WriteWise - 3x3x3 Challenge with Hari Sundram
We offer the first ever PMPM guarantee that capitates at a fixed unit cost all future pharmacy risk for an employers independent of drug mix or future utilization through our preferred panel of PBMs.
Transcript:
What is Writewise?
It's a PMPM guarantee platform.
How is Writewise different?
Well, the way we work is that every pharmacy benefit manager that is on our platform has to go ahead and give us a universe of data that allows us to go ahead and price their unit cost, and what that allows us to do through the platform is eliminate the spreadsheet game completely, so now, when the PBMs compete for any employer's business, they're actually being measured on what they're actually driving the net cost down to, and we take the risk of calculating the gross cost. So we model what the future utilization and drug mix is going to be, leveraging a lot of the things that I sort of built at Verikai, just applying them to the pharmacy space, We're able to, by being able to get the PBMs to give us their data, too, what you get is a real-time reprice. That reprice is accurate not for the past, but for the future, and it allows you to actually compare, on an apples to apples basis, all of these PBMs, because they are not spreadsheeting you or changing the game. They're stuck with their unit costs as a comparison. The other thing that we are able to do through the platform is go ahead and blend in different programs that people usually leverage, like MAP/PAP, International Sourcing, 340B, and provide them a true decrement, because the vendors give us that data as well, and so now you know the total value being generated by any program that's being put into place for any employer. And the number that's created, that's agreed upon by our panel and through the platform, is a guaranteed cost, and it's fixed. If the employer ends up utilizing more in unit cost of drug than that number, then the PBM will actually go ahead and cover the difference, truly cover the difference. No exceptions, no 30 pages of paperwork.
Who is a good fit for Writewise?
Pretty much anybody in the ecosystem. Anyone who wants to be able to go ahead and leverage a fixed cost in pharmacy, either as a decrement, like the MGUs would want, as a way to be able to offer real value, like the PBM consultants, brokers, and TPAs would want, or for self-funded plans, plan sponsors, and MGAs, that fixed cost allows them to take the variability of pharmacy that is normally a variable cost, convert it to a fixed cost, but not increase the burden through premium to the employer or through premium to the captive plan or the plan sponsor. It's ideal for everybody in the ecosystem that way.
Transcript:
What is Writewise?
It's a PMPM guarantee platform.
How is Writewise different?
Well, the way we work is that every pharmacy benefit manager that is on our platform has to go ahead and give us a universe of data that allows us to go ahead and price their unit cost, and what that allows us to do through the platform is eliminate the spreadsheet game completely, so now, when the PBMs compete for any employer's business, they're actually being measured on what they're actually driving the net cost down to, and we take the risk of calculating the gross cost. So we model what the future utilization and drug mix is going to be, leveraging a lot of the things that I sort of built at Verikai, just applying them to the pharmacy space, We're able to, by being able to get the PBMs to give us their data, too, what you get is a real-time reprice. That reprice is accurate not for the past, but for the future, and it allows you to actually compare, on an apples to apples basis, all of these PBMs, because they are not spreadsheeting you or changing the game. They're stuck with their unit costs as a comparison. The other thing that we are able to do through the platform is go ahead and blend in different programs that people usually leverage, like MAP/PAP, International Sourcing, 340B, and provide them a true decrement, because the vendors give us that data as well, and so now you know the total value being generated by any program that's being put into place for any employer. And the number that's created, that's agreed upon by our panel and through the platform, is a guaranteed cost, and it's fixed. If the employer ends up utilizing more in unit cost of drug than that number, then the PBM will actually go ahead and cover the difference, truly cover the difference. No exceptions, no 30 pages of paperwork.
Who is a good fit for Writewise?
Pretty much anybody in the ecosystem. Anyone who wants to be able to go ahead and leverage a fixed cost in pharmacy, either as a decrement, like the MGUs would want, as a way to be able to offer real value, like the PBM consultants, brokers, and TPAs would want, or for self-funded plans, plan sponsors, and MGAs, that fixed cost allows them to take the variability of pharmacy that is normally a variable cost, convert it to a fixed cost, but not increase the burden through premium to the employer or through premium to the captive plan or the plan sponsor. It's ideal for everybody in the ecosystem that way.