Xevent offers VerX, an RxTech operating system that uses AI-driven analytics to continuously monitor pharmacy claims and automatically route each prescription to the lowest‑net‑cost option across all PBM contracts and programs. The platform provides real‑time claim repricing, rebate administration, and formulary optimization, enabling self‑funded employers, health plans, and other payers to reduce drug spend, protect margins, and eliminate manual data reconciliation.
Funding
$18.5M 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.
HPTCFounders
Product
Problem
Pharmacy benefit management remains fragmented, with multiple PBMs, misaligned incentives, and post‑payment analytics that cause organizations to react to drug spend rather than prevent waste. This leads to time‑consuming manual data reconciliation, shrinking margins, and higher operating costs for employers, health plans, and other payers.
Solution
Xevant’s VerX platform acts as an RxTech operating system that continuously monitors real‑world pharmacy claims, pricing, rebates, and utilization data. Using AI‑driven analytics (Pulse) and decisioning (Cortex), VerX identifies the lowest‑net‑cost option for every prescription and automatically routes each claim through the optimal program, channel, or PBM without requiring plan changes. The system executes these actions in real time (Axis), delivering instant cost savings, improved margin protection, and reduced administrative effort for benefit sponsors.
Target Audience
Primary customers are self‑funded employers, health plans, third‑party administrators, and other payers that manage pharmacy benefits and seek to reduce drug spend while maintaining member access.
Features
- Real‑time claim analysis and automatic routing to the lowest‑net‑cost option across all PBM contracts and programs
- AI‑powered decision engine that prioritizes cost‑saving actions for each prescription
- Continuous performance monitoring using real‑world claims, pricing, rebate, and utilization data
- Integrated rebate administration and analytics to capture and apply manufacturer rebates efficiently
- Formulary and product‑mix optimization tools that adjust coverage based on cost and clinical value
- Instant claims repricing and adjudication to prevent waste before the transaction settles
- Contract, plan, and network management modules that centralize PBM relationships and terms
- SaaS delivery with scalable licensing based on the number of lives under management