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The subsidiary, called Vivid Clear Rx, will provide PBM services to help the company's 88,000 employees better manage their healthcare costs.
Hy-Vee, an employee-owned company that owns 275 supermarkets in eight Midwestern states. announced today the launch of its newest subsidiary, Vivid Clear Rx. The new subsidiary will offer affordable pharmacy benefit management services to Hy-Vee’s more than 88,000 employees as well as other employers looking to maximize their employee benefits spending.
“Health care spending continues to be a leading concern for employers across the country, and every business wants to make sure they are providing the best benefits for their employees at the best value,” said Randy Edeker, Hy-Vee chairman, CEO and president, in a press release.
“With the launch of Vivid Clear Rx," he continued, "we’re leveraging our experience in the pharmacy industry and the expertise we’ve gained from serving millions of pharmacy patients to help other employers make the most of every health care dollar they’re investing in their employees.”
Vivid Clear Rx will offer a full range of flexible pharmacy benefit management services, powered by RxSense’s RxAgile enterprise technology, which will provide clarity to those utilizing the company’s services. RxSense is providing Vivid Clear Rx with a full-service suite of modules for pharmacy benefit management that will supplement assets that Hy-Vee already owns and operates. RxSense’s analytics product RxIQ will provide Vivid Clear Rx with real-time health plan performance insights through customizable data dashboards; financial, operational and clinical action alerts; and the ability to quickly evaluate data by claim type, pharmacy or geography.
“We are very excited to offer services in partnership with RxSense, as we know their data platform will help businesses, including Hy-Vee, make even better decisions when it comes to employee benefits and pharmacy spending,” said Mike Agostino, senior vice president for pharmacy business development at Hy-Vee and president of Vivid Clear Rx, in the company press release. “We look forward to helping Hy-Vee and many other employers around the country gain better insights into their pharmacy benefits spending as well as bring greater value to their health care programs.”
Hy-Vee, which is headquartered in West Des Moines, Iowa, a suburb of Des Moines, has annual sales revenue of $10 billion, according to the press release.