The enduring demand for GLP-1s is transforming healthcare delivery and pharmacy costs. How can brokers and employers effectively navigate this landscape? Our recent blog features insights from Dr. Avantika Waring, CMO at 9amHealth, and Alissa Johnson, Clinical Strategy Director at SmithRx. These experts explore GLP-1 effectiveness, cost implications, and coverage optimization strategies. The knowledge needed to guide plan sponsors in balancing employee health benefits with financial considerations is right here 🔗 https://lnkd.in/gDPCyyA2 #brokerinsights #healthcare #employeehealth #GLP1 #PBMs
SmithRx
Hospitals and Health Care
San Francisco, CA 9,929 followers
Radically transparent pharmacy benefits.
About us
Our mission is to reduce the cost and complexity of pharmacy benefits for America’s employers and patients. Pharmacy benefits are broken. The overly complex monopolies built by big PBMs only serve their bottom lines. SmithRx is a transparent, pass-through pharmacy benefits manager for self-insured employers. We operate independently from insurance companies and pharmacies so that our incentives are 100% aligned with our customers. Our modern technology and innovative cost savings programs connect our members to the lowest cost drugs. Get in touch with us to today to learn how to save on your pharmacy spend!
- Website
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http://www.smithrx.com/
External link for SmithRx
- Industry
- Hospitals and Health Care
- Company size
- 501-1,000 employees
- Headquarters
- San Francisco, CA
- Type
- Privately Held
- Founded
- 2016
- Specialties
- Healthcare, Pharmaceuticals, Healthcare IT, Pharmacy Benefit Management, Pharmacy Benefits Management, PBM, SaaS, Cloud, B2B, Enterprise SaaS, Prescription Drugs, and Workers Compensation
Locations
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Primary
300 Brannan St
San Francisco, CA 4107, US
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1331 W Powell Way
Suite 4
Lehi, Utah 84043, US
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6080 Tennyson Pkwy
Plano, Texas 75024, US
Employees at SmithRx
Updates
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Modern PBMs are reshaping healthcare cost management. In Mike Kroupa's study, our innovative strategies led to a 23.2% savings for 1,200 total members. At SmithRx, we provide the transparent, data-driven solutions your clients deserve. Discover what a modern PBM can do for you at smithrx.com. #PBMrevolution #brokerinsights #PBMs #employeebenefits
𝐇𝐨𝐰 𝐜𝐚𝐧 𝐚𝐧 𝐢𝐧𝐝𝐞𝐩𝐞𝐧𝐝𝐞𝐧𝐭 𝐩𝐡𝐚𝐫𝐦𝐚𝐜𝐲 𝐛𝐞𝐧𝐞𝐟𝐢𝐭 𝐦𝐚𝐧𝐚𝐠𝐞𝐫 (𝐏𝐁𝐌) 𝐰𝐢𝐭𝐡 𝐚 𝐟𝐫𝐚𝐜𝐭𝐢𝐨𝐧 𝐨𝐟 𝐭𝐡𝐞 𝐦𝐚𝐫𝐤𝐞𝐭 𝐬𝐡𝐚𝐫𝐞 𝐬𝐢𝐠𝐧𝐢𝐟𝐢𝐜𝐚𝐧𝐭𝐥𝐲 𝐨𝐮𝐭𝐩𝐞𝐫𝐟𝐨𝐫𝐦 𝟐 𝐨𝐟 𝐭𝐡𝐞 𝐥𝐚𝐫𝐠𝐞𝐬𝐭 𝐏𝐁𝐌𝐬 𝐰𝐢𝐭𝐡 𝐚 𝐜𝐨𝐦𝐛𝐢𝐧𝐞𝐝 𝟔𝟎% 𝐨𝐟 𝐭𝐡𝐞 𝐦𝐚𝐫𝐤𝐞𝐭 𝐬𝐡𝐚𝐫𝐞? The video below is a case study on 3 of my clients that all moved from one of the big 3 PBMs (CVS, ESI and OptumRx) to an independent PBM. The results speak for themselves: 23.2% combined reduction on 1,200 total members. Common sense would tell us that bigger equates to more leverage. So the bigger the broker, medical carrier, or PBM, the more leverage they have to negotiate on your behalf, right? Well, when those partners get paid more when costs go up, they often (very often) use that leverage to negotiate on their behalf...not yours. Food for thought if you are considering the largest broker, the largest medical carrier, the largest PBM, etc. #RemodelBenefits #ceo #cfo #hr #humanresources #employeebenefits #healthinsurance #selffunding
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Are you unknowingly paying more for your PBM services? We've unmasked four sneaky tactics legacy PBMs will use to obscure their true costs. It's like playing a high-stakes shell game with your healthcare budget. From hidden fees to complex spread mechanisms, these strategies impact your bottom line. In contrast, SmithRx's transparent pricing model offers a simpler, more cost-effective alternative. Discover how a modern PBM approach can lead to substantial savings: https://lnkd.in/gtMTbKrR #PBM #healthcarecosts #prescriptiondrugs #benefitsbroker
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Experienced brokers know the value of reinforcing basics. 📚 Sharpen your Pharmacy Benefit Manager knowledge with our comprehensive overview! We cover everything from foundational concepts to cutting-edge innovations, helping you refine your expertise. 👇 For a complete exploration of PBM intricacies, see our full report here: https://lnkd.in/gWxyRF9w #employeebenefits #healthcarebrokers #prescriptiondrugs #benefitsmanagement
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"Spread pricing" is a controversial practice in the PBM industry that directly affects healthcare costs. Many legacy PBMs use this subtle tactic, which often flies under the radar but can have major financial impacts. This blog post cuts through the jargon to explain exactly what spread pricing is, how it works, and why it matters! Learn how this practice might be affecting your client's healthcare costs. Get the full breakdown here: 🔗 https://lnkd.in/g3SXYEPc #healthcarecosts #PBM #spreadpricing #pharmacybenefits #SmithRx
