SaaS-based platform offers critical information during crisis
AUSTIN, TX, March 17, 2020 – RazorMetrics, a rapidly growing healthcare technology company focused on lowering pharmacy costs for self-funded employers and health plans announced today that it is committed to a fact-based approach to COVID-19. Their proprietary SaaS-based platform was designed to monitor and control costs for chronic medical conditions but as the outbreak of COVID-19 spread to the United States, the company quickly added another feature: the COVID Relief Program.
“COVID-19 is devastating to people with underlying chronic disease,” said Tom Dorsett, CEO of RazorMetrics. “The FDA has announced that there are 30 potential drug shortages due to the pandemic. Consequently, it is vitally important that we step up efforts to help the nation’s most vulnerable populations stay on their treatment plans and avoid ER visits. Medications must be affordable and available.”
RazorMetrics’ is curating and deciphering the various drug availability and cost data to develop the most accurate, up to date, and unbiased information in the platform’s Codex. Beyond saving money, the company is making sure that life-saving medications are available in a given geography. They developed a three-part plan to help self-insured employers and health plans manage impacted employees and members.
COVID Relief Program
1. Cost Control
As COVID-19 related prescriptions rise, the company offers prescribers lower cost alternatives from a vetted list of drug alternatives to treat respiratory and other issues. Further, members and employees with chronic conditions will need medical services and lower cost prescriptions during the pandemic. Now is not the time for people with chronic conditions to try and save money by cutting their doses. RazorMetrics offers cost saving alternative options for members and employees as part of our standard service.
2. Drug Shortage Monitoring
In addition to our standard drug shortage monitoring program, we added COVID-19 related treatments to the platform. There are currently 30 medications on the FDA drug shortage list for COVID-19 treatment due to supply chain interruptions with overseas manufacturing. Additionally, areas hit hard by COVID are expected to drain domestic supplies of needed medication. We have the capability to track and classify drug supplies for chronic conditions as well as COVID 19 drug therapies by geographic region.
3. Curate and Communicate Alternative Therapies
We are continuously examining and aggregating vetted alternative therapies for drugs on the shortage list. No matter where a member or employee resides, we will be communicating shortage information with therapeutic, alternative options directly to physicians and members.
Difficult times require effective and low-risk solutions that lower costs. RazorMetrics delivers guaranteed drug spend savings and puts the program in the black within the first 3 months of launch.
2 Weeks to Lower Costs
RazorMetrics cut deployment time in half. Their rapid deployment method has clients fully up and running within weeks. The model runs independent of client’s plan and PBM. There is no enrollment period.
RazorMetrics is pioneering the next generation of drug cost savings through a proprietary SaaS-based platform that offers cost control to self-funded employers and health plans, transparency for physicians, and affordable prescriptions for employees and members. For more information, visit www.razormetrics.com.
Tom Dorsett, CEO