Specialty drugs as a growing share of the pharmacy spend and the push for transparency are all-too familiar themes in the pharmacy benefit management (PBM) industry, but they have staying power as the top trends to watch, said the opening speaker of the 2022 Annual National Conference of the Pharmacy Benefit Management Institute in Orlando.
Xevant is laser-focused on reducing the cost and inefficiencies of healthcare by delivering analytics through automation. A key driver for increased healthcare cost is the onslaught of specialty/biologic medications that is quickly expanding the focus to include pharmacy benefits management in the pursuit of containing costs.
As we eliminate the extensive time and resources required to manage healthcare costs, we will begin to whittle away at the $1 trillion in current wasteful spending. We will start to see signs of improvement in a primarily broken US healthcare system. Reduction in cost yields greater healthcare affordability, accessibility, and availability.
Healthcare is a $4 trillion business with 25% considered wasteful. Historical approaches to eliminate waste within healthcare have required a massive amount of time and resources aggregating data and running and analyzing reports, only to recover 1-3% of losses.
Being a huge industry with over $4 trillion business around 25% of it is considered wasteful. This is basically because of the huge workload, repetitive and error-prone processes. At this challenging point, helping businesses in the healthcare space simplify cost and streamlining operations is Xevant.
Even in the wake of the pandemic, increases in prescription drug prices continue to “outpace inflation,” according to a recent AARP survey. Seventy-nine percent of U.S. adults claim that the “cost of prescription drugs is unreasonable,” and almost three in ten adults reported that because of high cost, they didn’t take their medicines as prescribed at some point in the last year.
In the modern digital era of business, technological advancements and innovation continue to impact all industries. In healthcare, these developments play a vital role for customers and enterprises alike. Devices like smartphones and tablets have replaced orthodox monitoring and recording systems due to their higher efficiency, precision, and faster troubleshooting ability.
This November, Utah Business hosted an exclusive summit for business with dozens of panels hosted by some of our favorite experts. This panel, moderated by Nathan Paddock, director of Business Development at Wells Fargo will take a deeper look at how different businesses have worked in partnership to create solutions to some of businesses’ biggest challenges. With panelists Katelin Roberts, executive director at BioHive; Brandon Newman, CEO & co-founder at Xevant; Ryan Jones, EVP & chief lending officer at Altabank; Amy Osmond Cook, CMO, at Simplus; Scott Johnson, Founder & CEO at Motivosity.
Brandon Newman, CEO of Xevant, has a dynamic, 25-year career as a business leader and innovator spearheading several businesses in the Healthcare space with emphasis on growth, revenue, and sales performance. He has run multiple high-growth environments including start-ups, turnarounds, and $1B+ dollar global businesses.
In lieu of an in-person event this year, Utah Business partnered with Kiln, Roseman University of Health Science, Intermountain Healthcare, Merit Medical, and Xevant to talk to some of our state’s top healthcare executives about Covid two years in and where we are going in the future. Hosted by Elle Griffin, editor-in-chief of Utah Business, today’s panelists are Jeremy Wells, chancellor at Roseman University; Brandon Newman, co-founder and CEO of Xevant; Katelin Roberts, executive director at BioHive; Lori Weston, CEO of Park City Hospital; and Nicole Priest, chief wellness officer at Merit Medical.