Recently, RazorMetrics was brought in to be evaluated on our hard numbers: time to ROI, actual savings, and real prescriber response stats. When we pulled up our dashboard reports on zoom calls showing 3 months of live data, we heard lots of “WOW, that’s impressive.”
We like showing off our new customers – those who have only been on the platform for a short time – because it shows significant savings during our ramp-up time. Because we see results so quickly, we’re making waves in the market, and we’ve got some big announcements coming up so stay tuned.
No Waiting for People
Being physician-focused when it comes to helping employers, health plans, and members save money means we don’t have to wait for members to sign up for an app, then book an appointment, pay a copay with their physician to have an “informed discussion” to see if it’s possible to switch to a lower cost, in-formulary drug. No, we go directly to that member’s physician, and in a month the members are picking up their new prescriptions from the pharmacy with no change to their routine or their physicians’ workflow.
The reason we get the “WOW” is that the lag time to savings on other companies’ solutions is 8 months to a year, and then the ROI is 1:1. That’s because they are spending time signing employees or members up for an app.
Don’t misunderstand, having employee or member engagement has its place and it’s important. But unfortunately, it slows things down and is outside the physicians’ normal workflow. And, lest we forget, 80% of consumers want their doctor or prescriber to just prescribe the lowest cost medication for them so they don’t have to have the hassle of using another tool.
“Most people think that physicians won’t comply but if it benefits the patient and exists within the workflow, then I will do it 100% of the time.”Dr. Siva Mohan
It’s that premise, and those similar frustrations found by my co-founder Dr. Siva Mohan, that we started RazorMetrics. Siva was tired of the song and dance of trying to figure out what drug was a better price for his patients as a practicing interventional cardiologist. RTBT tools didn’t work. What he needed was a tool that paired up his patient’s insurance formulary with the diagnosis and gave him the best options at the lowest price. He needed visibility for each patient that did not add time to an already overbooked schedule. There just isn’t time to research and make calls back and forth to the patient’s pharmacy or insurance to figure out what is covered for every patient and their individual drug benefit plan.
Siva and I have found that building out a solution guided by physicians, prescribers, and pharmacists have truly made a difference in the industry, at a much faster pace, and we’re looking forward to expanding our quest to change healthcare for the better.