MONTVALE, N.J., April 1, 2020 /PRNewswire/ -- EmpiRx Health, a healthcare company that offers self-insured employers a full suite of pharmacy benefit management services and specializes in cost containment, today announced it received a 2020 Validation Institute Health Value Award in the Pharmacy Benefits Management category.
Validation Institute compared the per member per month (PMPM) cost for a plan sponsor of 16,020 members, including rebates and the members' copayments, for the nine months before the plan sponsor implemented EmpiRx Health's program, and nine months after. Peer review by a data scientist found that the PMPM was $90.08 before, and $71.33 after implementing EmpiRx Health's program, a reduction of 21%.
"Our model isn't complex. We take downside risk and don't make money until our clients save money. We tailor our clinical strategy to the client's specific population to drive differentiated results. And we partner with providers to drive fundamental prescription-writing behavior change. We wrap all that with a white-glove service experience," said Karthik Ganesh, president of EmpiRx Health. "Plan sponsors had already been facing runaway health costs, and the added pressures of the global COVID-19 pandemic create even more urgency to find cost savings fast without compromising benefits or clinical outcomes. We're honored Validation Institute has again recognized the value in our model."
EmpiRx Health uniquely incorporates population health management strategies and best practices to proactively manage members' clinical care. Utilizing sophisticated risk profiling and predictive modeling techniques, EmpiRx Health finds patients whose medication needs can be met at a lower cost, without compromising care outcomes. High-cost patients are reviewed, as are patients whose health data variables combine to suggest an opportunity for intervention, e.g., a set of prescriptions to treat symptoms that suggest a condition that has not yet been formally diagnosed.
Validation Institute's Health Value Awards review the accuracy of vendor performance reports to provide a stamp of independently-verified outcome measurements for healthcare programs. Performance validation helps healthcare purchasers feel more confident in their vendor decisions. Award recipients participated in an independent peer review conducted by Validation Institute's distinguished team of data scientists.
"The EmpiRx Health model is a standout employer health benefits service that clearly demonstrated measurable value immediately following implementation," said RD Whitney, chief executive officer of the Validation Institute. "Our rigorous performance validation process separates fact from fiction and showed the effectiveness of the EmpiRx Health model at reducing PMPM pharmacy cost trend."
About EmpiRx Health
As a risk-bearing healthcare company that offers a full suite of PBM services and specializes in cost-containment, EmpiRx Health offers its partners a model based on risk-based accountability, data-informed clinical care, and concierge human touch. Our sophisticated, personalized, and holistic approach to pharmacy care and health management allows us to optimize care for members while reducing pharmacy costs for clients. At EmpiRx Health, it's about doing the right thing—for members, providers, clients, advisors, and each other. To learn more about EmpiRx Health, visit: www.empirxhealth.com.
About Validation Institute
Validation Institute is an independent, objective, 3rd party organization on a mission to improve the quality and cost of healthcare. Based in Portsmouth, N.H., the organization is made up of a network of health benefits purchasers, health benefits advisors, and healthcare solution providers focused on delivering better health value and stronger outcomes than conventional healthcare. www.validationinstitute.com
Media ContactLisa Mast, EmpiRx [email protected] 201-775-6975
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Validation Institute compared the per member per month (PMPM) cost for a plan sponsor of 16,020 members, including rebates and the members' copayments, for the nine months before the plan sponsor implemented EmpiRx Health's program, and nine months after. Peer review by a data scientist found that the PMPM was $90.08 before, and $71.33 after implementing EmpiRx Health's program, a reduction of 21%.
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"Our model isn't complex. We take downside risk and don't make money until our clients save money. We tailor our clinical strategy to the client's specific population to drive differentiated results. And we partner with providers to drive fundamental prescription-writing behavior change. We wrap all that with a white-glove service experience," said Karthik Ganesh, president of EmpiRx Health. "Plan sponsors had already been facing runaway health costs, and the added pressures of the global COVID-19 pandemic create even more urgency to find cost savings fast without compromising benefits or clinical outcomes. We're honored Validation Institute has again recognized the value in our model."
EmpiRx Health uniquely incorporates population health management strategies and best practices to proactively manage members' clinical care. Utilizing sophisticated risk profiling and predictive modeling techniques, EmpiRx Health finds patients whose medication needs can be met at a lower cost, without compromising care outcomes. High-cost patients are reviewed, as are patients whose health data variables combine to suggest an opportunity for intervention, e.g., a set of prescriptions to treat symptoms that suggest a condition that has not yet been formally diagnosed.
Validation Institute's Health Value Awards review the accuracy of vendor performance reports to provide a stamp of independently-verified outcome measurements for healthcare programs. Performance validation helps healthcare purchasers feel more confident in their vendor decisions. Award recipients participated in an independent peer review conducted by Validation Institute's distinguished team of data scientists.
"The EmpiRx Health model is a standout employer health benefits service that clearly demonstrated measurable value immediately following implementation," said RD Whitney, chief executive officer of the Validation Institute. "Our rigorous performance validation process separates fact from fiction and showed the effectiveness of the EmpiRx Health model at reducing PMPM pharmacy cost trend."
About EmpiRx Health
As a risk-bearing healthcare company that offers a full suite of PBM services and specializes in cost-containment, EmpiRx Health offers its partners a model based on risk-based accountability, data-informed clinical care, and concierge human touch. Our sophisticated, personalized, and holistic approach to pharmacy care and health management allows us to optimize care for members while reducing pharmacy costs for clients. At EmpiRx Health, it's about doing the right thing—for members, providers, clients, advisors, and each other. To learn more about EmpiRx Health, visit: www.empirxhealth.com.
About Validation Institute
Validation Institute is an independent, objective, 3rd party organization on a mission to improve the quality and cost of healthcare. Based in Portsmouth, N.H., the organization is made up of a network of health benefits purchasers, health benefits advisors, and healthcare solution providers focused on delivering better health value and stronger outcomes than conventional healthcare. www.validationinstitute.com
Media ContactLisa Mast, EmpiRx [email protected] 201-775-6975
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SOURCE EmpiRx Health
