As recently reported, Lazard Capital Markets named Truveris one of the Most Disruptive companies in Managed Care and Healthcare IT in 2013. Disruption seems to be the theme of the year.
Truveris’ A.J. Loiacono recently sat down with Carol Harnett of Human Resource Executive (HRE) to discuss the future of pharmacy benefit management. With the industry expanding to include new processes and services, companies like Truveris are in a position to convince health plans, pharmacy benefit managers and other organizations to adopt new technology and change the way healthcare benefits are managed.
See below for an excerpt from A.J.’s interview:
Once again, outsiders to the health and insurance industries are causing positive disruption, upon which employers can capitalize.
In 2009, the founders of Truveris saw an opportunity to help employers with everything from the front-end PBM design to back-end auditing.
Truveris solves several problems for employers: simplifying the RFP process for PBM services so an informed selection could be made in under 30 days, making certain what is represented in the RFP makes it into the contract, and creating a real-time PBM-invoice-review process.
TruBid, the Truveris RFP process, produces an objective scorecard that allows employers and/or their brokers/consultants to rank RFP results. The two-stage pricing exercise allows bidders to take a blinded look at how their product offering and pricing compares with their bid competitors and make adjustments.
TruGuard allows employers to easily review pharmacy bills prior to paying the PBM.
As more employers move toward “big data” collection and integration of pharmacy data with other data sets such as medical and absence statistics, Truveris can help employers sort through the issue of who owns the data — the employer or the PBM?
A. J. Loiacono, executive vice president of sales and marketing, explains, “Historically, even when the employer is self-insured, the PBMs claimed they owned the data.” If this issue is not resolved during the RFP process, the employer may have to pay the PBM to gain access to its own data.
Truveris is making such an impact in the evaluation of PBM services that it was recently named one of 2013’s most disruptive private companies in managed care and healthcare IT by Lazard Capital Markets.
To read the full interview, please visit Human Resource Executive online here: http://www.hreonline.com/HRE/view/story.jhtml?id=534354974.
For further updates, don’t forget to follow Truveris on Facebook, LinkedIn and Twitter.
According to Lazard Capital Markets’ latest report from its Equity Research Department, “What’s Next: It’s Private,” Truveris is one of 2013’s most disruptive private companies in Managed Care and Healthcare IT. The report is based on analysis of products or services currently “offered by private companies in the industries they cover,” taking into account the implications within their respective competitive landscapes. These companies or products are considered “disruptive” if they have the potential to evoke change within their industries, or have found a new way to produce excellent results.
Here is what Lazard has to say about Truveris:
Product: Real-time pharmacy benefit claim adjudication platform and pharmacy benefit management (PBM) bid pricing platform.
Truveris is a health information technology company delivering pharmacy data validation, analytics, and pricing solutions through a SaaS platform. The company’s clients include WellPoint, AutoZone, Neiman Marcus, Morgan Stanley and AXA Equitable.
We believe Truveris offers disruptive technology by enabling payers of prescription benefits, such as large corporations and pension plans, to review the accuracy of all of the claims on their PBM invoice prior to payment. The company’s claim adjudication platform provides pharmacy bill review services to clients prior to paying PBMs. The bid pricing platform can replicate each bid’s performance with a plan’s actual claims data as well as drug spend projections. An objective scorecard is also provided to rank RFP results.
Truveris’ services are disruptive since they have the potential to reveal tens of millions of dollars in overcharges and erroneous PBM claims.
During its first year of business, Truveris validated nearly 250,000 prescription claims. In its second year, that number grew to 10 million claims. In 2012, Truveris analyzed more than 300 million claims, and it’s continuing that disruptive momentum in 2013. If your company is interested in becoming more disruptive this year, visit the Truveris web site to learn more about our product suite and services: www.truveris.com. Please also feel free to follow Truveris for updates on Facebook, LinkedIn and Twitter.
Truveris has entered into a new partnership with IBX (www.ibxonline.biz), the firm that pioneered the online RFP process for group insurance contracts. Through this collaboration, IBX will add pharmacy benefits bidding and selection services to its existing IBX Advisor Network by utilizing two of the services in Truveris’ product suite: TruBid and TruGuard.
