HOUSTON--(BUSINESS WIRE)--PersonalMed, LLC ‘s proprietary, cloud-based billing and claims-management platform for compounded prescriptions, PAGO, has entered into a billing and claims-management services agreement with Humco, Inc. Humco provides qualified compounding pharmacies with access to its innovative products that bring enhanced value to payers, patients and providers. Both parties aim to enable participating pharmacies to provide cost-appropriate compound medications that will be granted preferred status on payers’ formularies. For payers, the offering addresses the key issue of managing compounded medication costs through pre-edit and billing management via PersonalMed’s proprietary platform, PAGO.
The platform and the Humco offering benefit pharmacies, third-party payers such as healthcare plan sponsors and their pharmacy benefit managers (PBMs):
- Payers and PBMs are assured that the network of pharmacies filling prescriptions will meet the highest standards of quality and will agree to the conditions and parameters they set on payment of compounded prescriptions.
- Prescribers and pharmacies will know ahead of writing and filling prescriptions the conditions and circumstances that will qualify for reimbursement.
Ernie Rapp, president of PersonalMed, said, “Payers are very focused on controlling their costs. We believe that compounds do and will provide real medical and cost solutions for patients and payers. PAGO is a quantum leap for payers having confidence in fraud prevention and that compounded dispensing and payment protocols are adhered to. Through complex algorithms, and integrated with the PBM’s adjudication platform, PAGO accomplishes this goal for them.”
The program is initially launched with Humco to bring RECURA™ Antifungal Topical Cream and a pipeline of other solutions that Humco has extensively studied for use by compounding pharmacists to help patients. Greg Pulido, chairman and CEO of Humco, added, “We are thrilled to launch this partnership with the PAGO platform. Humco and PAGO have a keen awareness of the state of the industry and the past abuses committed within it. Together with PAGO, we believe that we can create value for patients, pharmacies and payers. The partnership will bring Humco’s extensive pipeline of innovative, well-studied products in key therapeutic categories to the marketplace.”
The new joint offering is available to members of PersonalMed’s high-performance network of compounding pharmacies and others that meet the same strict participation requirements. For complete details, email firstname.lastname@example.org or call (844) 900-7832.
PersonalMed, LLC provides services to third-party payers to manage and process claims for compounded medications through (i) its Preferred Provider Network and (ii) its PAGO platform. The Preferred Provider Network is a high-performance network of compounding pharmacies that agree to comply with strict credentialing standards in addition to holding PCAB Accreditation, a service of the Accreditation Commission for Health Care (ACHC). PersonalMed’s credentialing focuses on accreditation, legal compliance, clinical and quality standards, ownership, training, pricing, contract compliance and business practices. PAGO is a cloud-based billing and claims management platform. For more information, visit PersonalMed's website at www.personalmedrx.com.
Humco, founded in 1872, is a diversified global pharmaceutical company. Humco is focused on developing, manufacturing and commercializing innovative pharmaceuticals and high-quality over-the-counter medicines for patients around the world.
With headquarters in Austin, TX, Humco serves over 45,000 pharmacies through its Pharmaceutical Segment and its Consumer OTC Products franchise. The company is anchored by its leading non-sterile compounding delivery vehicles, including topical and transdermal creams and syrups and suspensions. Humco also serves consumers through its established and diverse Consumer OTC Products business of over 160 items with product placement in all major chains, grocery, mass retailers and independent pharmacies. Humco’s leading team of professionals have strong expertise ranging from product development to commercialization in the company's state-of-the-art FDA registered, cGMP-compliant facilities.
With a presence in approximately 20 countries, Humco is committed to working with pharmacists, physicians, healthcare providers and patients to deliver innovative and meaningful treatments that help people around the world live longer, healthier lives. For more information, visit Humco's website at www.humco.com.