Remedy Analytics: Deploying Technology into Prescription Drug Management and Decision-Making

Scott Martin Founder, Chairman & CEO
The prescription benefits marketplace is one that is in a hyper growth stage, and yet there is little guidance for employers when it comes to getting the maximum benefits from their prescription-benefit management (PBM) contracts. One organization that has established its place in this niche market is Remedy Analytics. The company is a high-octane effort to help enterprises establish successful management of prescription drug costs by bringing unbiased technology into the raw prescription claims that get generated in billions annually.

“We have created a technology that is similar to how an MRI works in the diagnostic process—eliminating the need for surgery to identify diseases in a less invasive manner and adding more visibility—for an organization’s PBM relationship,” explains Scott Martin, the founder, chairman, and CEO of Remedy Analytics. By partnering with clients and PBMs to uphold an aligned relationship, Remedy has achieved a 98 percent success rate in fulfilling quantifiable and meaningful savings for its customers, allowing organizations to authenticate their prescription benefits decisions with measurable accountability.

Martin explains that the prescription drug system is broken in so many ways and part of why it is broken is a combination of conflict of interests and lack of communication, transparency, and understanding to make smart choices. Remedy’s proprietary PharmaLogicTM platform offers in-depth analytics on pharmacy benefits claims and doesn’t force customers to switch their PBM vendors, formulary clinical programs, or plan designs. Alongside savings and transparency, the platform also enables utilization management and population health analytics.

The PharmaLogicTM platform allows a detailed examination of the issues that organizations face and paves the road to correction. At the outset of the engagement, Remedy runs its forensic analysis to show its client what is “broken” in the system, what it costs them, and how to fix it.
Once the solution is put together, the program is monitored and policed on a monthly basis to guarantee that the client gets what was agreed to, in the contract. By algorithmically modeling each PBM contract against its proprietary methodology and evaluating all the data points in every claim, Remedy’s technology ensures that its clients pay the correct price for a drug, enabling opportunities for further measured savings.

Through its provision of transparency of data and insightful analysis that investigates and interprets hundreds of fields in every claim—all the while complying with HIPAA regulations—their technology prudently monitors claims data, enabling continuous improvement and verifying compliance with health plan documents. Remedy serves a diverse client base of companies with employee count ranging from 500 to 500,000. Remedy’s customers consist of organizations across nearly every industry including retail, media, unions, government, and financial services. Alongside working directly with its clients, Remedy also works with brokers and consultants who want the required technology and skill-set as a complement to their own offerings. Martin also proudly mentions Remedy’s growth on an average of one hundred percent a year, in client base and revenue. Beyond the technology, a vital role in the company’s success is their work culture; at Remedy, talent is recognized, let loose on the problem, allowing the employee to shine in achieving all the goals that are set.

“We view the product based solutions that consultants create to drive the market as conflicts of interest that don’t fix the employers problems and are financially self-serving.” Our technology is a neutral and unbiased “MRI forensic” solution, which, in turn, identifies the real problems and creates the blue print to correct them with any vendor, even the incumbent. An unbiased neutral technology based solution makes us a trusted partner for the client and opens opportunities that enable us to continue solving problems,” adds Martin. Remedy further aims to capture every pharmacy-centric arena and continues to make its system smarter while uncovering solutions, which can help its clients. It remains a growing solution that evolves with the ever-changing prescription drug market.

Company
Remedy Analytics

Headquarters
Milwaukee, WI

Management
Scott Martin Founder, Chairman & CEO

Description
Offers significant savings to the payers of Pharmacy Benefit Management (PBM), through its analytics software engine

Remedy Analytics