The Silicon Review
"The creation of our platform based on new technology eases the compliance aspects of the pharmacy benefits with the ever-changing Medicare regulations and Obamacare."
PharmPix is a state-of-the-art pharmacy benefit information and management provider. It offers innovative strategies, greater access to usable information, flexible, coordinated services for health insurers, government health programs, including Medicaid and Medicare and Prescription Benefit Managers (PBMs).
The company was founded in 2009 and is based in Irving, Texas.
In Conversation with Martty Martinez Fraticelli, President and Chief Pharmacy Officer of PharmPix
What inspired you to start PharmPix Corp? Brief us about the journey so far.
Of the five founders, three were minority shareholders at another company similar to ours. We had a different vision and started PharmPix to improve the pharmacy practice, make people healthier, and provide cost-effective services to our clients.
Q. PharmPix is a 'virtual' full-service PBM (pharmacy benefit management) with an adaptable business model for different pharmacy delivery solutions. How uniquely do you address your customers' pain points?
It’s all about our technology. Pharmacy claims platforms were created in the 1980s with the sole purpose of paying pharmacy claims. We created OneArk™, our technology platform, to correctly adjudicate pharmacy claims not only in terms of pricing, benefits, formulary, and other edits, but also in terms of clinical aspects. The creation of our platform based on new technology also eases the pharmacy's compliance aspects with the ever-changing Medicare regulations and Obamacare. Now more than ever, you need technology that can be nimble when changes are needed. Also, you need technology that can help your clients differentiate from others. Our technology moves along the movement of Value-Based Healthcare, where information is easier to interchange with other healthcare services and intelligently analyze it to improve patients' health and experience navigating the healthcare offerings.
Q. Your company offers OneArk™ Suite, an innovative technology platform that effectively allows your customers to manage their pharmacy benefit costs. How does this platform benefit your customers?
The pharmacy benefit is the single benefit in healthcare with the highest cost trend in the last few years due to specialty medications. We help our clients to bend the cost trend curve and thus, perpetuate this important health benefit.
Besides, we help improve pharmacy practice giving pharmacies at the point of sale with actionable and relevant information. There is no doubt that better pharmacy practice improves health outcomes.
Delineate a short overview of the services your company offers.
We offer the following services: Pharmacy claims processing, pharmacy retail networking services to over 65,000 pharmacies across the nation, rebate aggregation management, clinical services, pharmacy help desk, clinical call centers, e-prescription, and e-PA services.
Q. How did you form your dream team? And tell me about a time you had to set your interests or priorities aside in the interest of the team.
Like I mentioned above, three of the five founders were minority shareholders in a previous endeavor, so we already knew our collective strengths and weaknesses and how to leverage them. In terms of the other team members, we first created our mission, vision, and cultural values in summary. Then, we screened every applicant through those values. We paid close attention to attitudes more than aptitudes.
It is always difficult when you have a team of founders instead of a single one because, in one way or another, everybody has different priorities and interests. The key is to learn that leadership always comes together with followership. You must understand when to act as a follower and learn from other perspectives. The result will not always satisfy you, but everybody must analyze the outcome and look hard for the lessons learned.
Q. What are the key factors that determine your company's success? And what are you doing to stay ahead of the curve?
Believe that constant innovation is the key to success. We have created a culture of constant innovation and a tolerance to failure. There is no way to innovate without tolerance to failure. Of course, measurable and control failures.
Q. What new endeavors is your company currently undertaking?
PharmPix is currently moving into expanding our footprint in other areas of healthcare services. For us, pharmacy is a small portion of healthcare, and to impact patient's health, it must be a more holistic approach.
Q. About your plans, where do you see your company a couple of years from now?
In the next five years, we plan to become the biggest pharmacy claim processor in the PBM middle market. We also plan to expand our technological services across other healthcare sectors related to pharmacy.