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Imagine360 Launches Complete Care

In an era of escalating healthcare expenses, Imagine360 has introduced a revolutionary product called Complete Care to empower employers with full insight into their healthcare expenditures. This initiative follows increasing concerns regarding pharmacy costs and the practices of pharmacy benefit managers (PBMs), which have dominated national discussions.

Understanding Complete Care

Complete Care offers businesses a comprehensive view of their healthcare claims and pharmacy expenses. This product brings direct contracts with high-quality health systems, reference-based pricing mechanics, and fully transparent PBM services, enhancing the clarity of healthcare costs. As the company's President and CEO Jeff Bak described, managing healthcare expenses should not feel akin to grocery shopping without itemized receipts or prices. This innovative service bridges the gap, providing businesses a clear framework to analyze their spending and locate opportunities for financial savings.

Moreover, Complete Care integrates with Imagine360Rx, a pharmacy solution that maximizes cost savings while enhancing the member experience. This unique system guarantees that employers receive 100% of drug discounts and rebates, ensuring additional financial relief through proactive clinical management and alternative sourcing strategies. Employers and their members can expect a streamlined approach, as inquiries regarding both medical and pharmacy costs are managed through a single service portal.

Significant Cost Savings

A recent actuarial analysis highlighted that Imagine360 is already reducing employer healthcare costs by around 20% compared to conventional insurance plans, particularly when pharmacy expenses are excluded. With the launch of Complete Care, an additional savings of 5% to 10% is anticipated, bringing total potential savings to between 25% and 30%. This financial model not only alleviates immediate costs but also allows businesses to reinvest these savings back into workforce development.

Shifts in Industry Perspectives

Healthcare financial dynamics are shifting, particularly in light of alarming data from the Business Group on Health, which reported a surge in employer spending on pharmaceuticals, rising to over 25% of total healthcare costs within a single year. Three-quarters of employers indicated serious concerns regarding spiraling pharmacy expenses, with a mere 1% satisfied with market competitiveness. The Kaiser Family Foundation revealed more than half of American adults remain distressed about medication affordability for their families, highlighting the urgency for innovative solutions.

Consistent with these findings, 28% of surveyed employers have already adopted transparent PBMs, with another 40% contemplating this approach in the coming years. This shift reflects a sector-wide push for clearer pricing and better cost management.

Enhancing Compliance and Transparency

Recent scrutiny of various PBMs has unveiled questionable pricing practices, culminating in a series of legal challenges against employers for mismanagement of health benefit funds. Complete Care not only enhances compliance through transparent pricing but also facilitates significant cost reductions. For example, a recent case involving Wells Fargo revealed stigmatizing markups on critical medications; by leveraging a product like Imagine360Rx, employers could significantly reduce previously inflated expenses.

In summary, Imagine360 is positioned to transform the healthcare landscape for self-funded employers. With over 17 years of experience, the company promises a thoughtful and innovative approach to healthcare payments, forging paths that save employers substantial sums while improving the overall experience for employees. As we move forward, Complete Care signifies more than a new product; it embodies a commitment to transparency, compliance, and enhanced employee health.