NEW YORK--(BUSINESS WIRE)-- In its mission to simplify the complex payment process that plagues the prescription drug benefits industry, today Truveris, Inc. introduced TruBid, a Web-based software tool that helps health insurance companies and self-insured organizations negotiate and enforce more favorable contract terms with their Prescription Benefit Managers (PBMs). TruBid is the latest addition to the Truveris product suite which can save customers up to 12 percent annually on prescription drug claims by inviting PBMs to bid for their business through a standardized, automated reverse auction. TruBid helps PBMs expedite their contract, pricing and bidding initiatives, creating a dramatically more efficient process for everyone involved.
“While PBMs are integral to the prescription claims process, when we revisit our terms each year, it is time consuming and we never know if we’re really getting the best deal,” said John Cove, director of benefits, Hanley Wood. “PBM contracts are complicated and confusing. TruBid helps us structure an agreement with PBMs that we understand and can enforce.”
Americans spend in excess of $307 billion a year on prescription drugs. By serving as an intermediary among pharmacies, drug manufacturers and employers, PBMs can secure favorable pricing for payers to minimize spending. TruBid helps these payers - insurance companies and self-insured organizations - drive even more savings by making their request for proposals (RFP) to PBMs through an automated, Web-based software program, creating a reverse auction. This approach ensures standard contract terms, enforces drug pricing definitions and establishes consistent benchmarks. By using TruBid, CFOs mitigate risk and financial waste, human resources professionals, who commonly manage health benefit plans, save time and CIOs streamline business processes by shifting from a manual to automated process.
“TruBid puts customers back in control of their pharmacy benefit costs by fostering transparency and equitable business practices among PBMs,” said Bryan Birch, chairman, president and CEO, Truveris. “Until now, the RFP process has been so static and cumbersome that customers typically stick to their incumbent PBM and end up overpaying for healthcare. The automation provides results in under half the time at a much reduced fee.“
To fairly compare bids, TruBid can be implemented by customers directly or through their existing consultant or broker and get objective results within 30 days. Brokers who often help negotiate PBM contract terms, can scale their advisory services and run more RFPs per year. To use the system, clients work with Truveris to develop a Web profile on their plan design, needs, existing PBM contract and claims data. Then, PBMs are invited to enter their bids in a blind auction. Afterwards, users log in to review the results and PBMs can see where they stand compared to other bidders. A second round is then initiated and TruBid reviews, ranks and recommends the PBM.
TruBid is the latest addition to the Truveris product suite, whose first offering, TruGuard, catches billing errors in real-time. TruGuard enables payers with existing PBM contracts to verify and pay only for correctly priced and adjudicated claims, prior to payment, rather than relying on a manual, annual, retrospective audit. As a cloud-based patent-pending software application, TruGuard automatically reviews claims, 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.
TruBid and TruGuard are available for order immediately by contacting 1-800-430-1430 or [email protected].
Founded in 2009, Truveris makes software to drive efficiency, transparency and cost containment in the prescriptions claims process. Truveris helps payers of pharmacy benefits negotiate agreements with Prescription Benefit Managers (PBMs), validate claim payment accuracy, ensure regulatory compliance, and manage pharmacy spend. 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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