Spread Pricing and How PBMs Affect Self-Insured Drug Costs
smithrx.com
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Learn why employers are switching to SmithRx, a modern PBM breaking industry norms. From innovative cost-containment solutions to competitive benefits packages that attract and retain talent, brokers, and employers are seeing real results by partnering with us! Many thanks to Sam Wonderling, Healthcare & Benefits Advisor at Lacher, Ryan Davis, Partner at Renewal, and Rena Cater, VP of HR at Eagle Transport Corporation, for sharing their expert advice with fellow brokers and HR leaders! If you're ready to revolutionize your pharmacy benefits, we're prepared to deliver. 👉 www.smithrx.com #PBM #employeebenefits #healthcarecosts #hr #SmithRx
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Brokers, your clients rely on you to navigate the intricate world of prescription drug coverage. One of our newest posts breaks down open and closed formularies without the fluff, offering a comprehensive yet accessible analysis that will sharpen your expertise. We explain how PBMs leverage these tools to balance care and costs, giving you insights to deliver real value in your next client meeting. Choosing the right formulary approach for different employer needs is easy when you know how to select it. 👉 https://lnkd.in/gyAS7RDz #PBMformulary #employeebenefits #prescriptiondrugs #brokerresources #healthcaresolutions #SmithRx
Closed Formulary vs. Open Formulary
smithrx.com
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Mark Cuban Cost Plus Drug Company, PBC, and SmithRx teamed up in 2023, and our enthusiasm for this collaboration remains as strong as ever. Mark’s recent feature on The Daily Show highlights our shared mission to transform healthcare. Our collaboration brings Cost Plus Drugs into the SmithRx network, offering members access to lower-cost medications with full transparency and no hidden fees. We're proud to work with Cost Plus Drugs to change prescription drug affordability. Here's to making healthcare more transparent and accessible! #healthcare #transparency #affordablemedications #SmithRx #CostPlusDrugs
Transparency in healthcare shouldn’t be the exception – it should be the standard. At Cost Plus Drugs, we’re committed to offering medications at the lowest possible price by cutting out the middlemen and using simple, upfront pricing. No hidden fees, no surprises, just transparent pricing you can rely on at costplusdrugs.com. Watch the full interview with Mark Cuban on The Daily Show here: https://lnkd.in/guMw43nE
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We initially reported SmithRx's price for teriflunomide (90-day supply) as $376.30. Exciting news: The correct price is $33.40! 🎉 That's a 91% reduction from the originally reported price and an even more dramatic difference compared to J&J's pricing. Benefits brokers, this is SmithRx in action. We're committed to transparency and continually driving down healthcare costs. Learn more about the modern PBM movement at www.smithrx.com
Johnson & Johnson (J&J) faced a proposed class action lawsuit earlier this year. The allegations include overcharging its employee health plans for prescription drugs and mishandling its benefit plans. Now, Wells Fargo & Co. is also accused of mismanaging its health plan, leading to prescription drug overpayments. These cases highlight the risks associated with working with legacy PBMs. We’ve summarized the key points from the J&J case in our latest post. Swipe through to get the scoop and click here for the full story on our blog: https://lnkd.in/g3EGwYut ***Drug-pricing correction for Teriflunomide, used to treat Multiple Sclerosis (MS): (90-day supply) J&J Plan: $10,200 SmithRx: $33.40 #druglawsuit #healthinsurance #pharmacybenefits #johnsonandjohnson #wellsfargo #PBMs #healthcare
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We've discussed legacy PBMs being a major factor in rising prescription drug costs, particularly through their misuse of the rebate system. This issue plaguing the healthcare system is unequivocally illustrated in a recent NYT article by Rebecca Robbins and Reed Abelson. The article reveals how advertised drug prices often don't reflect final costs due to legacy PBMs negotiating large discounts with drug makers. Ironically, this process can drive up costs. Higher initial prices enable larger discounts, which increase profits for these middlemen. This occurs even when discounted brand-name drugs still cost more than generic alternatives. Some employers don’t realize that, while post-rebate savings look impactful, they often come with increases in out-of-pocket expenses for patients. While legacy PBMs claim they're following client preferences, this complex rebate system continues to fuel rising prescription drug costs. Read the full The New York Times article to understand how PBM rebates impact drug costs, then explore how SmithRx is revolutionizing the PBM model for true transparency and savings. 🤝 https://lnkd.in/g6-snxFB #PBMs #prescriptiondrugs #NYT #drugpricing #healthcare #employerbenefits #healthtech #SmithRx