Xevant: Automated Analytics for Healthcare Management

    Brandon Newman

    Founder & CEO

    “We’ve built an intelligent analytics platform that automates the process of reviewing and analyzing billions of healthcare events and transactions and then alerts users in real-time of top concern areas and wasteful spending”

    Healthcare is a $4 trillion business with 25% considered wasteful. Historical approaches to eliminate waste within healthcare have required a massive amount of time and resources aggregating data and running and analyzing reports, only to recover 1-3% of losses. Simplifying and redefining this labor-intensive work is Xevant—a company that has delivered an intelligent analytics platform that autonomously compiles complete pharmacy claims data analyses, builds reports, and identifies specific client hotspots and requirements, all in real-time.

    Xevant’s revolutionary pharmacy benefits platform infuses real-time automation throughout the data analysis process, accelerating and simplifying the painstaking task of report building for PBMs, TPAs, Health Plans, Brokers and Consultants. Automated alerts monitor plan performance and notify users of where to act. The results—faster, more accurate insights in addition to the immediate and long-term cost savings for users and their clients. “Our motivation isn’t necessarily ground-breaking but simply utilizes new technology and processes to achieve greater results with fewer resources and in less time. To that end, we’ve built an intelligent analytics platform that automates the process of reviewing and analyzing billions of healthcare events and transactions and then alerts users in real-time of top concern areas and wasteful spending. Critical pharmacy analyses that took weeks, months or more can now be done instantly,” begins Brandon Newman, Founder and CEO, Xevant.

    Converting Data into Opportunities

    Deploying and configuring the Xevant platform is simple and based on elements related to the usage of the platform, including lives under management. Xevant’s powerful analytics platform is comprised of 12 core modules, more than 300 dashboards, and over 3,500 reports that work together to save time through automation and real-time reporting. At the core of the platform are different modules that include DataLogic, AlertLogic, ScripLogic, FinanceLogic, ClinicalLogic, BidLogic, RebateLogic, and TrendLogic. Each module is specifically designed to perform a variety of tasks, from data and finance management to clinical program automation. For example, TrendLogic guides benefits payers, including brokers and employers, to improve performance and reduce costs through a comprehensive trend analysis utilizing pharmacy claims data. From this evaluation, TrendLogic can identify key drivers that directly impact the bottom line. The analysis includes a PBM pricing comparison to determine if you can increase savings by securing improved PBM pricing. In addition, the platform uses advanced AI to quickly produce a detailed report that pinpoints the primary sources of pharmacy benefit cost increases by category. “Through a deep analysis utilizing your pharmacy claims data, TrendLogic breaks drug cost increases into pharmacy cost drivers– PBM discounts, drug inflation, drug mix, utilization, intensity– then thoroughly examines them to determine how much each is increasing pharmacy costs. Armed with this information, along with the included PBM pricing analysis, users are empowered to make changes that result in immediate and long-term pharmacy cost savings,” explains Newman.

    Since opening its doors, Xevant’s sole mission has been to redefine the way healthcare is today and make it more accessible. The company’s distribution and adoption strategy for transformative solutions is focused on the value it provides to customers. Each solution, feature, and functionality that Xevant deploys is an opportunity to deliver more value to each customer. While explaining the company’s unique value propositions, Newman talks about an incident when the team assisted Prism Health Strategists in streamlining itsplan review process. Plan reviews notoriously take weeks to months for PBMs to complete, often resulting in outdated data that prove useless to clients they are meant to serve. With the support of Xevant, Prism gains real-time data that helps guide to more savings and better outcomes. Xevant and Prism worked collaboratively to create a product that enabled Prism to produce outputs faster than most billion-dollar PBMs. Xevant’s solution enables Prism to provide real-time insights and customize each plan review per client—taking minutes to produce rather than months.

    Redefining Pharmacy Benefits Management

    Xevant is driven by the deep insights, knowledge, and expertise from its founder Newman and his powerful team. Newman’s problem-solving skills and passion for innovation are critical elements that fuel the company’s growth plan. “Deep down, I knew that with enough work, time, and ingenuity, solutions would be found to any challenge. I stumbled into the realization that solving problems through data, software, and automation would serve my career well. Nearly 25 years and several start-ups later, I’m still at it, attempting to solve some of the largest healthcare problems of our day,” points Newman.

    Today, as Xevant eliminates the extensive time and resources required to manage healthcare costs, the company will begin to whittle away at the $1 trillion in current wasteful spending. The company will also begin to see a largely broken US healthcare system show signs of improvement. Reduction in cost yields greater healthcare affordability, accessibility, and availability. This self-perpetuating cycle of improving price and quality can drive up overall individual health, which in turn helps further improve the healthcare system. The only way to truly save the healthcare system is to make it more affordable, accessible, and available. 

    “People before Profits”

    As Newman says, “Our mantra is ‘People before Profits.’” He adds, “We have heavily invested our time, money, resources, and heart into every talented and diverse employee that comes to Xevant each day ready to contribute their talent, expertise, and commitment towards reducing the cost of healthcare and improving patient outcomes.” Although Xevant has created an incredibly robust automated analytics platform that helps clients reduce costs by about 15%, tomorrow they will need something more. It’s only through the company’s experts that Xevant can deliver that future need, which has an exponential value attached. That’s truly the real product Xevant aims to provide.

    Xevant knows that the more value customers can derive, the more demand the company sees for its solutions. In 2021 alone, Xevant has had a strong push from the market to use its solutions based largely on customer feedback and word of mouth in combination with a strong sales and marketing effort. “This year, we have had many new companies contact us unsolicited seeking help to automate a historically labor-heavy analysis to accelerate their ability to deliver value to their end-customers. This cycle of delivered solutions and value received has been a staple for Xevant since our inception, and we expect to lean on this approach for the foreseeable future,” concludes Newman.