Transparenta healthcare platform for self-insured employers, announced Monday it would be expanding into the pharmacy benefits space.
The new offering, called Transcarent Pharmacy Care, allows members to search for the most cost-effective drug option and compare prices from pharmacies. They can also transfer their prescription within the Transcarent app and access 24/7 support if needed.
The company said the goal is to give employers more transparency and control over their forms and benefit design. Transcarent argues that the offering can save employers money by leveraging large pharmacy networks, integrating pharmacy and medical supplies, passing discounts on to plan sponsors, and eliminating spread pricing, where pharmacy benefit managers charge more for a drug than they reimburse the pharmacy and keep the difference .
“There has never been a good reason for employers to be in the dark about the true cost of their most used service offering,” Transcarent COO Snezana Mahon said in a statement. “The information now available to employers will enable them to improve their services and care for their employees, reduce costs and enable employees and their families to most effectively manage their prescription drug needs. “
THE BIGGER TREND
High drug costs are a long-standing problem for the US health care system. according to a According to a report released this spring by the American Society of Health-System Pharmacists, total drug spending increased 7.7% in 2021 and is expected to continue to rise this year.
A A survey released last month found that Medicare beneficiaries are concerned about the impact of inflation on healthcare costs, particularly for prescription drugs and Part B premiums. The Anti-Inflation Act, signed into law last month, allows Medicare to negotiate drug prices for 10 high-priced drugs for the first time starting in 2026.
Transparent emerged from covert in March 2021, led by Livongo vet Glen Tullman. The startup announced a $58 million Series B raise in June of the same year and a $200 million Series C raise in early 2022.
It has also added new offers this year. The company announced this in April Transcarent Oncology Care, which aims to help members find cancer treatment institutes, oncology providers and appropriate clinical trials. Earlier this spring, the company also launched a behavioral health program that helps patients find in-person or virtual therapy.