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Hot Healthcare IT Company to Watch in 2022: Scripta Insights Grows 560% Despite Pandemic, Delivering the Complete Pharmacy Benefit Cost Containment Solution Employers & Employees Need
Scripta Poised for Another Breakout Year in 2022, Fueled by Top-tier Strategic Partnerships, New Product Innovations, a Growing Client Roster & Impressive ROI Track Record
Boston, MA (PRNewswire) – Scripta Insights, a healthcare IT company offering a complete pharmacy analytics savings solution, is on a mission to reduce the cost of prescription drugs for employers and their employees. Despite the pandemic, the company experienced 560% year-over-year growth in 2021, proving the need and urgency for an Rx cost containment solution that works with a client’s existing PBM to control costs and improve health outcomes.
“Pharmacy costs are crushing employers and frustrating their employees,” said Eric Levin, CEO, Scripta Insights. “Unlike any prior solution, Scripta addresses the ‘entire problem’ by providing the clinical expertise, automated tools and actionable insights both employers and employees need to make better decisions about Rx spending. The results speak for themselves.”
Scripta’s solution is designed to empower HR teams and their consultants with the analytics, insights, and best-next-steps needed to better manage their existing PBM. Simultaneously, Scripta provides employees and their dependents with decision-making tools to help minimize out-of-pocket costs and allow for more informed discussions with their doctors.
Growing Client Roster, Impressive ROI Track Record
Scripta already has nearly 40 clients, ranging from self-insured SMEs to the Fortune 500, and provides support to hundreds of thousands of member lives. The company services self-insured employers, payers, Third Party Administrators (TPAs) and health plans.
Delivering immediate real savings for clients, Scripta typically reduces pharmacy spend anywhere from 5 to 20%, depending on services contracted. Most clients using the full Scripta solution see greater than 3x ROI year after year, with some yielding up to 12x ROI, and report happier, healthier members.
“I’ve been doing this for 30 years now, and it’s so rare to find an advocate on your side like Scripta who acts as a watchdog for the TPA, the plan and the member, helping all to navigate the moving target that is prescription drug costs—without any hidden incentives,” said Jay Kempton, Owner, The Kempton Group, TPA and Scripta partner. “Scripta asks the right, and sometimes tough questions, so you’re getting the most out of your PBM relationship and can make better informed decisions, while also guiding members toward high-value, low-cost medications and better outcomes.”
The Kempton Group is TPA for Scripta client Advantage Health Plans Trust (AHPT), a multiple-employer group comprised of 103 banks in the Southwest.
AHPT was spending about $6.5M annually on pharmacy benefits and needed a way to contain costs for both its employers and plan members. Scripta attacked the problem from both sides, with PBM Vendor Optimization and a Member Saving Benefit, yielding $684,000 in total plan and member savings, decreasing AHPT’s pharmacy spend by 13% in just nine months of 2021—a 6x ROI.
Kempton elaborated on the impact Scripta had on AHPT’s population, beyond the savings: “Using Scripta, our client AHPT was able to not only significantly reduce plan and member costs, but we also did it with no noise from the membership due to Scripta’s consultative approach. More than 300 plan members made prescription switches to equivalent medications Scripta recommended, adhering to their medications, while saving real dollars on recurring monthly prescription costs.”
Here’s what AHPT members had to say about using Scripta:
- “My Rx Coverage copay was $1,200 monthly… Scripta dropped that to $150!”
- “Scripta helped me change my insulin prescription and saved me about $70 a month.”
- “My daughter’s prescriptions were reduced to an affordable price, and her over-the-counter allergy medicine is (now) fully covered with a prescription.”
Strategic Partnerships, Continued Product Innovation, Immense Growth Potential
Scripta has go-to-market partnerships with four of the top six U.S. benefits brokers, giving the company access to millions of employers and employees. Among those partners is McGriff, a subsidiary of Truist Insurance Holdings, Inc. and full-service insurance broker.
“Drug spend is continuing to rise and has become a significant portion of plan sponsors’ total healthcare spend, creating an urgent need for a solution that contains Rx costs and maximizes every dollar spent to ensure our clients can sustain employer sponsored benefits for years to come,” said Denise Cabrera, National Pharmacy Practice Lead, McGriff. The Centers for Medicare and Medicaid Services projects that spending for prescription drugs will be the fastest growing healthcare expense over the next decade.
Cabrera explains why McGriff has partnered with Scripta to solve this important problem: “Scripta analytics provides an unprecedented, clear line of sight into drug spend with actionable solutions for clients to manage benefit design and dramatically reduce spend. Scripta’s member engagement program educates and empowers plan participants to take control of their out-of-pocket costs by providing the robust tools they need to make informed decisions and save money. This is imperative to sustain trend management and improve population health.”
A strategic partnership with Healthcare Bluebook, an industry leader in guiding patients to high-quality affordable care using objective cost and quality data, was announced at HLTH 2021 to offer the ultimate member out-of-pocket cost containment solution. Bluebook added Bluebook Rx, powered by Scripta, to its suite of cost containment products, giving its more than 8,000 clients and 4.6 million lives an unprecedented one-stop shop for quality medical and pharmacy savings in a single platform.
Scripta has also inked partnerships on the product side for Pharmacogenomics (PGx) testing, couponing, and direct Rx fulfillment—soon to be formally announced.
Designed to handle complex multivariable analytics, Scripta’s purpose-built AI recommendation engine identifies wasted Rx spend each month using more than 30 Scripta savings strategies, considering PBM contract terms, Rx claims data, formularies, benefit plan design, population and geography.
Scripta’s proprietary data sets are informed and constantly updated by its Pharmacy & Therapeutics (P&T) Committee, an advisory group of more than 20 practicing physicians and pharmacists. Scripta has mapped nearly every drug—7,000+ medications and medical devices, including FDA-approved and non-approved products—to every way to save, considering clinical efficacy and improved health outcomes.
Scripta has raised more than $10 million in funding, led by Pillar VC, Contour Venture Partners, Pleasant Bay Capital Partners, and CEAS Investments, and is preparing for its next round.
With offices in New York City, Boston and Savannah, Scripta services customers all across the United States. The company, founded in 2019, has 25 full-time employees.
About Scripta Insights
Scripta Insights, a company founded by doctors, is using technology to create transparency to disrupt and improve the $300B pharmacy benefits marketplace. Scripta is a healthcare, cloud-based IT solution that delivers immediate real savings on pharmacy benefit costs for self-insured employers, payers and their members. It empowers companies to take control of their pharmacy spend, while helping members get The Right Meds at the Best Price™.
Scripta’s proprietary software engine, Script.AI, was developed over a decade and is designed to analyze millions of pharmacy transactions in mere seconds to yield actionable insights. It uses data analytics, AI and expert insights from its P&T Committee to recognize savings opportunities that, until now, have been impossible to identify. Scripta has saved plans and members tens of millions of dollars on prescriptions through PBM Vendor Optimization, Data-driven Plan Design and Member Savings Benefits.
For more information about Scripta, visit www.scriptainsights.com and follow us on LinkedIn.