The Silicon Review
As we eliminate the extensive time and resources required to manage healthcare costs, we will begin to whittle away at the $1 trillion in current wasteful spending. We will start to see signs of improvement in a primarily broken US healthcare system. Reduction in cost yields greater healthcare affordability, accessibility, and availability. This self-perpetuating cycle of improving cost and quality can drive up overall individual health, which in turn helps further improve the healthcare system. The only way to truly save our healthcare system is to make it more affordable, accessible, and available. Xevant and its team of passionate industry leaders make that its daily commitment.
Xevant’s team of experts has been delivering healthcare client management, repricing, savings, and client optimization for over 25 years. The methodologies developed by these experts have been embedded within the Xevant platform in order to provide their customers with a perfect blend of proven “Logic” coupled with innovative features and functionalities. The end result is an enterprise “business and client optimization” platform.
We recently interviewed Brandon Newman, CEO and Founder of Xevant, to learn more about the platform and how it is helping make savings for its users and clients. Read on for the excerpts from the interview.
Q. What was the motivation behind starting Xevant?
Healthcare is a $4 trillion business with 25% considered wasteful. Historic approaches to eliminate waste within healthcare have required a massive amount of time and resources to run and analyze reporting by the end-customer to hopefully reduce wasteful spending by 1-3%, months to years after wasteful costs have already incurred. Our motivation isn’t necessarily groundbreaking but simply utilizes new technology and processes to achieve greater results with fewer resources and in less time. To that end, we’ve built a revolutionary analytics platform that infuses automation and alerting throughout the data analysis process and then reviews and analyzes billions of healthcare events and transactions to instantly identify top concern areas and wasteful spending in real-time. The result is faster, more accurate data and a greater reduction of healthcare waste creating affordability, accessibility, and availability of healthcare to all US citizens. It’s a goal we can all align with.
Q. How does Xevant help make immediate and long-term cost savings for users and their clients?
Most organizations that manage pharmacy benefits are heavily dependent upon lengthy and labor-intensive data aggregation, report processing and analysis hoping to uncover significant client and patient insights.
Xevant’s revolutionary pharmacy benefits platform infuses real-time automation throughout the data analysis process accelerating and simplifying the painstaking task of report building for PBMs, TPAs, Health Plans, and Brokers. Automated alerts monitor plan performance and notify users of where to take action. The results—faster, more accurate insights. Plus, immediate and long-term cost savings for users and their clients.
Q. How important is it to automate daily claim information and insights? How will it help clients?
The old PBM playbook suggests we task an army of trained experts to manually run and analyze reports to identify a few trends to present to clients. This process is extremely inefficient, time-consuming, and expensive, and it rarely happens more than annually due to the difficulty and complexity of analyzing detailed reports for every client.
Xevant is a tech-enabled solution that automates the extremely difficult task of analyzing hundreds of thousands of circumstances and trends every single day in order to identify the exact moment an opportunity to boost pharmacy benefits optimization presents itself and not 15 months later. This is equivalent to running an extremely comprehensive plan review comprised of thousands of reports, metrics, and analysis for every client and having it reviewed by the best financial and clinical experts – all on a daily basis. This is the new playbook, one with rules-driven by tech-enabled solutions.
Q. Could you tell us a bit about the company work culture?
Our mantra is “People before Profits.” We have heavily invested our time, money, resources, and heart into every talented and diverse employee that comes to Xevant each day, ready to contribute their talent, expertise, and commitment towards reducing the cost of healthcare and improving patient outcomes. Although Xevant has created an incredibly robust automated platform that helps our clients to reduce cost by 15%, tomorrow they will need something more. It’s only through our People that we can deliver that future need that has an exponential value attached. That’s truly the real product we provide.
Q. How was it working through the COVID-19? How did you adapt?
When COVID hit in March of 2020, we were forced to adopt a work-from-home approach, as was almost everyone, something we were initially reluctant about. But seeing how there was a 20% increase in productivity and a 100% employee satisfaction rate working from home, we decided to happily reevaluate the conclusions made in the last few years and adopted a more hybrid approach. This also set us up for hiring the best people from around the country rather than the typical approach of staying closer to home. We have more than doubled the size of our team over the last year and near two-thirds of those new hires were from out of state.
Q. Do you have any new products/services ready to be launched?
In the pharmacy benefits space, Xevant has been responsible for optimizing more than 10,000 clients and analyzed more than 20 billion claims all in real-time. We are confident that apart from pharmacy benefits, Xevant can be successfully deployed in other healthcare-specific areas as well. Already working on these new and improved processes, we are eager to make the platform available to a broader spectrum of healthcare and medical facilities, laboratories, and other sub-markets. To this end, Xevant recently launched its latest module, RebateLogic, the first fully transparent drug rebate solution cutting rebate processing time down by 66%. It’s truly revolutionary, bringing savings to the end patient as it was meant to be.
Brandon Newman, CEO and Founder
Brandon has been in the Pharmacy Benefits industry for 30 years during which time he has been responsible for the success of many high-growth organizations. He considers the healthcare sector to be a vast myriad of interconnected stakeholders and sub-industries, providing unlimited opportunity to innovate.
Today, Brandon and Xevant are entirely focused on bringing meaningful value and delivering solutions and services to payers, pharmacy benefits managers, administrators, consultants, and brokers. What started with tireless days and nights to build a real-time automated analytics platform for the healthcare industry is now the go-to for those who seek to benefit from Xevant’s distinctive technology that can automate processes that were unthinkable just months ago.