NEW YORK--(BUSINESS WIRE)-- In its mission to simplify the complex payment process that plagues the prescription drug claims industry, Truveris, Inc. announced today that PBM and health care industry veteran, Bryan Birch, will become the new chairman, president and CEO. Birch brings more than 20 years of domain experience that includes senior executive roles at Medco Health Solutions, Empire Blue Cross Blue Shield and Oxford Health Plans. Birch will join the founding team, which earlier this year secured an oversubscribed initial round of venture funding led by Tribeca Venture Partners and joined by New Atlantic Ventures and First Round Capital.
“Truveris is tackling a $300 billion market opportunity with a patent pending system that has processed more than 100 million prescription drug claims to catch discrepancies and waste,” said Bryan Birch, chairman, president and CEO, Truveris. “During this era of healthcare reform and economic uncertainty, Truveris has gained strong traction with self-insured organizations, health plans, government agencies and corporations that are under increased pressure to be more fiscally responsible. Joining Truveris is an incredible opportunity to help customers contain costs and mitigate liability in a segment that historically has been non-transparent with its business practices and with costs that are consistently outpacing the rate of inflation.”
Prescription drugs represent the fastest growing cost segment of health care. Every two weeks, invoices for over $12 billion in prescriptions claims are paid without review and up to 20 percent of those claims are inaccurately billed. Traditionally, health insurance companies and self-insured corporations outsource to Pharmacy Benefit Managers (PBMs) to more economically process prescription drug claims. Yet the billing process has been so complex, it is nearly impossible to catch errors. Truveris allows payers to verify and pay Prescription Benefit Managers only for correctly priced and adjudicated claims, prior to payment. As a cloud-based software application, Truveris automatically reviews claims in a matter of hours, with reports available on a secure, customized site, for cost accuracy, member cost share, eligibility, fraud, Sarbanes-Oxley (SOX), Retiree Drug Subsidy (RDS), Health Insurance Portability and Accountability Act (HIPPA) compliance.
“Having Bryan join the company is a huge endorsement,” said A.J. Loiacono, a founding member of Truveris. “Bryan understands the inefficiencies of the claim processing system and how to apply technology to ensure cost containment for customers of all sizes.”
Prior to joining Truveris, Birch was chairman, president and CEO of Touchstone Health Plans, where he was responsible for the Medicare Advantage Heath Plan operating in 11 New York State counties. Birch remains Touchstone’s non-executive chairman of the board. Previously, Birch was with Medco Health Solutions, one of the largest pharmacy benefit managers in the country. There, he served on Medco’s executive committee and assisted in the successful spin-off of Medco from Merck. Before that, Birch served as the senior vice president and chief sales officer of health insurance provider, Empire Blue Cross Blue Shield. During his tenure, he converted the company from a non-profit organization to a publicly held business before it was acquired by Wellpoint, the nation’s largest health benefits company. Prior to Empire Blue Cross Blue Shield, Birch co-founded iHealth Technologies, which helps reduce medical expenses and ensures physician claims are paid accurately. Earlier in his career, Birch was the CEO of Oxford Health Plans’ Connecticut Division, which is now part of UnitedHealthcare.
“Bryan is an execution-oriented, well respected industry veteran who has a history of putting companies on a path to multi-billion dollar growth,” said Scott Johnson, managing partner, New Atlantic Ventures.
“Bryan's addition to the team is a game changer for this industry,” said Somak Chattopadhyay, partner, Tribeca Venture Partners. "Bryan's deep network of relationships with the world's largest companies will allow Truveris to be a market leader in healthcare cost containment.”
Founded in 2009, Truveris helps payers of pharmacy benefits validate claim payment accuracy, ensure regulatory compliance, and manage pharmacy spend with their patent pending, scalable, automated, easy to implement claims analysis engine. Truveris has reviewed more than 100 million claims for government entities, health insurance companies, Fortune 50 corporations, and unions. Based in New York City, Truveris is funded by First Round Capital, Tribeca Venture Partners and New Atlantic Ventures.
For more information, visit truveris.com.
Stonerose for Truveris
Meghan Roman, 415-260-1857
KEYWORDS: United States North America New York
INDUSTRY KEYWORDS: Health Pharmaceutical General Health