Health

Transcaren rolls out pharmaceutical benefits to self-insured employers



TranscarentA healthcare platform for self-insured employers, announced Monday that it will expand into the pharmaceutical benefits space.

The new service, called Transcaren Pharmacy Care, will allow members to search for the lowest-cost drug option and compare prices between pharmacies. They can also transfer their prescriptions within the Transcaren app and get 24/7 support if needed.

The company says the goal is to give employers more transparency and control over the design of their portfolio and benefits. Transcarent argues that provisioning can save employers money by using a large pharmacy network, integrating pharmacy and medical care, through rebates to planning for sponsor and eliminate arbitrage pricing, where pharmacy benefit managers charge more for a drug than they reimburse the pharmacy and keep the Difference.

“There is never a good reason for employers to be uncertain about the true cost of providing their most-used benefit,” Transcarent COO Snezana Mahon said in a statement. “The information that will now be made available to employers will enable them to improve the benefits and care they provide to citizens, reduce costs and empower employees and their families to manage most effectively their prescription drug needs.”

TREND TO BIGGER WOMAN

High drug costs are a long-standing problem for the US healthcare system. According to one report from the American Association of Health System Pharmacists announced this spring, total spending on drugs grew 7.7% in 2021 and is expected to continue to grow this year.

One survey published last month found that Medicare beneficiaries are concerned about the impact of inflation on health care costs, particularly for prescription drugs and Part B premiums. Inflation Reduction Actsigned into law last month, allowing Medicare to negotiate drug prices for 10 high-priced drugs for the first time, starting in 2026.

Transcarent emerge from stealth in March 2021, led by Livongo veterinarian Glen Tullman. The startup announced a Raise $58 million Series RED in June of that year, and a 200 million USD Series C early 2022.

It also added new services this year. In April, the company revealed Transcaren Oncology Care, to help members find appropriate cancer care institutions, oncology providers, and clinical trials. It also launched a behavioral health program earlier this spring to help patients find face-to-face or virtual therapy.



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