Truveris operates a proprietary technology platform that replaces traditional PBM contracting and renewal models by creating a transparent, dynamic competitive marketplace. The platform drives savings on pharmacy pricing and improved contract terms while providing ongoing analysis of 100% of claims to ensure contract compliance and program optimization. Truveris serves self-insured employers nationwide with comparative procurement, deep insights, and member engagement solutions. The company plans to continue evolving its platform to further transform and reduce pharmacy spend for employers and plan members. The recent financing is intended to support Truveris’ next stage of corporate development and operational growth. Truveris emphasizes its independent, data-led approach to delivering PBM pricing transparency. Truveris offers a cloud-based analytics platform that aggregates data across the pharmacy ecosystem to deliver cost savings, patient access, and affordability solutions for employers, unions, government entities, manufacturers, retail pharmacies, and consumers. Its TruBid® solution enables clients to understand and shop PBM contracts, perform continuous bill review, and has driven an average cost reduction of 11% for customers. The company works with more than 350 customers, including nearly 30 labor unions, and supports over 25 pharmaceutical brands on patient access strategies. Truveris also operates the OneRx consumer app that helps insured and uninsured users research drug and pharmacy pricing. The platform was credited with saving the State of New Jersey $1.6 billion on prescription drug benefits. The company says the new funding will accelerate growth and expand availability of its platform across the prescription benefits market, a $450 billion industry. Truveris provides prescription-payments auditing software that uses an index of drug costs to check billed prices against pharmacy charges. The company launched its first product in 2009 and later introduced TrueBid, a marketplace for buyers and sellers of pharmaceutical payment plans. TrueBid is described as an “eBay for prescription benefits” and is aimed at improving bidding workflows and transparency for pharmacy benefits managers. Truveris is rolling out a reporting service for benefits managers that combines data warehousing and customized reports, planned for launch in the fourth quarter. The company serves about 200 customers representing 30 million members and its software processes 300 million claims annually, covering roughly 10% of U.S. drug spend. The recent financing was raised to support the rollout of these new products. Truveris builds cloud-based software (notably TruBid and TruGuard) to help payers, brokers and employers negotiate with PBMs and verify prescription-claims billing in real time. Its TruBid product automates RFPs and reverse auctions to PBMs, helping payers drive up to 12% savings annually, while TruGuard catches billing errors prior to payment. The company reports serving 11 million participants and has reviewed more than 100 million claims through its platform. Truveris says its solutions enforce standard contract terms, ensure pricing definitions and support CMS guidelines for Medicare-eligible pharmacy benefits. Founded in 2009 and based in New York City, Truveris plans to use new capital to expand its development and operations teams and to reach government entities, health insurers, self-insured corporations and unions across the U.S. The company has recruited industry veterans with prior executive roles at major health-plan and PBM organizations to support growth and product deployment. Truveris operates a scalable, automated claims-analysis engine that audits prescription claims for cost accuracy, member cost share, eligibility, fraud, SOX and RDS compliance, and other health analytics. Its service allows payers to verify and pay Pharmacy Benefit Managers only for correctly priced and adjudicated claims prior to payment. Since being founded in 2009, Truveris has reviewed more than 100 million prescription claims and attracted 30 customers. The company will use new funding to expand product development and field operations targeting government entities, health insurers, self-insured corporations, and unions across the United States. Management highlights a large market opportunity: every two weeks invoices for over $12 billion in prescription claims are paid without review, and roughly 5% are inaccurately billed. The team includes talent from University Health Plans, Hewitt, Fairview Pharmacy Services, and Bioscrip.

Total raised

$67M

Funding rounds

5

Latest round

Series E

Latest activity

May 2024