MedOne - 3x3x3 Challenge with Jon Moore
MedOne is a full-service PBM focused on cutting out traditional middlemen to connect organizations and their members to high value therapies and pharmacies.
Transcription:
What is MedOne?
MedOne is a full service PBM based in Iowa. We have membership in all 50 states. We operate on a financial model that is 100% pass through of all discounts and rebates to our clients. We're independently owned and have full ownership over the services we provide. From our claim system to our clinical programs, member call center, specialty solutions, plan builds, it's all done in-house, which allows us to be highly flexible and customizable to client specific needs.
How is MedOne different?
So I'm going to use a quick pop culture analogy to explain how we're different. So think about the Wizard of Oz, or more recently, the movie Wicked. The characters go to the Emerald City to meet the great and powerful wizard who they believe is supposed to be able to help them, and they're given the big production, the flashing lights, the big floating head, and the all powerful wizard. But they quickly realize it's just smoke and mirrors, it's not real and they find the guy behind the curtain twisting knobs and pulling levers who has no real powers and no ability to help them. The experience was not what they were expecting it to be. Now, compare that story to PBM. For a long time, the traditional PBM model has been viewed as the unquestioned best choice for a pharmacy benefit manager. Only with that model, the big production and the flashing lights comes in the form of massive rebates and deep discounts, which on the surface looks good but you look behind the curtain and you see it's all being fueled by over utilization, unnecessarily high spend and misaligned incentives. And we realize maybe it's not as great as we thought it was. So how do you avoid that? And where does MedOne come in? We encourage our partners to get away from the traditional spreadsheet of discounts and rebates and look at things that are truly impactful to the plan. Net costs, not just discounts and rebates, but looking at the full financial picture more holistically, factoring in utilization management to get to true net plan spend. Outcomes, are the medications working? Are members benefiting from use of the medications that are being processed on the benefit? And last but not least, member experience. Are members being taken care of? Do they have the resources they need and do they value the benefit being offered by their employer? These are the things we're focused on at MedOne, and these are the things we've built our model and programs around for our clients and members.
Who is a good fit for MedOne?
Self-funded employers of any size looking for more control and visibility into what is driving spend on their prescription benefit and ultimately what they can do about it while still offering a great experience for their members.
Transcription:
What is MedOne?
MedOne is a full service PBM based in Iowa. We have membership in all 50 states. We operate on a financial model that is 100% pass through of all discounts and rebates to our clients. We're independently owned and have full ownership over the services we provide. From our claim system to our clinical programs, member call center, specialty solutions, plan builds, it's all done in-house, which allows us to be highly flexible and customizable to client specific needs.
How is MedOne different?
So I'm going to use a quick pop culture analogy to explain how we're different. So think about the Wizard of Oz, or more recently, the movie Wicked. The characters go to the Emerald City to meet the great and powerful wizard who they believe is supposed to be able to help them, and they're given the big production, the flashing lights, the big floating head, and the all powerful wizard. But they quickly realize it's just smoke and mirrors, it's not real and they find the guy behind the curtain twisting knobs and pulling levers who has no real powers and no ability to help them. The experience was not what they were expecting it to be. Now, compare that story to PBM. For a long time, the traditional PBM model has been viewed as the unquestioned best choice for a pharmacy benefit manager. Only with that model, the big production and the flashing lights comes in the form of massive rebates and deep discounts, which on the surface looks good but you look behind the curtain and you see it's all being fueled by over utilization, unnecessarily high spend and misaligned incentives. And we realize maybe it's not as great as we thought it was. So how do you avoid that? And where does MedOne come in? We encourage our partners to get away from the traditional spreadsheet of discounts and rebates and look at things that are truly impactful to the plan. Net costs, not just discounts and rebates, but looking at the full financial picture more holistically, factoring in utilization management to get to true net plan spend. Outcomes, are the medications working? Are members benefiting from use of the medications that are being processed on the benefit? And last but not least, member experience. Are members being taken care of? Do they have the resources they need and do they value the benefit being offered by their employer? These are the things we're focused on at MedOne, and these are the things we've built our model and programs around for our clients and members.
Who is a good fit for MedOne?
Self-funded employers of any size looking for more control and visibility into what is driving spend on their prescription benefit and ultimately what they can do about it while still offering a great experience for their members.