent PBM procurement and ongoing plan performance monitoring.
Transcript:
What is Truveris?
So, benefits brokers and employers know that pharmacy contracts are increasing in price and are becoming more complex, and Truveris is a solution for that. So, we are an independent pharmacy benefits platform that supports self-funded employers with obtaining an optimal pharmacy strategy. Now, over the last 15 years, we at Truveris have invested tens of millions of dollars to build an innovative technology platform to help groups achieve savings and transparency in pharmacy. Now, on average, we help groups achieve about 20% in deal improvements with minimal disruption to their pharmacy contract, which is achieved through a competitive reverse-auction negotiation process, and then enforced through 100% claims re-adjudication.
How is Truveris different?
So, Truveris is completely independent, with no ties to any PBM, which allows us to maintain a truly agnostic position in the market. Across our platform, we are working with over 60 different vendors today on our marketplace. So, our innovative approach is unique from the traditional model in a few different ways. First off, with procurement, we leverage our technology and competition to yield positive results for clients, and then with oversight, Truveris independently reviews 100% of claims, allowing us to validate the PBM's performance. So, on average, we find that more than 90% of groups actually experienced errors or variances with how their PBM performs, and then also with oversight, just to add, we also provide in-depth analytics and reporting, which helps groups with fulfilling their fiduciary obligations.
Who is a good fit for Truveris?
We at Truveris service employers directly, as well as employee benefits brokers. The groups we serve are self-funded, and 100 lives covered on the plan and above. And this includes both groups that are carved in for pharmacy and carved out, and even those that are carved in because they can't carve out due to size, so both can benefit from the platform. And I'll also mention too that 75% of groups that work with Truveris ultimately end up remaining with their incumbent vendors, so there isn't necessarily a change, a need to change PBMs. Ultimately, our goal is to help groups achieve the best price, the best contract, and then enforce that contract through 100% claims oversight.
Transcript:
What is Truveris?
So, benefits brokers and employers know that pharmacy contracts are increasing in price and are becoming more complex, and Truveris is a solution for that. So, we are an independent pharmacy benefits platform that supports self-funded employers with obtaining an optimal pharmacy strategy. Now, over the last 15 years, we at Truveris have invested tens of millions of dollars to build an innovative technology platform to help groups achieve savings and transparency in pharmacy. Now, on average, we help groups achieve about 20% in deal improvements with minimal disruption to their pharmacy contract, which is achieved through a competitive reverse-auction negotiation process, and then enforced through 100% claims re-adjudication.
How is Truveris different?
So, Truveris is completely independent, with no ties to any PBM, which allows us to maintain a truly agnostic position in the market. Across our platform, we are working with over 60 different vendors today on our marketplace. So, our innovative approach is unique from the traditional model in a few different ways. First off, with procurement, we leverage our technology and competition to yield positive results for clients, and then with oversight, Truveris independently reviews 100% of claims, allowing us to validate the PBM's performance. So, on average, we find that more than 90% of groups actually experienced errors or variances with how their PBM performs, and then also with oversight, just to add, we also provide in-depth analytics and reporting, which helps groups with fulfilling their fiduciary obligations.
Who is a good fit for Truveris?
We at Truveris service employers directly, as well as employee benefits brokers. The groups we serve are self-funded, and 100 lives covered on the plan and above. And this includes both groups that are carved in for pharmacy and carved out, and even those that are carved in because they can't carve out due to size, so both can benefit from the platform. And I'll also mention too that 75% of groups that work with Truveris ultimately end up remaining with their incumbent vendors, so there isn't necessarily a change, a need to change PBMs. Ultimately, our goal is to help groups achieve the best price, the best contract, and then enforce that contract through 100% claims oversight.