Reprice Pharmacy Claims in a Few Clicks
Simplify the tedious pricing process to a few simple clicks by integrating BidLogic’s pricing methodologies and calculations into a simple module. This helps payers, administrators, and other benefits managers to reprice pharmacy benefit claims and identify cost-saving opportunities in seconds – and without an expert knowledge of pharmacy pricing.
Maximize Client Savings
BidLogic reprocesses historical claims data through an unlimited number of pricing scenarios and uses an automated pricing tool to maximize client savings and business margin where applicable.
Simplify Pharmacy Benefits Pricing Management
Replace disparate tools with a single solution and automate tedious pricing tasks to simplify pricing management. BidLogic handles every aspect related to pricing depending on your clients needs.
Tailor-Made Pricing Options for Clients
BidLogic houses a suite of input parameters that can be specified to obtain a PBM pricing model that is best suited to the contract and performance requirements.
BidLogic by the numbers
Repriced Pharmacy Claims
Over 5 billion pharmacy claims repriced using Xevant’s BidLogic
Over $200 million in savings presented to pharmacy benefits payers
Average Savings Percent
Over 15% savings identified by using the solution
What Can BidLogic Do?
Simulates Accurate, Real-Time Pricing Scenarios
BidLogic uses decades of claims data in order to simulate real-time pricing scenarios in seconds – thus cutting down on the need to manually comb through and compare data sets to find the optimal pricing for your clients. It also takes into account increased utilization, inflation, and other market volatilities while simulating “n-year” savings plans for customers. Not only does it increase client savings but also reduces business operational costs significantly by reducing dependency on your staff. This provides the dual benefit of increasing client satisfaction along with cutting down unnecessary operational costs.
Customized Pricing and Contract Controls
Optimize pharmacy benefits pricing according to your needs using BidLogic’s customizable control options. Our pricing methodologies and calculations have been developed over decades, allowing BidLogic to take into account client-set parameters and deliver optimal pricing solutions in just seconds. Also, apart from comparing the base pricing offers from various PBMs as per client parameters, BidLogic also takes into account network, tiered formulary, and specialty variations for the same, which can often differ significantly.
A Standalone Module to Run Pricing Parameters
BidLogic is a standalone module. It assists by running various pricing parameters like rates, rebates, and more, to find the “best fits” according to the input instructions. The “best fits” here may not be the cheapest options but are the ones best tailored to the client’s search parameters. The matching pricing models are delivered in a succinct template that can be used to choose an appropriate PBM.
RFP Management and Automation
Adding the automated ability to generate complex RFPs and to send requests to vendors for response, BidLogic can handle every discerning bidding need. All responses from the RFP module are collected, analyzed, and presented for evaluation together with the pricing components received from each vendor. An all-in-one solution for all bidding and pricing situations, BidLogic is the most extensive pharmacy benefits pricing and vendor evaluation tool available.
“We can now access client pharmacy data quicker and with more accuracy than anyone in our market.”
NICK CONWAY, SVP, HEAD OF PRODUCT