Transcarent launching new pharmacy benefit offering as its latest healthcare bet

Employer health startup Transcarent is making its next move with the launch of its new pharmacy program.

Transcarent's Pharmacy Care offering is designed to be fully transparent and integrate with its other platforms. The goal, executives said, is to break through the noise for members and make it easier for them to understand their pharmacy benefits while offering employers full control over formulary, benefit design and data.

The platform is available to self-funded employers as well as health systems, Transcarent said in an announcement. Snezana Mahon, Transcarent's chief operating officer, told Fierce Healthcare that the company's employer clients have felt the market changes and are seeking a way to "coexist" in a world where there are traditional pharmacy benefits, cash pay and coupon cards all working together.

"We have seen that the marketplace has drastically changed, and employers are seeking immediate change," she said. "This need for transparency in the pharmacy space has always been there, but I think it has been sort of exacerbated over the last year."

For instance, she noted that the Federal Trade Commission is taking a look at major PBMs and their business practices, and there has been plenty of discussion among policymakers about rebates. So, there is a lot of interest from employers in potentially rethinking these traditional models, she said.

If they have access to Transcarent Pharmacy Care, a member can log into its marketplace and find the lowest cost option for their pharmacy needs. The platform unites pricing data to allow members to choose what works best for them, whether that's a cash pay price, copay card or what they'd pay using their benefits. They can also access in-app prescription transfers to secure better prices as well as access to live support around-the-clock to triage needs.

Any rebates are passed through to the consumer, and the platform will not use spread pricing or hidden fees to drive up costs, according to Transcarent.

Mahon said integration was key to the design of the Pharmacy Care tool along with offering members a "seamlessly integrated, immersive experience." For example, a diabetes patient can access "a little bit of everything" they need to manage their condition at once through a unified app, which makes it easier to track and manage their own condition.

She said that one of Transcarent's overall goals is to put the power back into the patients' hands to be stewards and managers of their own health.

"I think that's the beauty of this singular platform," Mahon said.

The Pharmacy Care tool builds in previous launches from Transcarent, including solutions for behavioral health care and oncology care. The company has also secured partnerships with big names in the industry, including retail giant Walmart.