Johnson & Johnson (J&J) faced a proposed class action lawsuit earlier this year. The allegations include overcharging its employee health plans for prescription drugs and mishandling its benefit plans. Now, Wells Fargo & Co. is also accused of mismanaging its health plan, leading to prescription drug overpayments. These cases highlight the risks associated with working with legacy PBMs. We’ve summarized the key points from the J&J case in our latest post. Swipe through to get the scoop and click here for the full story on our blog: https://lnkd.in/g3EGwYut Stay informed about how these issues impact employee benefits and healthcare. #druglawsuit #healthinsurance #pharmacybenefits #johnsonandjohnson #wellsfargo #PBMs #healthcare
SmithRx
Hospitals and Health Care
San Francisco, CA 9,433 followers
Radically transparent pharmacy benefits.
About us
Our mission is to reduce the cost and complexity of pharmacy benefits for America’s employers and patients. Pharmacy benefits are broken. The overly complex monopolies built by big PBMs only serve their bottom lines. SmithRx is a transparent, pass-through pharmacy benefits manager for self-insured employers. We operate independently from insurance companies and pharmacies so that our incentives are 100% aligned with our customers. Our modern technology and innovative cost savings programs connect our members to the lowest cost drugs. Get in touch with us to today to learn how to save on your pharmacy spend!
- Website
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http://www.smithrx.com/
External link for SmithRx
- Industry
- Hospitals and Health Care
- Company size
- 501-1,000 employees
- Headquarters
- San Francisco, CA
- Type
- Privately Held
- Founded
- 2016
- Specialties
- Healthcare, Pharmaceuticals, Healthcare IT, Pharmacy Benefit Management, Pharmacy Benefits Management, PBM, SaaS, Cloud, B2B, Enterprise SaaS, Prescription Drugs, and Workers Compensation
Locations
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Primary
300 Brannan St
San Francisco, CA 4107, US
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1331 W Powell Way
Suite 4
Lehi, Utah 84043, US
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6080 Tennyson Pkwy
Plano, Texas 75024, US
Employees at SmithRx
Updates
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Discover how one HR director transformed her team's healthcare management and reclaimed time for strategic HR initiatives. Megan Enyeart, SHRM- CP at CRBR Property Damage Services - Restoration & Construction, shares her experience. Are you ready to experience same-day resolutions for your employee health needs and more? 👉 www.smithrx.com #HR #employeebenefits #healthcaremanagement #PBM
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Are soaring prices and supply shortages of GLP-1 medications affecting your company's healthcare costs? Join our upcoming webinar on August 8th to get ahead of this trending issue. Clinical experts Alissa Johnson, PharmD, MBA, BCPS, and Dustin Wagstaff will break down what employers and brokers need to know about these increasingly popular drugs for diabetes and weight management. In just 30 minutes, you'll gain insights into managing coverage costs, understanding treatment implications, and navigating pharmacy benefit programs effectively. Whether you're grappling with supply shortages or concerned about future expenses, this webinar is your opportunity to stay informed. Register now 🔗 https://lnkd.in/gaPPcMWE Mark your calendar 🗓 Thursday, August 8, 2024, at 8am PT/11am ET. #employerbenefits #healthcare #GLP1 #webinar #SmithRx
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Legacy PBM challenges require modern PBM solutions. 💡 The pharmacy benefit management landscape is evolving rapidly, marking a positive shift toward more innovative solutions! Today, we’re analyzing six key changes in PBM approaches that ultimately offer increased transparency, advanced cost management strategies, improved client relationships, and more. Learn how these transformations are reshaping the industry and creating more value for clients! Check out our blog for a more in-depth look at these changes and what they mean for stakeholders like you. 🤝 https://lnkd.in/gR_YYuPw #PBM #healthcareinnovation #pharmacybenefits #SmithRx
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Legacy PBMs are inflating your prescription drug costs. It's time to fight back. 💪 Everything you need to decode confusing contracts, spot hidden fees, ensure transparency, and align PBM goals with yours is right here! Our in-depth blog will equip you with the proper knowledge to evaluate your PBM accurately. Click here for insider tips on choosing a PBM that truly serves your needs: https://lnkd.in/ggvtAYPf #healthcare #prescriptiondrugs #employeebenefits #PBM #smithrx
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"[SmithRx] is part of our team. They'll jump in anytime we need them," Michael Burns of CGI Business Solutions says. Watch Michael explain how our personalized approach, dedicated team, and innovative programs have saved their clients millions since 2017. Curious about your savings potential? Get started at www.smithrx.com #healthcarebenefits #employeebenefits #testimonial #insurance
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The complexity and opacity of drug pricing in the US have long been a source of confusion and frustration. In a recent Washington State forum, Antonio Ciaccia from 3 Axis Advisors and 46brooklyn Research brought much-needed clarity to this critical issue. His research exposed alarming gaps between what pharmacies are paid and what plan sponsors are charged, underscoring the vital importance of true transparency in our industry - a core value that SmithRx has always championed. Ciaccia's analysis also revealed a significant misalignment in pricing strategies for brand-name and generic drugs, leading to vastly different perspectives on drug price trends between pharmacies and plan sponsors. Many of these findings stress the need for new, inventive solutions in order to establish a drug pricing system that is fair, honest, and accessible. Ciaccia's report provides valuable insights to fuel this movement. We encourage everyone to read the full report and join this vital discussion on transforming drug pricing practices throughout. Check it out here: https://lnkd.in/g5ARsVRp #drugpricing #transparency #pbms #bigthree #pbms #healthcare
Pharmacy Benefits: Getting to the Right Price - Washington Health Alliance
wahealthalliance.org
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As brokers, you'll likely see an uptick in PBM reevaluation requests from your clients as 2025-2026 approaches. Recent EHIR, Innovation Roundtable, a World 50 Group Community data shows: - 24% of organizations are considering changing their PBM - 19% are considering adding or changing another pharmacy vendor - 8% are considering both options While others are just starting to consider changes, SmithRx members are already reaping the rewards. In 2023 alone, our Connect 360 program helped clients save over $200 million. Stay ahead of the curve. SmithRx delivers immediate savings and cutting-edge solutions. Reach out to our team today 🤝 www.smithrx.com
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Catherine Shwartz, a Benefits Executive at AssuredPartners says, 'We love SmithRx. We've never seen anything like their customer service.' Learn how we're helping businesses provide exceptional benefits while managing costs in today's challenging economic landscape. 🔗 www.SmithRx.com #healthcarebenefits #employeebenefits #testimonial #AssuredPartners #SmithRx
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The New York Times just dropped a revealing video on how legacy PBMs are inflating drug costs. At SmithRx, we're writing a different story. One of the distressing examples of PBMs prioritizing profits over patient savings is with a popular autoimmune drug. In contrast, our Autoimmune Connect 360 program: - Has saved employers over $9.5M by transitioning members to affordable biosimilars like YUSIMRY - Ensures members access needed medications with minimal to no co-payment - Continuously adapts to health trends, blending care with cost-efficiency While legacy PBMs might be part of the problem, SmithRx is building the solution. We're redefining prescription drug savings with innovative programs that significantly lower medication costs for groups. Connect 360 strikes the perfect balance between financial savings and member health. Ready to learn how we can help your organization? www.smithrx.com/solutions Watch the NYT video here: https://lnkd.in/eia5VpcE
Video: Our Reporter on How Pharmacy Benefit Managers Work
nytimes.com