Xevant and RxPreferred Expand Partnership, Including Strategic Co-Investments to Deliver Innovative, Transparent, and Technology-Driven Pharmacy Benefits Solutions

Disrupting Traditional Pharmacy Benefits Models to Drive Down Healthcare Costs

SALT LAKE CITY & NASHVILLE, Tenn., Sept. 4, 2024 /PRNewswire/ — Xevant, a leader in pharmacy benefits optimization, and RxPreferred, a leading transparent pharmacy benefits administrator, are excited to announce the expansion of their partnership. Aligned in both vision and product, this collaboration includes strategic co-investments and aims to provide innovative, transparent, and technology-driven solutions to improve medication accessibility and significantly reduce the overall cost of healthcare.

The financial commitments to each organization will strengthen their combined market leadership, uniting their vision to address the most pressing challenges in healthcare today. The expanded partnership of the award-winning organizations will integrate Xevant’s optimization platform in RxPreferred’s platform, enabling real-time pharmacy benefits optimization at the point of care. This strategic alliance is designed to empower employers, plan sponors, and independent pharmacies, helping them manage complex contracts with PBMs (Pharmacy Benefit Managers) while addressing the critical issues of transparency and cost.

Key Features Include:

• RxPreferred’s Pharmacy Benefits Administration and Rebate Administration: Delivering a robust and transparent platform for managing pharmacy benefits and rebates, ensuring employers and independent pharmacies can effectively navigate and control costs..
• Xevant’s Rebate Processing and Pharmacy Benefits Analytics: Streamlining administration and offering advanced analytics to optimize pharmacy benefits in real-time, reducing waste and excess costs.
• Collaborative Innovation: By merging their technologies, RxPreferred and Xevant bring a new level of transparency to the pharmacy benefits space, addressing the urgent need for cost control in a data-driven envirnoment.

The strategic development between the organizations is set to disrupt an inefficient and decades-old approach to pharmacy benefits management. Leveraging cutting-edge technology, the combined solutions will empower employers to regain control over escalating drug costs and reduce their reliance on traditional pharmacy benefits strategies, which are currently under intense national and legislative scrutiny.

Brandon Newman, Founder and CEO of Xevant, stated, “Our partnership with RxPreferred marks a significant step forward in revolutionizing pharmacy benefits management. Together, we are addressing one of the most pressing issues in American healthcare today—transparency and cost. We are excited to continue collaborating with RxPreferred to deliver the best solutions for payers, pharmacies, and patients alike.”

Jeff Malone, President and CEO of RxPreferred, added, “This expanded partnership is a testament to the strength of our collaboration with Xevant. By integrating our platforms, we provide employers and independent pharmacies the tools they need to navigate the complex prescription benefit environment and reduce patient costs. We are committed to delivering innovative and transparent solutions that benefit the entire healthcare ecosystem.”

Greg Abram, Chief Growth Officer of Xevant, emphasized, “This partnership represents the future of pharmacy benefits management. Integrating our technologies will optimize cost savings and empower stakeholders to make informed decisions, ultimately improving patient outcomes.”

RxPreferred started their efforts in transforming healthcare in 2011 with transparent and custom pharmacy solutions for employers nationwide to administer their pharmacy benefits plan. This partnership is the next iteration of strategic innovation it provides its’ customers as part of an ever–evolving environment with the goals of sustainable prescription drug spend, improved member access, and transparency for employers and their members.

About Xevant
Xevant is a leading provider of pharmacy benefits optimization solutions, offering innovative technology that streamlines rebate processing and delivers advanced pharmacy benefits analytics. Xevant’s platform empowers payers, PBMs, and consultants to optimize pharmacy benefits in real-time, driving transparency and reducing costs.

About RxPreferred
RxPreferred is a Nashville-based pharmacy benefits administrator dedicated to providing transparent, technology-driven solutions that empower independent pharmacies and payers. With a focus on innovation and collaboration, RxPreferred’s platform delivers robust pharmacy benefits administration and rebate management to help clients navigate the complexities of the healthcare industry.

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SOURCE RxPreferred