What You Should Know:
– MacroHealth, a healthcare technology company known for its intelligent healthcare marketplace connecting health payers and vendor partners, today announced its acquisition of Foundational Pharmacy Strategies (FPS). Financial details of the acquisition were not disclosed.
– FPS is an organization dedicated to managing pharmacy drug spend and developing cost-effective pharmacy solutions for benefit advisors and employer groups. This strategic move significantly broadens MacroHealth’s marketplace capabilities, now incorporating solutions to address pharmacy costs across both medical and pharmacy benefits.
Confronting Soaring US Prescription Drug Expenditures
The acquisition comes at a critical time, with retail prescription drug spending in the US reaching a staggering $450B in 2023. This figure represents an 11.4% increase from the previous year alone, according to the Centers for Medicare and Medicaid Services. The integration of FPS into MacroHealth aims to directly empower benefit advisors, consultants, health plans, and employers to gain control over high-cost drugs. Furthermore, it will enable these payers to optimize their partnerships with Pharmacy Benefit Managers (PBMs) and carriers, helping them achieve strategic and financial objectives while ensuring members receive necessary prescriptions, a superior experience, and cost savings.
A Move Towards a More Transparent Marketplace
“We think purchasers of pharmacy solutions should expect more,” stated Virgil Bretz, co-founder and CEO of MacroHealth. “This acquisition is a major step in creating a more transparent marketplace, replacing the opaque process of comparing and choosing pharmacy benefit management solutions.”
Blue-chip payers already utilizing MacroHealth’s solutions have reported significant savings in medical costs and provider network strategies. On average, health plans connected to MacroHealth have seen a 16% reduction in healthcare spending. With the new pharmacy benefit optimization capabilities, MacroHealth is poised to deliver comparable value in one of the most rapidly escalating areas of healthcare expenditure.
Scaling Efforts for Affordable Pharmacy Benefits
By joining MacroHealth, Foundational Pharmacy Strategies will be able to scale its initiatives to make pharmacy benefits more affordable. FPS plans to further enhance its predictive analytics capabilities, continuing its work to assist brokers and plan sponsors in optimizing both the cost and quality of their pharmacy benefit offerings.
“With our country facing unsustainable pharmacy costs, it’s time for a new era of end-to-end transparency,” said Christine Johnston, co-founder and president of Foundational Pharmacy Strategies. “Joining forces with MacroHealth dramatically expands our reach and amplifies our ability to deliver cost-effective pharmacy management solutions to a wider network of payers and their members. Together, we are poised to make a significant impact to lower drug costs and improve the overall healthcare experience.”
Enhanced Marketplace for Comprehensive Cost Optimization
With the incorporation of FPS, MacroHealth’s marketplace now offers a comprehensive platform for health plans, employers, and benefit advisors. It enables them to identify opportunities for optimizing both pharmacy and medical spend and, crucially, to translate these insights into actionable strategies through marketplace connections.
About Foundational Pharmacy Strategies
Founded in 2023, Foundational Pharmacy Strategies has focused on reducing pharmacy costs while maintaining high-quality employer benefits. The organization has been at the forefront of transforming the complexities of pharmacy benefit management into streamlined, cost-effective solutions accessible to all employers. FPS’s vision is to empower benefit advisors with exceptional expertise and advanced tools to effectively advocate for their clients’ best interests.
