Announcements

SmithRx in 2023: A Year of Pioneering Truly Transparent Pharmacy Benefits

Written by

SmithRx

December 19, 2023

As we approach the end of 2023, our reflections at SmithRx reveal a year that transcended mere company growth. This year was about demonstrating true transparency in pharmacy benefits management. It was about nurturing an experience that consistently puts our clients and members first.

Every strategy and innovation over the last 12 months stemmed from our unwavering dedication to the needs and challenges of those we serve. We’re proud to say that we haven’t just grown; we have evolved, establishing a new standard for honest, customer-centric care in the healthcare industry.

Making a Mark in Medication Affordability

We took significant steps forward in the realm of medication affordability. Our innovative Connect 360 programs, coupled with strategic initiatives, have brought about substantial cost savings for employers. These efforts have culminated in an aggregate savings of over $200 million this year alone.

Low Cost Insulin Initiatives: We’re actively breaking new ground in making insulin more affordable. Our commitment to this cause is steadfast, and we're eager to share more about our progress. Learn more about our low cost insulin initiatives.

Partnership with Mark Cuban’s Cost Plus Drugs (MCCPD): SmithRx stands as one of the few pharmacy benefit providers accepted at MCCPD, furthering our mission to enhance affordability. Discover how this partnership benefits you.

Switch to Humira Biosimilars: Our strategic shift from Humira to biosimilars like YUSIMRY has been a game-changer, saving employers over $7 million. Learn more about the Humira to YUSIMRY transition.

Diabetes Non-Insulin Program: We've launched an innovative program that includes groundbreaking medications like Brenzaavy, focusing on non-insulin diabetes treatments.

Expansion of Existing Programs: Our Connect 360 Access Traditional Program has recently undergone expansion, now encompassing a wider range of retail pharmacies. This expansion is part of our ongoing effort to make medication access as convenient and wide-reaching as possible.

Elevating the Customer Experience with New Tools and Digital Innovations

We released a range of new digital tools and enhancements, all designed to elevate the pharmacy benefits experience for both our members and clients. These tools aren’t technology for the sake of it; they’re about connecting, simplifying, and enhancing the way we deliver our services.

Member Chat: A significant addition to our services, the Member Chat feature enables direct communication and support for our members. It's a tool that brings our members closer to the assistance they need, when they need it.

Find My Meds: This innovative feature is a game-changer for SmithRx members. Now, members can quickly locate the nearest pharmacy offering the lowest actual cost for their medication under their plan. This tool moves beyond mere cost estimates to provide real, actionable data. Learn more about Find My Meds.

Refreshed Member Portal and Website: Both our website and Member Portal have received a significant update. With a refreshed look and simplified interface, managing pharmacy benefits is now more intuitive and user-friendly. Learn more about the updated Member Portal.

Enhanced Customer Success Teams for Better Service

We've made substantial investments in our customer success and support teams, significantly growing and diversifying to enhance our support and services for both members and clients. These expansions reflect our commitment to delivering exceptional customer experiences and ensuring that we meet the evolving needs of those we serve.

Member Support Team Expansion: We're proud to announce that our Member Support team has grown by over 200%. This expansion means more dedicated professionals are available to assist our members, ensuring quicker and more efficient service.

Clinical Team Growth: Recognizing the critical role of clinical expertise, we have significantly invested in our clinical capabilities. The team has expanded tenfold, enhancing our ability to provide top-tier, clinically-informed services.

Strengthening the Connect Team: The team behind our Connect 360 program has more than doubled in size. This growth mirrors our dedication to this vital component of our service, ensuring that our programs continue to evolve and meet the needs of our members.

Enhanced Account Management Team: To better serve our clients, we've welcomed 37 new members to our Account Management team. This expansion allows us to provide more personalized and effective support to each client.

In-House Bilingual Team: Understanding the importance of inclusivity, we have established an in-house bilingual team. This team is focused on supporting our Spanish-speaking members, ensuring that language barriers do not impede access to quality care.

SmithRx in 2023: Growth Highlights

We would be remiss if we didn’t highlight our corporate growth, an integral part of our journey since our inception in 2016. This growth not only reflects our commitment to true transparency in pharmacy benefits management, but also our ability to adapt and expand in such a dynamic landscape.

Establishment of New Offices: Our footprint has significantly expanded with the establishment of a total of 4 offices across Utah, California, Texas, and Minnesota.

Enhanced Data Integration: Technologically, we've taken a giant leap forward with over 100 TPA integrations. This enhancement in data integration has significantly boosted our efficiency and reach, allowing us to serve our clients more effectively.

Clientele Growth: Our employer base has seen remarkable growth, now serving more than 3,500 clients. This increase in clientele is a clear indicator of the trust and reliability we've built.

Competitive PMPM Rates: We have consistently saved employers 20% or more on their total drug costs compared to legacy PBMs*.  

*Note: Industry standard derived from Navitus data.

Looking Ahead to 2024

Here at the end of 2023, we extend our heartfelt gratitude to you - our partners, clients, and members. Your trust and collaboration have been the cornerstone of our achievements. As we step into 2024, we are not just excited about the future of SmithRx but also about continuing to journey alongside you in transforming healthcare.

Here's to breaking new ground together in 2024!

Written by

SmithRx

A new type of pharmacy benefits manager, SmithRx is working to reduce pharmacy costs by reimagining the traditional PBM as a Drug Acquisition Platform built on transparent modern technology that aligns with the needs of our customers.