LAS VEGAS, NV – April 15, 2008, ScripNet establishes industry position with growth, infrastructure, tools, and a call for efficiency, effectiveness and transparency. ScripNet, a nationwide pharmacy benefit manager (PBM) who contracts with workers’ compensation insurance carriers and pharmacies to ease the availability of prescription medications to injured workers, has been ranked by Business Insurance Magazine as the third largest provider of Pharmacy Benefit Management services in Workers Compensation, based on the number of lives enrolled.The ranking was based on a Business Insurance Survey and was published in the March 10, 2008 edition of Business Insurance Magazine. It was reported that ScripNet had 210,000 lives enrolled and sixty-one active clients.
“It is great to be recognized in our industry as a key player,” said Dennis Sponer, president and CEO of ScripNet. “We achieved significant growth between our founding in 1997 and 2002 when we hit the Inc 500 List as the 34th fastest growing private company in America. Since then we have focused on building our infrastructure and providing quality service to our customers and partners.”
“We are large enough to have achieved economies of scale and cost benefits from the investments that we made in building our own network of pharmacies, in creating an information infrastructure that supports online access and real-time communications with providers and adjusters, in creating customized formularies and a Drug Utilization Review program that deters abuse and fraud and reduces administrative expenses. Yet we are small enough to provide personalized service and support to our customers and pharmacy partners.”
“We are also large enough to be outspoken about key issues that affect our industry, fostering increased awareness, communication and transparency. We were one of the earliest vendors to provide support for and compliance with the Texas Department of Insurance mandate that workers’ compensation carriers accept eBilling from health care providers, which we expect to spread to other states.
Also acknowledged by consultant – Maddy Bowling in a November 2007 Business Insurance Magazine Article “ScripNet has taken the most aggressive stance against the third-party billers, arguing that since ScripNet has direct contracts with their pharmacies (unlike many other PBMs which merely lease access to pharmacy networks), even if a participating pharmacy sells a covered prescription to a third-party biller, the payer is only obligated to reimburse that biller for the lower contracted amount originally agreed to by the pharmacy.”
“ScripNet has joined PBM Industry consortium CompPharma, speaking out for improved efficiency and effectiveness across carrier, pharmacy and PBM industry participants through automation, communication and transparency,” said Sponer.
ScripNet is one of the fastest growing pharmacy benefit management (PBM) companies in North America, providing PBM services to over 2,000,000 employees through pharmacies in all 50 states. ScripNet electronically processes prescription drug claims for workers’ compensation, which allows insurance carriers, large self-insured companies, municipalities, managed-care organizations, and third-party administrators to participate in better cost control and increased efficiency for pharmacists, and offers more convenience for injured workers. ScripNet offers a drug utilization review program that improves patient care, reduces fraud and abuse, and cuts administrative expense. ScripNet is a three time winner of Inc. Magazine’s annual listing of the 500 fastest growing privately held companies in the nation.