SRX: Providing The Most Comprehensive Solution For Managing LTC Pharmacy Spend

Healthcare is one of the most diverse and complex industries in the world—from research and development to medical training, to patient care, pharmacy, and more.

Today, hoards of data from the healthcare sector lay untapped, waiting for technology and automation to find ways to use that data to revolutionize all the services under healthcare.

This is where SRX, a healthtech company, comes in. The company was established by a group of experts in the long-term care (LTC) and skilled nursing space who wanted to develop a solution that addressed the complexity involved in managing pharmacy spend. To this end, SRX has developed a proprietary technology that accesses extensive data including drug databases, formularies, and regulatory and compliance determinations, and combines them with powerful, web-based technology applications to help companies lower costs and maximize eligible rebates.

This technology allows SRX to automate and integrate the most vital issues affecting your pharmacy spend practice in a single solution. It also ensures that every pharmacy claim adheres to your established formulary and alerts you in real-time if orders are off-formulary or exceed established cost guidelines. Moreover, the technology also includes the tools and resources you need to effectively review claims, ensure bill accuracy, optimize split bill opportunities, better manage medication returns, and access OTC trends that affect your ability to maximize cost efficiencies.

All of these capabilities are further supported by SRX’s team of diverse industry experts and qualified consultants who are dedicated to providing excellent customer service and delivering the most impressive and complete solution in the industry.

We recently had a chance to talk with Scott Taylor, the Founding Principal and CEO of SRX to better understand SRX and its offerings. Here’s the complete interview.

Tell us your mission and vision statement

SRX’s mission is to leverage technology and expertise to drive innovation and operational efficiencies for long-term care and skilled nursing facilities.

Together, if managed and optimized properly, these areas create significant opportunities for improved savings and increased rebates.

Can you give us a brief overview of the products/services provided by your company?

SRX technology integrates drug databases, facility formularies, pharmacy contracts, and regulatory and compliance considerations into our web-based application that is designed to identify areas for improving efficiencies and analyzing trends. It also helps facilities receive the maximum eligible rebates. The technology is accessed through an online portal and is designed to address three specific areas that impact the lowest net cost on pharmacy spend: formulary management, reconciliation and reporting, and rebate administration.

On the formulary management side, SRX helps clients choose the right mix of recommended drugs, and works with operators and their partner pharmacies to establish rules that define limits on dosage, when to use OTC alternatives, and ensure adherence to the determined formulary. The platform also integrates facility electronic health records with comprehensive drug databases and combines powerful analytics to generate reports that offer insight into pharmacy bills, including identification of duplicate orders, and opportunities for split billing, returns, and credits.

Automation also allows technology to sift through what are often thousands of line items to ensure that all eligible rebates are identified and submitted. SRX is able to help operators receive tens, if not hundreds of thousands of rebate dollars on a quarterly basis.

How has SRX evolved/transformed over time?

The company was founded in response to identifying an opportunity to use technology to simplify the complexity involved in managing pharmacy spend. The amount of data and industry knowledge that goes into properly understanding monthly bills leaves most LTC operators completely overwhelmed. Our proprietary technology accounts for all aspects that affect spend including claims, pricing, electronic health records (EHRs), contract information, formulary parameters, and regulatory consideration.

The development of this technology took years to refine, and in the beginning, we were primarily focused on building our customer base and partner network. Due to the broad industry knowledge and expertise of our founders and leadership team however, we are now able to continue to innovate beneficial solutions for the industry. We have a wide portfolio offering consulting and advisory services to many of our clients, which has given us unique insight into other challenges facing industry operators.

Introducing The Brilliance Behind SRX Healthcare

Introducing SRX Co-Founder and CEO, Scott Taylor

Scott Taylor is one of the original founders and currently serves as chief executive officer. Scott has co-founded and invested in several other healthcare-related businesses including a portable diagnostic company. Prior to becoming involved in healthcare, Scott was an accomplished executive in the financial services industry. He holds an AB degree in economics from Harvard University.

