Paul Ford | OrchestraRx

Topics:

  • Consumerism
  • Pharmacy Benefit Manager
  • Transparent Model
  • Misaligned Incentives
  • Reference Based Pricing
  • Rebates
  • Formulary Alignment

In this episode, Michael introduces you to Paul Ford, the Founder, and CEO of OrchestraRx. Join us as we discuss OrchestraRx’s consumer-driven pharmacy benefit model and the impact it can have on an employer-sponsored health plan’s drug spend.

Here’s a glance at what we discuss in this episode:

  • Paul’s unique experience in healthcare and why he founded OrchestraRx
  • The anti-competitive landscape and lack of transparency that enables healthcare costs to rise
  • How OrchestraRx’s model is different from the traditional pharmacy benefit manager
  • The difference between a Traditional PBM Model and a Transparent PBM Model
  • How OrchestraRx’s consumer-driven pharmacy benefit manager model is trying to address the employer’s total net cost
  • Why incentives in a traditional pharmacy benefit manager contract are misaligned  
  • How a smaller PBM can provide more savings to an employer than a larger PBM with more negotiating power
  • OrchestraRx’s unique tools that optimize spend toward lower-cost prescription drug options
  • How OrchestraRx partners with employers to create communication and engagement strategies to notify employees of new programs and cost-saving opportunities
  • How OrchestraRx addresses waste in the traditional formulary structure with a reference based pricing strategy even if there is a copay structure  
  • OrchestraRx’s unique solution of rebate banking that facilitates a share of the prescription rebate with the employee at the point of sale  
  • OrchestraRx’s fee structure options and who they are a good fit for
  • OrchestraRx’s website and contact information: https://www.orchestrarx.com/

About the Host, Michael Menerey

Michael Menerey is a Senior Vice President and Benefits Consultant with one of the largest Employee Benefits Brokerage & Consulting firms in the country. He is a partner in the Employee Benefits Practice and works in the Los Angeles office.

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