Paul Ford | OrchestraRx

Reconstructing Healthcare: Innovative Solutions For Employers To Lower Their Healthcare Costs

Topics:

• Consumerism
• Pharmacy Benefit Manager
• Transparent Model
• Misaligned Incentives
• Reference Based Pricing
• Rebates
• Formulary Alignment

In this episode, Michael introduces you to Paul Ford, the Founder, and CEO of OrchestraRx. Join us as we discuss OrchestraRx’s consumer-driven pharmacy benefit model and the impact it can have on an employer-sponsored health plan’s drug spend.

Here’s a glance at what we discuss in this episode:

• Paul’s unique experience in healthcare and why he founded OrchestraRx
• The anti-competitive landscape and lack of transparency that enables healthcare costs to rise
• How OrchestraRx’s model is different from the traditional pharmacy benefit manager
• The difference between a Traditional PBM Model and a Transparent PBM Model
• How OrchestraRx’s consumer-driven pharmacy benefit manager model is trying to address the employer’s total net cost
• Why incentives in a traditional pharmacy benefit manager contract are misaligned
• How a smaller PBM can provide more savings to an employer than a larger PBM with more negotiating power
• OrchestraRx’s unique tools that optimize spend toward lower-cost prescription drug options
• How OrchestraRx partners with employers to create communication and engagement strategies to notify employees of new programs and cost-saving opportunities
• How OrchestraRx addresses waste in the traditional formulary structure with a reference based pricing strategy even if there is a copay structure
• OrchestraRx’s unique solution of rebate banking that facilitates a share of the prescription rebate with the employee at the point of sale
• OrchestraRx’s fee structure options and who they are a good fit for
• OrchestraRx’s website and contact information: https://www.orchestrarx.com/