With the rise in revenue and employment concerns, health care has become more prominent in the sectors comprising hospitals, medical devices, clinical trials, outsourcing, telemedicine, medical tourism, health insurance and medical equipment. The beginning of this era has witnessed a lot of trends emerging in the health care industry. Technology has been a significant player in contributing to the upliftment of this industry.
Many corporations, as well as start-ups, are at the forefront of innovation by combining technologies like AI and machine learning with traditional practices in health care. Acknowledging the current market position, they are climbing the stairways of digitization and transparency, thereby providing innovative solutions to revolutionize the health care ecosystem. We are a leading Digital Business Magazine company witnessing services and evolution bought by private players.
Highlights of the interview conducted between EmsanaRx and Business Leaders Review
What made EmsanaRx come into the field of clinical practices?
EmsanaRx was founded with the mission to improve health care outcomes by bringing clarity, integrity and trust to pharmacy benefit management. We are part of the Emsana Health group of companies, a majority-owned innovation studio of the Purchaser Business Group on Health (PBGH).
PBGH has a more than 30-year history of success working closely with the country’s most innovative private employers and public health care purchasers to incubate new, disruptive programs to lower health care costs and increase quality.
Elucidate on the inception and the outdone journey of EmsanaRx.
PBGH founded a healthcare-focused product innovation studio, Emsana Health, in 2021 to develop solutions for the healthcare pain points of large employers that are not being addressed in today’s market landscape.
The Purchaser Business Group on Health (PBGH) employer members collectively spend $350 billion annually to provide health care benefits to 21 million Americans. As part of the innovation studio, EmsanaRx is the first “product” built and is focused on reinventing pharmacy benefit solutions for employers and their members. The vision at EmsanaRx is a clinically-focused, patient-centric pharmacy benefit industry accessible to all Americans.
“Pharmacy is the fastest rising cost in health care. Our members told us they find most pharmacy benefit programs to be of variable clinical quality, opaque and increasingly expensive. They asked us to come up with a solution. EmsanaRx is the solution.” – said Elizabeth Mitchell, president and CEO of PBGH.
Who are the minds behind the genesis of EmsanaRx?
Elizabeth Mitchell, President and CEO, Purchaser Business Group on Health (PBGH)
Greg Baker, Co-Founder and CEO, EmsanaRx, a PBC.
A pharmacist by training, Greg brings a strong clinical focus to pharmacy benefit management. Throughout his 25-year career, he has been a leader in direct pharmacy services with a focus on optimizing patient outcomes. Greg has genuine care and concern for the well-being of patients and employees. His commitment to improving patient outcomes led him to co-found EmsanaRx. Greg values honesty, integrity and clarity in business practices. These values, paired with the operational knowledge and insight of an industry leader, position him to be a positive force for change in the health care industry.
Greg’s passion is focused on changing the PBM industry for the better. He has brought together a group of seasoned professionals with the same mission to make healthcare and the PBM industry better.
His care and compassion for his team are also unmatched. He sends positive notes to employees (sometimes handwritten, sometimes by text or email). For example: “I cannot begin to tell you how much I appreciate all you do and your infectious happiness. Your positive impact on our success is incalculable.”
How does EmsanaRx bring the change into the clinical world leveraging technology in the first place?
EmsanaRx is on a mission to improve health care outcomes by bringing clarity, integrity and trust to pharmacy benefit management. As the only pharmacy benefit manager created by employers, for employers we are committed to making pharmacy benefits easy to understand, straightforward to access and always in the best interest of employers and the lives they impact.
We accomplish this by bringing total clarity to business practices, leading with a clinical approach and utilizing flexible, state-of-the-art technology.
We promise to do what’s right. Always.
Total Clarity in Business Practices
The pharmacy benefits industry is complex, multi-layered and involves many moving parts. This creates a perfect environment for opaque processes and procedures that too often lead to unethical business practices. It can be impossible to do what is right for employees and members when employers cannot see clearly through intentionally complicated business practices embedded in too many traditional PBMs. EmsanaRx starts by doing an analysis of a client’s claim set and looking for areas where there are clinically equivalent or better drugs with more affordable prices. This is just one way we provide total clarity in our business practices.
Our commitment to clarity in business practices ensures we always do what’s right by employers, so they can do what’s right by their employees. Always.
We envision a clinically-focused, patient-centric pharmacy benefits industry. We are taking the bold step to lead the way in making this a reality. That’s why we take a clinical approach in all aspects of our business.
Each of our client accounts is led by a clinical pharmacist. This ensures we are able to provide a consultative, clinically-focused approach to all of our employer clients. Our strategic partnerships with industry leaders ensure our formularies prioritize patient outcomes, are waste-free and are designed to be the lowest net cost by indication. Our clinical approach is structured so that we do what’s right. Always.
Outdated, twentieth-century technology produces outdated, ineffective results. We know we cannot design innovative, customizable, best-in-class pharmacy benefits using cost-prohibitive, archaic technology. That’s why our technology solution is flexible, customizable and with unprecedented agility that allows us to make changes much faster than traditional PBMs using antiquated technology. As an example, in January 2022 when the government mandated plan coverage and reimbursement of COVID-19 tests, EmsanaRx was able to quickly make this change and allow our members to access these tests right away at the pharmacy counter – without requiring a paper claim reimbursement process and added fees like other traditional PBMs.