Thought Leaders in Healthcare IT: Brandon Newman, CEO of Xevant (Part 1)

Brandon talks about unlocking savings related to expensive versus affordable drugs.

Sramana Mitra: Let’s start by introducing our audience to yourself and Xevant.

Brandon Newman: I’m the CEO and Co-Founder of Xevant. I have personally been a part of the pharmacy benefits and the broader healthcare technology industry for nearly 30 years in solving some of the ongoing needs that are facing healthcare such as increasing costs, changes in therapy, and changes in how employers and other players across the US manage costs in healthcare.

Over the past five years or so, we have developed several technological solutions that are focused on both analytics and automation. We enable large insurance companies and payers to not just track and manage costs and outcomes better but also to do the tedious hard work of running dozens if not hundreds of reports per customer.

We analyze those reports and come up with recommendations. Those are the solutions that we have come to market to transform and accelerate the pace at which we could help manage the high cost of healthcare. 

Sramana Mitra: The customers are mainly the payers?

Brandon Newman: The payers are an interesting definition. The payers can be a number of people. Payers can be health plans, employers, or people who flip the bill for health care. That being said, our primary customer is usually the insurance administrator, consultant, or broker.

These are the people who help those payers to better manage the cost. We give them tools to be able to automate that very tedious process of managing health benefits. They end up delivering services to those payers through our platform.

Sramana Mitra: Is the business and enterprise a software business?

Brandon Newman: Yes, we don’t sell to consumers. There is no consumer-centered solution that would do that. All of our tools and solutions are enterprise-wide. We become a back-end partner for most of our clients. We are talking about somewhere north of $20 billion in drug costs that run through our system.

Within our platform, there are over 3000 specific reports and reporting metrics and over 320 modules and dashboards that deliver on a broad base enterprise across multiple departments within a very large organization.

Sramana Mitra: Let’s take a use case in a large insurance company. Take me through what is exactly happening.

Brandon Newman: Let’s take a use case where we have a health plan that is managing 500,000 patients. Primarily, we are focused on the pharmacy benefits or drugs. Out of those 500,000 members, they are spending roughly $500 million every single year on medications.

Unfortunately, that cost is accelerating at a breakneck pace that is significantly larger than overall inflation or standard inflation. We have a scenario where we are increasing at a significant pace, we are increasing at three times the pace than typical medical cost. This includes the physician, hospital, and other costs. 

This segment is part 1 in the series : Thought Leaders in Healthcare IT: Brandon Newman, CEO of Xevant
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