NEW YORK--(BUSINESS WIRE)-- In its mission to simplify the complex payment process that plagues the prescription drug claims industry, Truveris, Inc. announced today it has added Jan Berger, former Chief Clinical Officer at CVS Caremark, and David Smith, the former Chairman, President and CEO of PSS World Medical, to its board of advisors. Each brings extensive leadership experience to Truveris as the company transforms the pharmacy benefits industry during a time of heightened attention on the healthcare system.
“The healthcare veterans joining our board understand the improvements needed to ensure proper and accurate prescription claims payments and how the process should be fixed,” said Bryan Birch, chairman, president and CEO, Truveris. “Each new member of Truveris’ advisory team has had an unprecedented view of the flow of funds and how technology and policy can be applied to fix inefficient processes.”
Prescription drugs represent the fastest growing cost segment of health care. Every two weeks, invoices for over $12 billion in prescriptions claims are paid without review and up to 20 percent of those claims are inaccurately billed. Traditionally, health insurance companies and self-insured corporations outsource to Pharmacy Benefit Managers (PBMs) to more economically process prescription drug claims. Yet the billing process has been so complex, it is nearly impossible to catch errors. Truveris enables payers to verify and pay PBMs only for correctly priced and adjudicated claims, prior to payment. As a cloud-based software application, Truveris automatically reviews claims in a matter of hours, with reports available on a secure, customized site, for cost accuracy, member cost share, eligibility, fraud, Sarbanes-Oxley (SOX), Retiree Drug Subsidy (RDS), Health Insurance Portability and Accountability Act (HIPPA) compliance.
“There are clear reasons health care costs are rising and a big part of that is the process. In this day and age, it should be mandated by law that we not rely on an antiquated, manual, error-prone approach to process prescription claims,” said Jan Berger, Truveris board advisor. “It is my mission to show everyone who touches the prescription claim process – businesses, consumers and policy makers alike – that technology now exists to drive transparency, accelerate the payment process and cut costs from the system.”
Jan Berger, MD, MJ brings 25 years of business and clinical experience to Truveris’ advisory board. As former Senior Vice President and Chief Clinical Officer for CVS Caremark, Jan directed policy and strategy for all clinical aspects of the organization including pharmacy benefit services, specialty pharmacy, Medicare Part D, disease and health management and health information technology. Dr. Berger was also responsible for taking a leadership role in representing CVS Caremark at a variety of national health care policy forums during her tenure. Dr. Berger holds both a Doctor of Medicine degree and a Masters degree in Jurisprudence from Loyola University in Chicago and currently serves as an assistant professor at Northwestern University School of Medicine. Dr. Berger will help Truveris navigate the intricacies of the PBM industry with her deep experience in pharmacy benefits as the company continues to build out its technology to make the industry more transparent.
Prior to joining Truveris’ advisory board, David Smith spent 10 years as Chairman, President and CEO of PSS World Medical, Inc. (NASDAQ: PSSI), a medical distributor that serves physicians, nursing homes and home care providers. There, he restructured the organization and re-aligned operations with state-of-the-art software and systems. Smith grew PSS World Medical into a billion dollar organization and took the company public. Smith started his career with Price Waterhouse Coopers. He is a member of the United Way Tocqueville Society, has served on the board of the Health Industry Distributors Association (HIDA) and the Business Administration Advisory Council for the University of North Florida, his alma mater. Smith has been named “E&Y Florida Entrepreneur of the Year” and a “CEO to Watch” by Forbes. Smith’s executive and leadership experiences will help Truveris scale and grow its operations quickly and efficiently to maximize the value it brings to payers of pharmacy benefits.
“With the current system, customers feel forced to pay invoices that don’t match the claims data – which is like having to pay your credit card bill without the ability to dispute the charges,” said Somak Chattopadhyay, partner, Tribeca Venture Partners and member of the board of directors at Truveris. “In this economy, there is no room for error as self-insured organizations, health plans, government agencies and corporations face real liability if they’re not fiscally responsible. We invested in Truveris because of its critical role in transforming the claims payment process during an era of dramatic healthcare reform.”
Founded in 2009, Truveris makes software to drive efficiency, transparency and cost containment in the prescriptions claims process. Truveris helps payers of pharmacy benefits validate claim payment accuracy, ensure regulatory compliance, and manage pharmacy spend with their patent pending, scalable, automated, easy to implement claims analysis engine. Truveris has reviewed more than 100 million claims for government entities, health insurance companies, Fortune 50 corporations, and unions. Based in New York City, Truveris is funded by First Round Capital, Tribeca Venture Partners and New Atlantic Ventures. For more information, visit truveris.com.
Stonerose for Truveris
Meghan Roman, 415-260-1857
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