Following the announcement of this partnership, Truveris has been asked to present at the Third Annual IBX Advisor’s Summit, discussing the impact that its services can have on pharmacy benefit management. Event details are as follows:
THIRD ANNUAL IBX ADVISOR’S SUMMIT
Grand Hyatt Atlanta, Buckhead
February 25: Welcome Reception, 5:00 PM – 7:00 PM
February 26: IBX Advisor’s Summit, 8:30 AM – 4:00 PM
Registration Information: http://ibxonline.biz/Pages/2013-IBX-Summits.aspx
In addition to Truveris’ participation in the IBX Advisor’s Summit, IBX will also establish the IBX PBM Exchange, to be powered by TruBid—the only platform capable of generating automated analysis of the pharmacy benefit RFP process, with instantaneous quantitative and qualitative results. TruBid encourages transparency among participating pharmacy benefit managers (PBMs), as well. PBMs that enter the RFP process go through two rounds of bidding, with the second round allowing the competing PBMs to view the blinded leader from the first round. Once the winning PBM is selected, TruBid exports the agreed upon definitions, pricing schedule and service terms, which results in stronger contracts.
IBX will also implement TruGuard, which validates claim payment accuracy, ensures regulatory compliance and manages pharmacy spend. TruGuard will empower IBX to provide more frequent and customized audits for its clients, giving them better oversight of their claims management.
For more information about the partnership between Truveris and IBX, please take a look at the announcement online here: http://www.marketwire.com/press-release/Truveris-Inc-Participate-Third-Annual-IBX-Advisors-Summit-Following-Announcement-New-1749361.htm.
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Earlier this week, Athenahealth, an electronic health record (EHR) vendor, announced that it is acquiring Epocrates, a networking platform for physicians that allows doctors to access clinical information on mobile devices. According to Forbes, more than 340,000 physicians use Epocrates primarily as a drug reference tool, but the company has reported financial losses two years in a row due to declining relationships with pharmaceutical companies and a previously unsuccessful attempt to join the EHR market. Athenahealth, looking to boost brand awareness within the medical community, is acquiring Epocrates in the hope that the name will drive use of Athenahealth’s EHR offerings. For more information about the acquisition, you can read the full Forbes article online here: http://www.forbes.com/sites/zinamoukheiber/2013/01/07/athenahealth-makes-its-largest-acquisition-with-epocrates/.
With news of this acquisition coming so early in the New Year, Truveris has been wondering where healthcare technology services will be headed throughout 2013. EHR services have been a topic of conversation for some time now—a number of medical schools even provide tablets for their students once they start caring for patients. So, Q: What is unique about Athenahealth acquiring Epocrates? A: It is the first major example of the year of a healthcare company recognizing the importance of embracing an online community. On a broader scale, it also provides insight into how the healthcare industry is supporting innovation and adapting to operate on the startup level, by working with companies—such as Epocrates—that are shaking things up.
Compare that to a couple of years ago when most healthcare companies were too afraid to Tweet.
While more doctors learn how to navigate patient medical histories on iPads, and more companies engage directly with patients on social networking sites, other sectors of the healthcare industry will be compelled to change, as well. For example: that healthcare bill you’ve been trying to decipher? Take a look at what Truveris is doing to make your company’s healthcare benefits management easier and more efficient: http://www.truveris.com/products/.
For more updates on Truveris and its products, please follow us on Facebook, LinkedIn and Twitter.
Truveris recently attended the Healthcare Public Relations and Marketing Society (HPRMS) of Greater New York’s event “Reaching Your Target Audience in 2013,” held at the United Hospital Fund (UHF). Speakers Bob de Luna (UHF) and Chip Garner (Rubenstein Communications) discussed paid and earned media practices within the healthcare industry, covering everything from social media tactics, to how to create a successful marketing campaign on a $0 budget.
