Greg Buscetto, CEO, CerpassRx
A growing number of small and midsized businesses are on the move from a fully insured healthcare plan to a self-funded one, attracted by the prospect of flexible pricing models. They are mostly on the lookout for customized solutions that will save them money, coupled with white-glove treatment. This is where Texas-based CerpassRx saw the opportunity to start their pharmacy benefit management (PBM) business, offering excellent cost savings while keeping their members as the focal point of their solutions. They are a cost containment solution for self-funded groups of less than 10,000 employees.
CerpassRx has grown over the last three years from being a greenfield startup to touching well over 250,000 lives with their PBM offerings. As a pharmacy benefit manager, the CerpassRx team understands the need to do their jobs better, faster, and cheaper, for improved customer experience and satisfaction. “The reason for our success in this industry over the years has stemmed from the fact that our business was driven from market demand and needs,” says Greg Buscetto, CEO of CerpassRx. CerpassRx offers its customers personalized solutions with the white-glove type of service that they want.
In the process of bringing clients on board, CerpassRx follows a plan-driven approach where they do an in-depth analysis of their client’s benefit. Their testing period extends over 60- 90 days, involving multiple testing of the plan design, all the clinical edits and business rules, and more, to allow CerpassRx to look at the outcomes and make adjustments to the plan. Their client satisfaction surveys have resulted in 97 percent client satisfaction with member satisfaction surveys having resulted in a score of 4.7 out of 5.
The core thing that set us apart is that we are a small company with very large capabilities
“We have a philosophy of ‘clients for life.’ Our key strategy of tackling our clients’ problems, while taking care of them with the provision of exceptional experience and engagement, helps cement client loyalty,” says Buscetto.
What CerpassRx emphasizes on the most is their client’s economic savings “because we can’t be a cost containment function without that,” says Buscetto. In a partnership approach to clients, CerpassRx takes a ‘yes, if’ approach, in that they will gladly do something that makes sense for their clients if it’s going to save them money and provide a better level of service. Three years ago, one of CerpassRx’s first clients, an Oklahoma-based company, were at $158.78 per-employee-per-month cost, the year before they were brought onboard. After engaging with CerpassRx, the clients’ per-employee-per-member cost went down to $118.88 without any change in the number of employees, drug mix, or anything else. Last year, the numbers were at $92.51, an admirable 42 percent decrease in light of double-digit increases across the board in pharmaceuticals and specialty medications. Thrilled with the great experience from both cost savings as well as a customer service standpoint, the client helped CerpassRx bring on board two other clients with their recommendation in the last two years.
It’s important for the company to ensure that all new products that go to market undergo a thorough evaluation of cost, safety, and effectiveness via one of their programs before their inclusion in the formulary. Amid a cluster of unique offerings, CerpassRx has a pharmacogenomic testing product called OneOme that is designed to help prescribers gauge their patients’ response to different medications to select the most effective and fastest treatment course. “The core thing that set us apart is that we are a small company with very large capabilities,” says Buscetto.