Fueling Revenue: How Thirdwave RX is Revolutionizing Healthcare Rebate Management

A new player approached the health care sector in 2016 with the aim and intention of disrupting the way refunds are managed. With its foundation in cutting-edge technology and an extensive understanding of pharmacy operations, Thirdwave RX was established to tackle a significant issue: the billions of dollars in manufacturer rebates that are annually lost as a result of antiquated or inefficient procedures.

The prolonged rebate administration process had long been a problem for hospitals, oncology centers, long-term care facilities, infusion centers, LTC pharmacies, and specialty providers. Conventional approaches were difficult, time-consuming, and frequently lost out on important chances to recover expenses. After identifying these issues, Thirdwave RX intervened with a creative, data-driven and compelling strategy.

Thirdwave RX's success is primarily due to its patented technology, which is made to swiftly and effortlessly acquire data from an array of sources. Healthcare providers can more easily obtain what is properly theirs thanks to this highly sophisticated technology, which not only records every qualified rebate but also streamlines the entire process. Providers are able to experience reliable, sustained rebate revenue that drastically reduces drug prices and maximizes financial results without having to worry about missed rebates or tedious human entry thanks to automated systems. Thirdwave RX is a trustworthy collaborator today, assisting healthcare providers in managing rebates with more simplicity, recovering revenue that was previously believed to be lost, and reinventing the rebate management industry.

Mission and vision

Mission: Thirdwave RX is committed to empowering healthcare providers by maximizing rebate opportunities through innovative technology and expert insights. The company aims to eliminate inefficiencies in rebate administration, ensuring that every valid claim is identified and processed seamlessly. By streamlining these processes, Thirdwave RX enables providers to focus on what matters most: delivering exceptional patient care.

Vision: Thirdwave RX envisions a transformative future for the healthcare industry, where operational efficiency and financial transparency coexist harmoniously. By harnessing automation and data analytics, the company aspires to create a system that allows healthcare providers to prioritize patient care while optimizing their financial outcomes. This forward-thinking approach positions Thirdwave RX as a catalyst for positive change, driving advancements that benefit both providers and patients alike.

Services Offered

Thirdwave RX provides a comprehensive suite of services meticulously designed to enhance rebate management for healthcare providers, ensuring they maximize their financial potential while focusing on patient care:

• Rebate Identification: Utilizing cutting-edge proprietary technology, Thirdwave RX identifies every eligible rebate opportunity available to clients. This systematic approach ensures that no potential revenue stream is overlooked, allowing providers to capitalize on all applicable manufacturer rebates.
• Automated Claims Submission: The Company streamlines the claims submission process through automation, ensuring timely and accurate submissions without imposing any upfront costs. This efficient workflow not only reduces administrative burdens but also accelerates revenue recovery for healthcare providers.
• Real-time Reporting: Clients benefit from transparent, real-time reporting that details submitted and collected rebates at the drug level. This feature empowers providers with actionable insights, allowing them to monitor performance and make informed decisions regarding their rebate strategies.
• Ongoing Therapeutic Class Reviews: Thirdwave RX employs pharmacy experts to conduct regular therapeutic class reviews, recommending strategic opportunities that maximize rebate yields while supporting clinical decision-making. This proactive approach ensures that healthcare providers remain at the forefront of the evolving landscape of rebate opportunities.
• Data Analytics Reports: The Company offers detailed analytics-driven reports that highlight incremental revenue opportunities based on drug utilization data submitted by providers. These insights enable clients to identify trends and make data-informed decisions that enhance their financial performance.

Through these robust services, Thirdwave RX not only enhances operational efficiencies but also creates new revenue streams for healthcare providers. Importantly, the company's solutions are designed to coexist seamlessly with existing agreements, such as Group Purchasing Organizations (GPO) and the 340B Drug Pricing Program, ensuring compliance and maximizing benefits without conflicting with established arrangements. This holistic approach positions Thirdwave RX as an indispensable partner in the journey toward financial optimization in the healthcare sector.

Collaboration Intentions

Thirdwave RX seeks to collaborate with healthcare organizations aiming to optimize their rebate management processes. By partnering with Thirdwave RX, organizations can expect:

• Enhanced Revenue Generation:The innovative solutions offered by Thirdwave RX are designed to uncover hidden rebate opportunities, thus generating additional revenue for healthcare providers.
• Streamlined Operations:With automated processes and expert guidance, organizations can reduce administrative burdens associated with rebate management.
• Data-Driven Decision Making:Access to real-time reporting and analytics empowers organizations to make informed decisions that positively impact their bottom line.

Conclusion

In an era where healthcare costs continue to rise, Thirdwave RX stands out as a leader in revolutionizing rebate administration. By combining cutting-edge technology with deep industry expertise, the company not only simplifies complex processes but also drives significant cost savings for healthcare providers. As they continue to innovate and expand their services, Thirdwave RX remains committed to enhancing the financial health of their partners while contributing positively to the broader healthcare ecosystem.

Eric Moskow, MD, Founder, Chairman, and CEO

"Knowledge is power. With our intuitive dashboards and reports, you have access to the information needed to manage your drug costs better and save money."