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Transcarent Pharmacy Care, announced in September, makes pharmaceutical benefits more transparent
In September, Transcarent, a company that offers a consumer-directed health and care experience for employees of self-insured employers and their families, announced the launch of its pharmacy benefit offering, called Transcarent Pharmacy Care.
This is how the company described the product at the time: "The offering will address the complex, confusing, and costly process that exists today by offering easy to understand price transparency, 24/7 clinical support, and care guidance. Transcarent Pharmacy Care gives employers maximum control over their formulary, benefit designs, and data while empowering Members with a superior consumer-driven experience that truly transforms their health and care journey."
On Thursday, the company revealed that it selected Prescryptive Health, a digital health company focused on improving the prescription drug market, to power Transcarent Pharmacy Care, meaning that the millions of members that use Transcarent will be given access to Prescryptive’s national network of more than 60,000 retail, home delivery, and specialty pharmacies.
This will allow Transcarent Pharmacy Care Members to shop for their prescriptions, view real-time price data, select a pharmacy to fill their medication or a home delivery option, and know the price they will pay.
Founded in 2020, Transcarent acts as a single-stop health platform, addressing many of the most important and frequent health needs of a typical Member; that includes 24/7 access via chat, phone, and video to a personal Health Guide, expert second opinions, medication review and management, physical therapy, and full surgery management.
For example, if a patient is told they need knee surgery. Transcarent sets them up with a free second opinion to ensure they actually need that surgery; if it is determined they do, Transcarent will then provide the patient with information on the best places to get it done.
Another potential use case for Transcarent would be someone who gets sick in the middle of the night; the patient can connect with a doctor via text, call or chat to resolve the issue, get their prescription called in, and have a record of the appointment outlining their treatment plan without having to go to an urgent care center, or waiting until the morning to get care.
Prescryptive, which was founded in 2017, deploys mobile-first products that connect consumers, pharmacists, and employers, so that people have the information they need to make informed decisions about their health.
Its solutions include myRX.io, which provides information about prescription drug costs and allows patients to schedule services at their local pharmacy; myRX Pro, which allows pharmacies to grow their business through clinical services and a patient engagement experience; and myRX Benefits, its pharmacy benefits solution, which uses technology to cut down on costs and engage members.
“The current fragmented healthcare system is not designed for consumers’ needs to get transparent information, trusted guidance and easy access to care on their terms,” Glen Tullman, Chief Executive Officer of Transcarent, said in a statement.
“The push for transparency and accessibility must extend to the pharmacy. Transcarent is partnering with Prescryptive to create a transparent, connected care experience that aligns with our mission to break down healthcare silos and empower our Members on their health and care journey.”
Prescryptive has raised $26 million in venture funding from investors that include SeaChange and Pallasite Ventures, while Transcarent has raised $298 million, including a $200 million round in January of this year.
(Image source: prescryptive.com)
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