50 Smartest Companies of the Year 2022
The Silicon Review
EmsanaRx, PBC, was founded with the mission to improve health care outcomes by bringing clarity, integrity and trust to pharmacy benefit management. The company is a part of the Emsana Health group, a majority-owned innovation studio of the Purchaser Business Group on Health (PBGH). PBGH has a more than 30-year history of success working closely with the country’s most innovative private employers and public health care purchasers to incubate new, disruptive operational programs to lower health care costs and increase quality.
“Pharmacy is the fastest rising cost in health care. Our members told us they find most pharmacy benefit programs to be of variable clinical quality, opaque, and increasingly expensive. They asked us to come up with a solution. EmsanaRx is the solution.” – Elizabeth Mitchell, President, and CEO, Purchaser Business Group on Health (PBGH)
Tired of grappling with the rising costs and poor quality of health care, this coalition of major health care purchasers (PBGH) decided to take things into their own hands, establishing a company that is designing health care products to meet its members’ needs - EmsanaRx, led by Greg Baker.
EmsanaRx works with progressive, forward-thinking, self-funded employers to ensure their members receive clinically-focused, patient-centric pharmacy benefits. EmsanaRx is uniquely positioned to meet the pharmacy benefit needs of self-funded employers responsible for the health care benefits of 100,000 or more lives and well-positioned to lead industry change in health care benefits management.
Greg Baker, co-founder and CEO of EmsanaRx, brings a strong clinical focus to pharmacy benefit management. Throughout his 25-year career, he has been a leader in direct pharmacy services with a focus on optimizing patient outcomes. Greg has genuine care and concern for the well-being of patients. His commitment to improving patient outcomes led him to co-found EmsanaRx. Greg values honesty, integrity and clarity in business practices. These values, paired with the operational knowledge and insight of an industry insider, position him to be a positive force for change in the health care industry.
Staying ahead of the curve
As a company relatively new to the PBM market landscape, EmsanaRx is the only PBM created by employers, for employers. This allows the company to stay ahead of the curve by bringing customized and innovative solutions to employers and educating Global Benefit Leaders on industry problems created by traditional PBMs – all doing so while following their Four Pillars of Excellence:
Total Clarity in Business Practices
The pharmacy benefit industry is complex, multi-layered, involves many moving parts, and over 80% of the market is run by three large PBMs. This creates a perfect environment for opaque processes and procedures that too often lead to unethical business practices. Currently, traditional PBMs keep pricing a secret and focus on chasing profits through rebates and spread - all clarity that once existed is lost. It can be impossible to do what is right for members when employers cannot see clearly through intentionally complicated business practices embedded in too many traditional PBMs.
At EmsanaRx, the team promises to do what’s right. Always. This means clear and straightforward contract language, full access and rights to data, full audit rights and tools to model plan changes. EmsanaRx provides their employer clients with the tools they need to not only have the data but also to understand the data, which is required to make the best pharmacy benefit decisions possible for their members.
In addition to clarity in data practices, EmsanaRx only charges a single administration fee – there are no hidden fees for the employer clients or their members.
EmsanaRx envisions a clinically-focused, patient-centric pharmacy benefit industry. The company is taking bold steps to lead the way in making this a reality. That’s why EmsanaRx takes a clinical approach with all aspects of its business.
As a pharmacist by training, the company’s CEO Greg Baker puts patients first. EmsanaRx’s business structure, culture, policies and practices are designed with a clinical focus that centers on positive patient outcomes as the priority. Every EmsanaRx employer account is led by a clinical pharmacist providing white-glove service and high-quality care – they are dedicated to a waste-free formulary and commitment to the lowest net cost by indication.
Outdated, twentieth-century technology produces ineffective results. EmsanaRx knows that it cannot design innovative, customizable, best-in-class pharmacy benefits using cost-prohibitive, antiquated technology. That’s why the company’s technology solution is flexible, customizable and totally state-of-the-art. EmsanaRx meets twenty-first-century challenges with modern technology that is health outcome focused and capable of integrating with a myriad of vendor applications. EmsanaRx’s agile technology supports the company’s promise to do what’s right. Always.
At EmsanaRx, innovation lives in each client relationship. The team knows that the only one-size-fits-all solution is ethical business practices. Using EmsanaRx’s promise to do what’s right, the company brings clarity, integrity and trust to pharmacy benefit management.
EmsanaRx — By Employers, For Employers
Greg and the EmsanaRx board of directors decided in March 2022 that it was important to change their corporate structure from a C-Corp to a Public Benefit Corporation (or PBC) to better align with the mission and vision of the organization. PBCs exist to undo some of the wrong done in the past by money-driven, callous health care corporations and take responsibility for the public’s best interest. As a PBC, EmsanaRx is on a mission to nudge industry change while doing what’s best for employers and their members.
Path ahead for EmsanaRx
EmsanaRx is focused on its core business of improving pharmacy benefit management. The company is in the process of launching a proactive application for member and provider tools that will improve communication on the lowest cost, most effective medications for members prior to their arrival at the pharmacy.
The future for EmsanaRx means a pharmacy benefit industry that provides total clarity, integrity and trust to employers to ensure their members receive clinically-focused, patient-centric pharmacy benefits. EmsanaRx is bringing exciting change to the industry, with employers and their members at the forefront.