Imagine 360 unveils new products to provide employers with greater transparency
Imagion360, an alternative health program, launched a new product called “Full Care” on Wednesday, which includes direct contracts with providers and transparent pharmacy solutions.
Based in Wayne, Pennsylvania, Imagine360 serves employers including manufacturing companies, nonprofit organizations, restaurants and more. The new complete care product builds on its current products, the Imagion360RX is a pharmacy welfare manager solution powered by Liviniti, which shares investors with Imagine360 (Water Street Healthcare Partners).
Imagion360RX offers all drug discounts and discounts to employers and provides alternative procurement for drugs, such as finding low-cost drugs from the UK and Canada. It also provides employers with reports on health care claims and pharmacy costs. Members can also receive answers about their medical and pharmacy needs through a portal and phone number.
“Before that, we will be working with about 70 different types of PBM solutions. … This is our first year of launching and promoting and will be branded and aligned with Imagine 360, which is great because every day people who help our employees and family members help their current health plan can need the same person in the same person, which is what the same person needs.
In addition to the Imagine360RX, Complete Care offers direct contracts with health systems and providers, using reference-based pricing models. In this model, the company uses benchmarks such as the actual cost of a service paid by Medicare or the procedures reported by a healthcare organization and increases profits.
The launch of this new product is a time when health care costs are rapidly increasing, and prescription drug costs are an important part of this. According to the Health Business Group, pharmacy costs account for about a quarter of employers’ total health care costs. Due to lack of transparency, it has faced a lot of scrutiny lately, including traditional PBMs including Optum RX, Express scripting and CVS Caremark. This has led many employers to adopt or consider transparent PBM.
“We think we think the two most stubborn cost areas for employers and employees and their families, which are the costs of health care provided by the hospital system and providers, and then the costs of prescription medications for pharmacies and families and employers,” Buck said. “Our main goal is to try to save money in both areas of spending. “Two, making it better and easier for members to visit care.” Finally, the data is able to be shared with everyone, claim information so that there is complete transparency with whom and why. ”
To measure the success of complete care, Imagion360 will track savings, member experience and growth. A recent actuarial report found that Imagine360 reduces employers' medical expenses by about 20% compared to traditional health plans. Now with complete care products, the company expects to save 5-10% for employers.
Imagine 360 is not the only alternative health plan there. Others include Centivo and Surest.
Source: Weiyi Zhu, Getty Images
