Scott Taylor discusses how the COVID-19 pandemic led SRX to develop a revolutionary employee benefit program: Arc
The problem: Pharmaceuticals in long-term care are one of the largest cost centers with an almost impenetrable degree of complexity.
The solution: SRX has spearheaded a movement—driven by software automation—to uncover cost saving opportunities around pharmacy spend.
SRX now enables long-term care (LTC) facilities to recoup massive sums from their pharmacy spend and establish strong relationships with pharmacy partners.
Taylor explains how 2020 gave SRX an opportunity to expand this same approach to address the massive prescription drug expense employers face when they self-insure. SRX was able to partner with one of the country’s largest pharmacy benefits managers, ProCare RX, to “bring to market an innovative and truly world-class platform focused on the global economy of middle-market businesses.” To date, there has been no innovation as significant as Arc when it comes to employee prescription benefits, particularly for the long-term care and skilled nursing industry.
Arc was conceived in response to SRX’s clients asking for help, “paying millions of dollars, if not tens of millions, in prescription drug benefits on their employee benefit plans when they self-insure,” Taylor says.
“Having the ability to create concierge services that allow the employer to carve out coverage for certain drugs while shifting the cost burden back to the industry is huge.”
With SRX’s specialty drug program, employers save an average of 22% on benefits costs while employees gain access to an unparalleled national pharmacy network. Program customers benefit from the same technologies that have enabled long-term care operators to see tens of thousands of dollars returned through drug rebate programs alone.
“Making sure we are maximizing the total gross rebates going back to the employer and affecting the net cost is the primary focus,” Taylor says.
With this uniquely dynamic and adaptive employee prescription benefits program, SRX is positioned to bring significant cost savings to employers and patients.
Read the full interview here.
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SRX is a technology and advisory company that helps LTC operators realize the lowest net cost on drug costs. We help our customers improve drug utilization, manage pharmacy relationships, reduce costs and waste, and maximize rebates. We are committed to transparency and accountability and guarantee our quarterly rebates are paid on time, every time.
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