Here are some key takeaways to consider for 2013:
- Don’t fear Twitter. Unlike Facebook where users have to search for information, Twitter is one of the most effective ways to share news because it appears in a feed that your followers have opted into. It also provides a unique opportunity to connect with existing and prospective clients, interact with reporters and share meaningful insights on articles or recent events.
- LinkedIn isn’t just for recruiting. As the business networking site has grown, it has evolved into a great source of aggregated content across all markets. If you have news to share or you want to drive traffic to a blog post, use your LinkedIn page or post links in relevant groups.
- Blog away. Blogging is one of the easiest ways to share your point of view. But how do you get people to read it? Share links wherever relevant. This includes in your email signature, on the company home page, and through your company newsletters.
- Google wants to help you. Not all healthcare companies have an infinite communications budget. If you work for a nonprofit organization in particular, there are ways to generate advertising without breaking the bank. Nonprofits can apply for Google Grants, which—if awarded—provide a custom monthly advertising budget. Those dollars can be used to purchase sponsored ads on the search engine, which can be tracked through Google Analytics to see what ads and keywords are having the greatest impact.
- Keywords are not easy. Some keywords are obvious, but it is important to think outside the box. In healthcare, there are thousands of slang terms, misspellings and jargon phrases that should not be discounted in developing advertisements or search engine parameters.
- Go the extra mile. Working with members of your target audience to make sure they understand your product and how to use it is the smartest thing you can do to drive web traffic or encourage new business relationships. Similarly, your partners are your greatest allies. If they have sponsored your web site or other marketing collateral, you can thank them simply by sharing their logo.
In keeping with today’s theme, don’t forget to check out Truveris on Facebook, LinkedIn and Twitter.
This year, the Truveris team attended the International Foundation of Employee Benefits Plans (IFEBP) 58thAnnual Employee Benefits Conference in San Diego, CA (November 11-14). In addition to manning a booth on the Conference floor (see picture), Truveris’ Michael Jacobs, R.Ph., also led a roundtable focused on “Managing Biotech and Specialty Drugs.” As a direct participant in this year’s Conference, we asked Michael to share some of his key takeaways from IFEBP 2012:
What trends did you notice at IFEBP this year?
Due diligence is becoming a more frequent discussion topic, as is the management of health care providers. Overall, pension issues seemed to be more prominent than health care issues. Discussions involving several large trusts focused on the future of government reimbursements and maintaining funding for benefits. I also heard a lot of the large, national players talk about exchanges and how they will impact member health care benefits moving forward.
Based on your experience, do you have tips for anyone planning to attend IFEBP 2013?
If you plan on attending IFEBP 2013, my two most important tips would be to get directly involved with the Conference and then engage with it once you’re there. Our team had a great time designing the Blackjack concept and finding new ways to attract people to our booth, but the point of the IFEBP Conference is to make time to interact with other companies and products. There is always too much to see at these types of events, so it is crucial to set aside time to visit other sessions.
Besides the Truveris Blackjack table, did you see any other cool booths?
There was a booth administering flu shots and several that offered massages or other “you have to be here” perks. As you can imagine, these booths received a lot of traffic. My advice for next year’s batch of participants would be to further integrate their products into the displays. There should be promotional videos or maybe quizzes that visitors have to take before they’re eligible to participate in the booth offerings or drawings. Better yet: implement time limits. It’s hard to tear yourself away from a hot Blackjack table!
For more pictures from IFEBP 2012, please visit the Truveris Facebook and Twitter pages.
If you are located in areas affected by Hurricane Sandy, we hope you and your loved ones are safe and without worry.
We know that it is critical to you that our services are available at all times. Our cloud-based infrastructure is working without interruption, and our disaster recovery plans never needed to be employed. We continue to process claims and all reporting, and our full breadth of functionality is available, as usual, on the Truveris website: www.truveris.com.
Members of our team are working remotely due to issues with the train, subway and electrical systems in Manhattan. Email seems to be the fastest form of communication, as cell phone towers are overwhelmed at times. If you are having trouble reaching specific members of our team, please try the main email (email@example.com) and we will connect you with the right sources.
