NEW YORK, NY--(Marketwire - Jan 24, 2013) - Truveris, Inc. (www.truveris.com), a leading health information technology company delivering pharmacy data validation, analytics and pricing solutions, has entered into a new partnership with IBX (www.ibxonline.biz), the firm that pioneered the online RFP process for group insurance contracts. Through this collaboration, IBX will add pharmacy benefits bidding and selection services to its existing IBX Advisor Network. Truveris will also be presenting at the Third Annual IBX Advisor's Summit, taking place at the Grand Hyatt in Atlanta, GA, on February 25 and 26, 2013.
"Truveris specializes in the development of software applications, such as TruBid and TruGuard, for pharmacy benefit management," said Bryan Birch, President and CEO of Truveris. "We are thrilled that IBX recognized the value of these services for the IBX Advisor Network, and we look forward to participating in the Summit next month."
As a result of its partnership with Truveris, IBX will also establish the IBX PBM Exchange, to be powered by TruBid, one of the products in the Truveris suite. TruBid is the only platform capable of generating automated analysis of the pharmacy benefit RFP process, with instantaneous quantitative and qualitative results. In addition to more effectively managing the bidding process, TruBid encourages transparency among participating pharmacy benefit managers (PBMs). PBMs that enter the RFP process go through two rounds of bidding, with the second round allowing the competing PBMs to view the blinded leader from the first round. Once the winning PBM is selected, TruBid exports the agreed upon definitions, pricing schedule and service terms, which results in stronger contracts.
IBX will also utilize TruGuard, another Truveris product that validates claim payment accuracy, ensures regulatory compliance and manages pharmacy spend. TruGuard will empower IBX to provide more frequent and customized audits for its clients, giving them better oversight of their claims management. Truveris' presentation at the Third Annual IBX Advisor's Summit will go into further detail regarding how Truveris products can improve the pharmacy benefit management process. For more information about the Summit, please visit the registration page online here: http://ibxonline.biz/Pages/2013-IBX-Summits.aspx.
"With Truveris, we found a firm and a technology that align perfectly with the IBX vision and mission," said Christopher Schott, IBX National Director. "We look forward to the presentation by Truveris and we know our participating members will instantly recognize the value of this service."
This partnership follows three years of immense growth for Truveris, which processed more than 300 million claims in 2012. With its extensive industry expertise and advanced technology, Truveris can now accommodate more than 86 million claims per day, providing more efficient and timely results for its clients and partners.
Since its inception in 2010, IBX has pioneered the online negotiation and procurement of employee benefit contracts, beginning with Life and Disability, and adding Medical Stop Loss, Dental and Vision. Today, the IBX Advisor Network has over 50 member firms in more than 25 states. Based in Atlanta, GA, with operations in Chattanooga, TN, IBX has successfully completed more than 1,500 transactions accounting for over $2 billion of annual premium expenses, and continues to grow. For more information, please visit www.ibxonline.biz.
Founded in 2009, Truveris develops proprietary software to drive efficiency, transparency and cost containment within the prescriptions claims space. Truveris helps pharmacy benefits payors to negotiate agreements with prescription benefit managers (PBMs), validate claim payment accuracy, ensure regulatory compliance and manage pharmacy spend. Based in New York City, Truveris is funded by First Round Capital, Tribeca Venture Partners, New Leaf Venture Partners and New Atlantic Ventures. For more information, please visit www.truveris.com.