Scripta Insights, the doctor-driven, AI-powered Rx Navigation™ company, has officially announced the launch of its Fiduciary Protection Program, which is designed to help self-insured employers stay compliant amid increased legal risks birthed by ERISA fiduciary responsibilities in prescription drug pricing.
More on that would reveal how this new program arrives bearing an ability to address ERISA lawsuits that target employers over drug pricing mismanagement. This it does on the back of unprecedented visibility into drug costs, using Scripta’s Rx Navigator price transparency tool.
Such a mechanism makes it possible for employers to deliver steadfast fiduciary oversight, powered by clear documentary evidence. Not just that, it can also help big time in the context of actively reducing prescription drug expenses for their organizations and employees.
“We’re thrilled to offer Scripta’s Fiduciary Protection Program to our clients because third-party tools like this are crucial for effective fiduciary protection,” said Seth Friedman, Pharmacy and Health Plan Services Leader at Arthur J. Gallagher, a top U.S. benefits broker. “This independent, objective data empowers clients to act in the best interest of their members, protect against ERISA litigation risks, and strengthen their pharmacy management strategy—making it an essential tool in today’s landscape.”
Talk about the given initiative on a slightly deeper level, we begin from the promise of strengthened ERISA fiduciary compliance. This translates to how the program conceives independent, third-party drug alternatives, and pricing data for every participating member, while simultaneously documenting cost-saving efforts.
Next up, we have an optimized brand of PBM contract negotiations & accountability coming into play. Basically, Scripta’s program empowers employers through data they need to negotiate better pricing terms with pharmacy benefit managers, as well as ensure that employees and employers pay fair market prices for prescriptions.
“What Scripta does is industry-changing. Having an independent third party that reviews, ‘Is this drug effective? What does it cost? Are there better options?’ is huge,” said Adam Russo, Esq., former SIIA Chair and CEO, The Phia Group, a leading provider of cost containment and legal expertise for self-insured health plans. “In an industry where many are incentivized to keep you in the system, a fresh set of eyes makes all the difference. That’s why we use Scripta for our self-funded plan–if we recommend something to our clients, we believe in using it ourselves.”
Another detail worth a mention relates to the potential for comprehensive cost benchmarking. You see, users can come expecting to seamlessly compare drug prices across pharmacies and manufacturers, identify pricing discrepancies, prevent overcharges, and at the same time, provide defensible data to prove fiduciary caution.
Hold on, we still have a few bits left to unpack, considering we haven’t yet touched upon the program’s focus on reducing risk of excessive drug spending. Basically, by identifying lower-cost alternatives and biosimilars, the program treads up a long distance to optimize prescription coverage policies and avoid lawsuits from any failure in managing excessive drug costs.
We also haven’t touched the development’s commitment to improve employee communication and plan transparency. Here, clear explanations of drug pricing will be duly provided to all members, something which should enable them to better understand costs. On top of it, they can even access tools to find lower-cost medication options.
Rounding up highlights would be Scripta’s goal of leveraging its new program to achieve strategic Rx cost containment. Bringing forth alternatives to high-cost drugs and formulary inefficiencies, the initiative will essentially look to unlock helpful data for implementing step therapy, prior authorizations, along with both short and long-term cost savings without sacrificing quality.
Among other things, it ought to be acknowledged that all the participants will also receive personalized savings reports, via app, web portal and mail, reports that will show lower-cost options and potential savings.
“Prescription drug costs have become a major blind spot in employer-sponsored healthcare, exposing plan sponsors to significant legal and financial risks,” said Eric Levin, CEO at Scripta Insights. “With our Fiduciary Protection Program, self-insured employers gain the transparency and actionable data they need to empower members, reduce costs, and safeguard against litigation.”
