PALO ALTO, Calif.--(BUSINESS WIRE)--Transcarent, a new, different, and better health and care experience company for employees of self-insured employers and their families, today announced the launch of the industry’s first fully transparent and integrated pharmacy benefit offering designed to establish a new model for drug affordability and access that will directly impact Member health. The offering will address the complex, confusing, and costly process that exists today by offering easy to understand price transparency, 24/7 clinical support, and care guidance. Transcarent Pharmacy Care gives employers maximum control over their formulary, benefit designs, and data while empowering Members with a superior consumer-driven experience that truly transforms their health and care journey. This integrated Pharmacy Care experience is available to self-insured employers and health systems.
Transcarent Pharmacy Care coupled with Transcarent’s health and care experience provides an integrated solution from one trusted partner – no longer a siloed benefit – and combines it into a holistic experience that supports employees of self-insured employers and their families through their entire medical and pharmacy health and care journey.
“The existing model doesn’t provide employers with enough transparency to evaluate pricing and make better choices, and that translates into financial and therapeutic hardship for their Members,” said Snezana Mahon, Pharm.D., Chief Operating Officer for Transcarent. “Transcarent Pharmacy Care is a different approach to the current high cost and low service models. A better experience, improved health and care outcomes, and lowering costs are the ultimate goals.”
In the last eight years, prescription drug prices have risen by 35% – nearly twice the rate of inflation – and 60% of employers say pharmacy spending is unsustainable. With the advent of revolutionary specialty drugs, this will only get worse. Spiraling costs have created a dangerous paradox: while prescription drugs are by far the most utilized healthcare benefit, and many experts believe are the most cost-effective, the cost of drugs has suppressed adherence, which particularly impacts the health of lower income individuals and their families. This is an equity issue at its core. Our goal is to change that.
For many self-insured employers, the current pharmacy benefit arrangements shield the true cost of drugs, resulting in vast pricing differences from employer to employer, unfavorable contract terms, and the inability to truly benefit from competition.
Transcarent Pharmacy Care will offer Members and employers a different approach by focusing on transparency in all aspects of the care journey. Members can find the lowest-cost drug option with Transcarent Pharmacy Marketplace and access integrated clinical care across all health and care experiences. Transcarent will, for the first time, allow Members and employers true control over their prescription-benefit decisions. Pharmacy Care will eliminate the mystery of the real cost of the product that has especially burdened mid-sized and smaller self-insured employers, who have not been able to exercise the same purchasing leverage as large employers. With no spread pricing, no hidden fees, 100% pass through of rebates, broad pharmacy networks, and, importantly, clinically integrated medical and pharmacy experiences, employers will realize up to 40% savings.
Consumers too often must search disparate sites, apps, and in-store discount lists on their own for any hope of prescription price relief. Transcarent Pharmacy Care empowers Members to make informed decisions, with many finding cost savings they never imagined possible after decades of rigid, and increasing, tiered pharmacy copays for medications they need to stay healthy in body and mind. At the core of Transcarent is the belief that everyone, regardless of income bracket, shift time, and zip code deserves access to the same transparent information, trusted guidance, and easy access to high-quality affordable care, on their terms. With transparent pricing information in the palm of their hand, in-app electronic prescription transfer capabilities, 24/7 access to live guidance and support, and pharmacy integrated with other care experiences, Transcarent puts consumers back in charge of their pharmacy care.
“Transcarent Pharmacy Care fundamentally turns the pharmacy benefit model on its head by making transparency the common language among all parties, and putting consumers at the center of the experience,” said Mahon. “There’s never been a good reason for employers to be uncertain about the true cost of their most utilized benefit offering. The information that will now be available to employers will enable them to improve their benefits and the care they provide for their people, reduce costs, and empower employees and their families to most effectively manage their prescription drug needs.”
About Transcarent
Transcarent is a health and care experience company that makes it easy to get the high-quality, affordable health and care that everyone and their families deserve – where and when they want it, on their terms. Transcarent puts health consumers back in charge by directly connecting them with an integrated ecosystem of high-value providers and health solutions, providing transparent information, and offering trusted guidance – in as little as 60 seconds, 24/7/365, from the palm of their hand, often at no cost to Members and at a lower cost to their employer. Transcarent takes accountability for results – offering at-risk pricing models and transparent impact reporting to align incentives towards measurably better experience, better health, and lower costs. For more Information, visit us at www.transcarent.com and follow us on Twitter or LinkedIn.
