IBX Enters New Partnership with Truveris Inc.

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Partnership adds pharmacy benefits bidding and selection services to menu of employee benefit product exchanges

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Truveris provides a technology that is an ideal fit with the IBX approach of increasing competition for employers, saving time for advisors, and reducing the overall potential for errors in the procurement process.

IBX, a pioneer in the online RFP process for group insurance contracts, has entered into a new partnership with Truveris, Inc., a leading health information technology company delivering pharmacy data validation, analytics, and pricing solutions. By collaborating with Truveris, IBX will enhance its portfolio of services for the IBX Advisor Network by adding pharmacy benefits bidding and selection services.

“We made a decision to add pharmacy capabilities in early 2012 and were looking for a way to expand those offerings,” states Christopher Schott, IBX National Director. “Truveris provides a technology that is an ideal fit with the IBX approach of increasing competition for employers, saving time for advisors, and reducing the overall potential for errors in the procurement process.“

As a result of its partnership with Truveris, IBX will establish the IBX PBM Exchange, to be powered by TruBid, one of the products in the Truveris suite. TruBid is the only platform capable of generating automated analysis with instantaneous financial and qualitative results, according to the company. Through the use of TruBid and the IBX PBM Exchange, members of the IBX Advisor Network will be able to:

  •     Specify contract needs to customize the pharmacy RFP and bidding process for each employer client
  •     Instantly estimate bid savings and overall value of each vendor for every client
  •     Compare competitive bids side-by-side in an objective report card to determine best financial options accordingly

In addition to more effectively managing the pharmacy benefit RFP process, TruBid will enable the IBX PBM Exchange to encourage transparency among participating pharmacy benefit managers (PBMs). PBMs that enter the RFP process go through two rounds of bidding, the second allowing them to view the blinded bids submitted in the first round. Once the winning PBM is selected, TruBid exports the agreed upon definitions, pricing schedule, and service terms, which results in stronger contracts for employers.

IBX will also utilize TruGuard, another Truveris product that validates claim payment accuracy, ensures regulatory compliance and manages pharmacy spend. TruGuard will empower IBX to provide automated audits for its clients, giving them better oversight of their claims management.

“Truveris specializes in the development of software applications for pharmacy benefits,” said Bryan Birch, President and CEO of Truveris. “TruBid and TruGuard are ideal products for IBX and its clients. We look forward to working with IBX as it grows and achieves new goals this year.”

About Truveris
Founded in 2009, Truveris develops proprietary software to drive efficiency, transparency and cost containment within the prescriptions claims space. Truveris helps pharmacy benefits payors to negotiate agreements with prescription benefit managers (PBMs), validate claim payment accuracy, ensure regulatory compliance, and manage pharmacy spend. Based in New York City, Truveris is funded by First Round Capital, Tribeca Venture Partners, New Leaf Venture Partners and New Atlantic Ventures. More information is available at: http://www.truveris.com.

About IBX
Since its inception in 2010, IBX has pioneered the online negotiation and procurement of employee benefit contracts, beginning with life and disability, and adding medical stop loss, dental and vision. Today, the IBX Advisor Network has over 50 member firms in more than 25 states. Based in Atlanta, GA, with operations in Chattanooga, TN, IBX has successfully completed more than 1,500 transactions accounting for over $2 billion in annual premium expenses, and continues to grow. More information is available at: http://www.ibxonline.biz.

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