Many thanks for your patience and cooperation, as this week has been extraordinarily difficult for the New York area. We are all working to move forward together.
As announced previously, Truveris is launching a new webinar series centered on Medicare validation and mitigating fiduciary liability to governmental payors. The series, titled “Managed Pharmacy Benefits Compliance: Applying Technology to Ease the Burden,” will kick off on Thursday, November 8, from 1:00 to 2:00 PM EST, with a segment about Prescription Drug Event (PDE) Reporting.
Kathryn Spangler, Partner at VBID Health, and Michael Jacobs, R.Ph., VP of National Accounts at Truveris, will discuss:
· Medicare Part D Reporting and Compliance
· PDE Reporting and Process Overview
· PDE Data Sources and Important Information
· Best Practices and Solutions
There will be time allotted for Q&A at the end of the presentation.
To access the Webinar, please log-on to the Truveris Webex site located here: https://truverisevents.webex.com/truverisevents/onstage/g.php?t=a&d=663997511
· Dial In: (646) 568-1022
· Access Code: 525-5297
If you have any questions about the webinar, please reach out to Winnie Sokolowski at Winnie.Sokolowski@truveris.com, or follow Truveris online at www.twitter.com/truveris or www.facebook.com/truveris.
About the Speakers
Kathryn Spangler became a founding Partner of VBID Health after nearly a decade staffing senior members of the United States Senate. She is also a Senior Advisor to The University of Michigan Center for Value-Based Insurance Design (www.vbidcenter.org). Spangler brings a unique perspective of the health care policy problems plaguing providers, employers, and health plans to VBID health clients. In her role as the Deputy Health Policy Director of the US Senate Health, Education, Labor, and Pensions (HELP) Committee, Spangler was on the front lines of the entire health care reform debate. She successfully negotiated one of the few unanimously accepted, bipartisan amendments to the health care law giving employers greater flexibility to vary health benefits for employees participating in wellness programs. Working for the Ranking Member of the HELP Committee, who also served on the Finance Committee, the Budget Committee, and was among the “Group of Six” Senators working to develop a bipartisan health care solution, Spangler has distinctive knowledge and extensive understanding of the health care law.
Michael S. Jacobs R.Ph.
Michael Jacobs, R.Ph., serves as Vice President of National Accounts at Truveris (www.truveris.com), where he is responsible for client relationship management and new business development. With more than 30 years of pharmaceutical and health care industry experience, Jacobs was most previously Principal and National Pharmacy Practice Leader at a leading human resource benefits consulting firm, where he led efforts to optimize design, pricing and administration of integrated pharmacy, clinical and wellness benefit programs. Jacobs has also developed long-term pharmaceutical cost management and compliance strategies for payers, incorporating Value Based Benefit Design concepts into overall health care benefit offerings. As a thought leader in the pharmacy and benefits space, Jacobs is a member of nine professional committees and has authored more than 60 publications and presentations in outlets such as the American Journal of Managed Care, American Health & Drug Benefits, and the Pharmaceutical Care Management Association.
With all governmental programs requiring oversight and reporting systems, one can only imagine how concerned companies are with their reporting compliance. Pharmacy Drug Event (PDE) reporting for Pharmacy Drug Programs (PDPs), in particular, can be especially worrisome when it comes to validating reporting accuracy. Any errors in reporting can be prosecuted under the False Claims Act, with recent settlements reaching more than $5 million, so the pressure is on to make sure that reporting is flawless.
Fortunately, new advancements in technology make this process much easier than it used to be.
To identify best practices that will help to mitigate your company’s liability when it comes to PDE reporting to governmental payors, Truveris is launching a new webinar series centered on Medicare validation and alleviating fiduciary liability to governmental payors. The series, titled “Managed Pharmacy Benefits Compliance: Applying Technology to Ease the Burden,” will kick off on Thursday, November 8, with a segment about PDE Reporting.
Truveris will share updates with more detailed information about the webinar timing and registration closer to the event date, so keep an eye on our blog, Facebook page (www.facebook.com/truveris) and Twitter handle (www.twitter.com/truveris).
We hope to see you on November 8!