CHARLOTTE – Investors are providing health insurance startup Troy Medicare with $5 million in a bid to accelerate growth.
The company plans to offer a Medicare Advantage plan in North Carolina later this, saying it will work with pharmacists to drive down healthcare costs.
“We are setting into motion a game-changing model of delivering care that lowers drug costs and drives better health outcomes for our seniors,” said CEO Flaviu Simihaian in announcing the funding.
“Pharmacists are the most trusted and accessible healthcare providers, and Troy Medicare is the first health plan to utilize this unique relationship in order to lower the total cost of care. By providing chronic disease management, smoking cessation, and diabetes prevention programs, pharmacists have shown to reduce readmissions for complex care patients by 45%. Troy Medicare provides the technology, data, and business model to empower pharmacists to provide these clinical services for our members.”
The startup noted that it also has adopted the National Average Drug Acquisition Cost pricing standard which it says makes “drug pricing transparent for each senior and pharmacy in its network.”