“SRX offers the lowest net cost solution for managing post-acute care (PAC) pharmacy spend.”

“We understand that each facility is unique and has different processes, pharmacy relationships, patient care protocols, existing software and technology, electronic health record systems, and personnel resources.”

“The SRX solution integrates with your existing pharmacy relationship to create better insight and control, ensuring excellent, quantifiable results for every operator or facility.”

What do you feel makes your firm as one of the most influential companies today?

Influence comes from showing leadership, capability, and capacity to innovate. At SRX our co-founders and leadership team is composed of experts from across long-term care, insurance, finance, and healthcare broadly. This allows us to not only identify unique opportunities, but gives us the experience needed to capitalize on those opportunities. This is a dynamic industry, subject to shifts in regulation and a competitive landscape. Without extensive experience in the many aspects that impact outcomes, staying ahead of the curve is a challenge.

Concerning capability, experience and knowledge only make a difference if you can make things happen. There are so many great ideas sitting out there, it’s not enough. You have to have the right people in place to execute those ideas. A lot of that is made possible when your people are able to build a strong network of customers and industry partners. Those relationships go a long way in building and maintaining momentum and success. We’ve been fortunate in that we have had an abundance of both. Ultimately, the influence and impact we have, and that we hope to continue to have, stem from the caliber of our leadership and the quality of our relationships.

As a healthcare company, what measures have you taken regarding the COVID-19 pandemic?

In response to the COVID-19 pandemic, we developed a communication tool that utilizes texting to pre-screen visitors, as well as deliver critical, real-time communications to family members. We are also leveraging strategic partnerships to create programs like Vaccine Direct which provides flu vaccines to operators at wholesale pricing, and mail order delivery of pharmaceuticals. As we grow, we are continuing to look for ways to add value for industry operators.

What are the key differentiating factors that make your company different from others?

Our people and our products. There’s no other technology on the market that effectively drives the lowest net cost for LTC and skilled nursing facilities. The level of insight our technology offers, combined with the customer support and consulting we provide really puts us in a class of our own in this space. Additionally, the institutional knowledge we have positions us to continue leading innovation in the industry.

Every company needs the right set of people to thrive. Tell us about the people at your company.

I began my career in consulting with McKinsey and company. From that broad consulting background he moved to financial services for a time before becoming an entrepreneur and investor in several healthcare businesses, including SRX. My co-founders also include a former chief operating officer of a 40-plus nursing home group and investor in LTC pharmacy, as well as a former director of procurement from one of the largest operators in the skilled nursing environment.

We also have a licensed, registered pharmacist with over 20 years of experience in the LTC industry and team members coming from insurance, pharmaceuticals, pharmacy benefit management, and healthcare generally. Our business development team is well-connected in all facets of the industry, and our account managers have significant industry experience that allows them to act as valuable partners and advisors for our clients. Combined with an incredibly talented IT development team, we are able to offer clients a superior level of support to accompany our technology platform.

Let’s talk about the future. What’s the roadmap ahead?

With the network of customers and industry partners we have built, we now have the relationships needed to drive real change and value for the industry. We can respond directly with new technology solutions or programs that address real challenges facing our customers who include many of the largest operators in the industry. There are many opportunities to utilize technology and automation to improve operations and efficiencies, as well as patient experiences, and we are continuing to develop these as opportunities arise.

We have already moved on a number of these opportunities, some directly in response to the COVID-19 pandemic as mentioned above. Our focus is always on innovating tech-forward solutions for the industry. Based on the relationships we have with facilities and operators, we have our ear to the ground in terms of identifying opportunities early on. And our incredibly talented software development team gives us the flexibility to quickly respond to market opportunities ahead of the competition.

Any word of advice you wish to share with dreamers/budding entrepreneurs?

Stay connected. Building relationships is as important as generating great ideas. Very few entrepreneurs have all the qualities it takes to get an idea off the ground. Lean on others. Build your network, and don’t give up.