Hy-Vee is jumping into the pharmacy benefits management (PBM) business with the launch of Vivid Clear Rx, a new health care subsidiary.
The Midwestern food and drug retailer said Thursday that Vivid Clear Rx will offer affordable PBM services to the more than 88,000 Hy-Vee employees as well as to other employers “looking to maximize their employee benefits spending.”
Based in Omaha, Neb., Vivid Clear Rx will offer a full range of flexible PBM services, powered by RxAgile enterprise technology from RxSense, a health tech firm founded by Rick Bates, former president and chief operating officer of PBM Catalyst Health Solutions (later Catamaran). Plans call for Boston-based RxSense to provide Vivid Clear Rx with a full-service suite of PBM modules that will supplement existing Hy-Vee health care assets.
Vivid Clear Rx will leverage the partnership with RxSense to merchandise its own private-label PBM solutions to regional businesses. (Image courtesy of Hy-Vee)
“Health care spending continues to be a leading concern for employers across the country, and every business wants to make sure they are providing the best benefits for their employees at the best value,” Hy-Vee Chairman, CEO and President Randy Edeker said in a statement. “With the launch of Vivid Clear Rx, we’re leveraging our experience in the pharmacy industry and the expertise we’ve gained from serving millions of pharmacy patients to help other employers make the most of every health care dollar they’re investing in their employees.”
Currently, Hy-Vee operates about 270 in-store and freestanding pharmacies across its eight-state trade area, providing a full range of pharmacy care, immunization and wellness services. The West Des Moines, Iowa-based retailer also has more than 70 in-store retail health clinics and owns and operates two specialty pharmacies, Amber Pharmacy and Hy-Vee Pharmacy Solutions.
“We are very excited to offer services in partnership with RxSense, as we know their data platform will help businesses, including Hy-Vee, make even better decisions when it comes to employee benefits and pharmacy spending,” commented Mike Agostino, senior vice president for pharmacy business development at Hy-Vee and president of Vivid Clear Rx. “We look forward to helping Hy-Vee and many other employers around the country gain better insights into their pharmacy benefits spending as well as bring greater value to their health care programs.”
RxSense’s analytics product RxIQ will provide Vivid Clear Rx with real-time health plan performance insights via customizable data dashboards; financial, operational and clinical action alerts; and the ability to rapidly evaluate data by claim type, pharmacy or geography, according to Hy-Vee. Vivid Clear Rx will leverage the partnership with RxSense to merchandise its own private-label PBM solutions to regional businesses in the marketplace they serve.
“We are pleased to partner with Hy-Vee to provide them with RxAgile, our leading-edge enterprise platform for pharmacy benefits, which will power their newly formed Vivid Clear Rx subsidiary,” RxSense’s Bates stated. “Hy-Vee’s adoption of our modern platform reflects their progressive approach to managing their own prescription drug program and the tremendous value they see in our innovative self-service solutions that offer efficiency, transparency and the best-in-industry reporting and analytics engine.”
Overall, Hy-Vee operates more than 275 stores in Iowa, Illinois, Kansas, Minnesota, Missouri, Nebraska, South Dakota and Wisconsin and generates sales of $11 billion annually. The company is using its store footprint to help battle the coronavirus pandemic. Free COVID-19 testing is offered at 165 Hy-Vee drive-thru pharmacy locations, and Hy-Vee has partnered with the U.S. Department of Health and Human Services to help administer COVID-19 vaccinations once available. Pharmacy partners will directly order and receive allocations of coronavirus vaccines from the federal government, and the immunizations will be provided at no cost to the pharmacy operators and administered free to consumers at retail locations.