SAN FRANCISCO--(BUSINESS WIRE)--SmithRx, a transparent and 100% pass-through pharmacy benefits manager (PBM), today shared new growth figures that showcase the company’s significant momentum and landmark achievements from the past year.
“Employer plan sponsors are increasingly demanding alternative options to the legacy PBMs,” said Jake Frenz, founder and CEO of SmithRx. “The interest and growth SmithRx and other transparent PBMs are seeing demonstrates the viability of these alternative PBM models. We're committed to offering a better path forward for our clients and the PBM industry as a whole."
Across core business areas including clinical development, product, customer satisfaction, service, and thought leadership, SmithRx reached new levels of meaningful growth throughout 2024. The following reflects the company’s success from the past year:
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Savings and Client Growth – Customers served and savings delivered.
- Served 3,500 employers across the nation and neared 1 million full-service PBM member lives;
- Saved customers nearly $200M in drug costs;
- Achieved approximately 20-40% lower costs on average than both legacy and competitive pass-through PBMs;
- Grew revenue by 4x in the past two years.
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Customer Service and Satisfaction – The company’s dedication to a superior customer experience for employers and members alike.
- Reached a CSAT score of 4.2 out of 5, well above the PBM industry average.
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Clinical Programs – SmithRx’s work to lower drug costs for specific, common health areas, ensuring members receive the medications they need to thrive.
- Launched new programs for MS medications and GLP-1s, addressing the increasing costs of these drugs and introducing practical, low-cost solutions for managing member coverage.
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Technology – The company’s suite of technologies that offer customers an unparalleled experience of ease, low costs, and comfort.
- Released the Partner Portal, a comprehensive platform for customers to access key claims data, view reports, and manage member coverage all in one place;
- Developed a new prior authorization feature that helps members monitor the real-time details of their prior authorization requests and offers status updates at any time.
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Thought Leadership – SmithRx’s industry leadership, which stems from a unique point-of-view on the need for change amongst pharmacy benefits.
- Introduced a revolutionary new PBM evaluation methodology – cost-based evaluation – that is optimized for lowering pharmacy benefits costs, unveiled in SmithRx’s PBM Evaluation Guide resource;
- Won the Modern Healthcare Best in Business award in the Pharmacy category, showcasing the company’s meaningful impact on the PBM industry.
As a new kind of PBM creating an alternative to the high costs of traditional pharmacy benefits, SmithRx uses a combination of best-in-class technology, innovative savings programs, and a radically transparent, 100% pass-through model to secure the lowest cost drugs possible for businesses and their employees. The company has created a suite of savings programs called Connect 360 that identifies the lowest net cost drugs and supports members in the process of transitioning to that lower cost option. As a result, SmithRx drives cost reduction of over 20% for most clients.
“Our mission at SmithRx is to reduce the cost and complexity of pharmacy benefits,” added Frenz. “The milestones we’ve reached in 2024 showcase our ability to deliver on both parts of our mission. Not only are we providing meaningful savings to mainstreet businesses and their employees, we’re doing so in a way that isn’t massively disruptive and allows patients to get the best care available.”
To learn more about the company’s transparent, pass-through business model and Connect 360 savings program, visit www.smithrx.com.
About SmithRx
SmithRx is working to reduce the complexity and cost of pharmacy benefits by building a new type of pharmacy benefits manager (PBM) committed to transparency that’s aligned with employers and patients. By combining advanced technology, a member-centric approach, and innovative cost savings programs, we're making prescriptions more affordable and delivering valuable transparency and savings to main street businesses.
