NEW YORK– Truveris, the leader in pharmacy cost containment and program performance, announced today that the State of Minnesota has named Truveris as its exclusive PBM procurement and oversight partner. Truveris will work in partnership with the State of Minnesota to conduct a full reverse-auction process to secure the best contract pricing and terms for the state’s pharmacy benefit needs.
Truveris’ patented, reverse-auction technology, truBid®, creates a transparent and dynamic competitive PBM marketplace that drives significant savings on pharmacy pricing and improved contract terms. By conducting a rigorous reverse-auction process that has been tested and proven over several hundred procurements, Truveris delivers an outcome that is optimized for each unique organization.
“The State of Minnesota is deeply committed to enhancing the health and well-being of every one of our 52,000 employees,” said Lorna Smith, Enterprise Director, Employee Insurance for the State of Minnesota. “Creating an environment where our employees can access the medications they need at the lowest possible cost is critical to that goal. We have partnered with Truveris to help us deliver the best possible pharmacy experience for our employees.”
In addition, utilizing its proprietary truGuard™ technology, Truveris will conduct 100% claim-by-claim invoice review on behalf of the State of Minnesota. On an ongoing basis, truGuard™ analyzes 100% of claims against the plan’s contract terms, pricing files, specialty lists, and other financial terms, identifying any deviations and providing actionable insights for continuous improvement.
“We are proud to be helping the State of Minnesota protect the health of their employees by giving them access to medications at an affordable price,” said Nanette Oddo, CEO of Truveris. “Truveris has been devoted to building a technology platform that enables all employers and the public sector to participate in a transparent, competitive marketplace to drive down prescription costs. We are truly honored to partner with the State of Minnesota to help optimize their pharmacy benefit and to support their workplace goals.”
Truveris is the pioneer of the reverse-auction solution for PBM procurement and has successfully completed several hundred reverse-auctions, resulting in billions of dollars in combined savings for plan sponsors of similar size to the State of Minnesota. Truveris’ truBid® solution provides the industry’s leading cloud-based PBM reverse-auction platform, ensuring that plan sponsors can achieve objective, transparent results among a range of bidding PBMs and maximize savings through dynamic competition and customized, carve-out plan options throughout the process.
