SmithRx is a transparent pharmacy benefits manager that utilizes a pass-through pricing model to eliminate hidden fees and align incentives with self-insured employers. By leveraging advanced sourcing pathways, SmithRx connects members to the lowest-cost medications, consistently achieving savings of 20% or more compared to traditional PBMs.
Funding
$109.7M raised to dateRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
Founders
Product
Problem
Traditional pharmacy benefit managers (PBMs) often lack transparency, leading to hidden fees, misaligned incentives, and inflated drug costs for self-insured employers and their members. This complexity makes it difficult for employers to understand where their money is going and ensure their employees have access to the lowest-cost medications.
Solution
SmithRx is a pharmacy benefits manager (PBM) that offers a transparent, pass-through pricing model, aligning its incentives with self-insured employers. By leveraging advanced sourcing pathways and technology, SmithRx connects members to the lowest-cost medications, consistently achieving significant savings compared to traditional PBMs. SmithRx operates independently from insurance companies and pharmacies, ensuring that its focus remains on delivering value and savings to its customers through clear pricing and a commitment to passing through all savings directly to employers. The platform provides tailored tools for brokers, employers, and members, streamlining support and providing data-driven insights.
Target Audience
SmithRx primarily serves self-insured employers looking to reduce pharmacy costs and improve transparency in their pharmacy benefits, as well as brokers and third-party administrators seeking innovative PBM solutions for their clients.
Features
- Transparent, pass-through pricing model with no hidden fees or rebates
- Innovative sourcing pathways to identify the lowest-cost drugs
- Custom portals for brokers, employers, and members for streamlined support and insights
- Digital member card for easy access to pharmacy benefits
- Claims data analysis to identify cost-saving opportunities
- Integration with over 500 brokers and third-party administrators
- Member support via phone and chat