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SHARx

Tuesday, June 14, 2022

SHARx works with brokers to help save self-funded plans 50% to 70% off of their RX spend through our advocacy efforts.

Transcription:

What is SHARx?

Yeah, so SHARx is a bolt-on addition to a self-funded health plan. It's our job to work in concert with PBM. And if the TPA Medical Network allow it, to remove all drugs over $350 a month for a 30 day supply off of the formulary. We're usually talking about five to eight percent of the fills on a plan that would qualify for SHARx. The benefit to the plan to the employer is a dramatic reduction in prescription spend, typically about 50 to 70% of what they're spending through their pharmacy plan, and gives the additional benefit of putting a fence around the plan from a risk perspective to protect you from the next drug that can come to the plan. And for the employees and dependents So the patients, they still have access to their medications, but they also get the added benefit of having reduced or no cost on their fills, running through SHARx.

How is SHARx different?

Yeah, great question. So what makes SHARx a little bit different... One is the depth at what we go to, again, that $350 threshold. Most companies just focus on specialty medication. So we're going after more savings than our competitors. And we also price our product differently. So we do a flat, per employee per month fee A fixed fee expense. Most people in our industry do a percentage of savings. And with a percentage of savings, the return on investment is capped at what that percentage is. With SHARx, with our fixed fee model, the more we save a group the better the return on investment.

Who is a good fit for SHARx?

That's a very easy question to answer. Our ideal person we're looking for are healthcare brokers. Our job is to help brokers bring solutions to their clients to help them save money. So brokers can use SHARx to improve the position of an existing client. And also obviously when prospecting for new business, SHARx is used as a way to differentiate themselves from their competition.