Truveris

Truveris (pronounced "tru-VER-is") is a venture-backed, privately-held, healthcare information technology company that provides pharmacy bill review software as a service. The company was founded in 2009, and its technology reviews prescription claims for cost accuracy. Organizations that use this service include government entities, health care companies, unions, and self-insured corporations. The name "Truveris" comes from former U.S. president Ronald Reagan's signature phrase "Trust, but verify" to indicate that, while the pharmacy industry has always been based on trust, it is important to also verify the accuracy of pharmacy bills.
Truveris is based in New York, NY, USA and was funded by GSA Venture Partners (now known as Tribeca Venture Partners), New Atlantic Ventures, and First Round Capital through a $3.8 million Series A round of venture funding.
History
In 2009, Truveris was established because the founders saw inefficiencies within the pharmacy benefit industry. Of the $12 billion in prescription claims invoiced by in the U.S. every two weeks, none are checked for cost accuracy by the benefit providers. The goal of Truveris was to develop technology to re-adjudicate each prescription claim invoiced by the PBMs. In the fall of 2009, Truveris developed an analysis engine capable of individually reviewing each prescription claim to ensure the PBM contract parameters and pricing schedules were properly enforced.<ref name="bw" />
In 2010, Truveris secured venture funding from GSA Venture Partners (now known as Tribeca Venture Partners), New Atlantic Ventures, and First Round Capital in a $3.8 million oversubscribed round.<ref name="bw" />
In 2011, Truveris launches a new platform for concurrent bill review services.
On October 6, 2011, Truveris named Bryan Birch Chairman, President, and CEO.
Products
Truveris has two products - TruBid and TruGuard. TruBid is an automated pharmacy RFP platform that leverages a reverse bidding auction to simplify the process. TruGuard is a pharmacy bill review technology that the company offers as a web-based service to review prescription claim bills to validate cost accuracy, manage pharmacy benefit spend, and ensure compliance.
Prior to 2011, Truveris offered its bill review services on a retrospective basis to audit prior pharmacy bills. Starting in January 2011, the company began providing concurrent bill review services to allow pharmacy benefit payers to review their pharmacy bills prior to paying their PBMs.
Leadership
Truveris was co-founded by AJ Loiacono and Leon Greene in 2009 and in October 2011 Bryan Birch joined Truveris as Chairman, President, and CEO.
Prior to Truveris, Bryan Birch was chairman, president, and CEO of at Touchstone Health Plans, where he was responsible for the Medicare Advantage Heath Plan operating in 11 New York State counties. Before Touchstone, Birch was with Medco Health Solutions, where he served on Medco’s executive committee and assisted in the successful spin-off of Medco from Merck, and at Empire Blue Cross Blue Shield where he was the senior vice president and chief sales officer. Prior to Empire Blue Cross Blue Shield, Birch co-founded iHealth Technologies, which helps reduce medical expenses and ensures physician claims are paid accurately. Earlier in his career, Birch was the CEO of Oxford Health Plans’ Connecticut Division, which is now part of UnitedHealthcare.
A.J. Loiacono is in charge of sales and marketing at Truveris. Prior to Truveris, Loiacono was a SVP and Partner with SMS, a software development firm specializing in software-as-a-service (SaaS). Loiacono also served as the President of Victrix LLC, an information technology company providing support and implementation services for enterprise resource planning (ERP) systems and has a decade of financial industry experience.
Leon Greene runs Truveris product management, business operations, and service delivery. Prior to Truveris, Greene served as VP Administration at Century 21 Real Estate LLC, a global franchisor of Real Estate Brokerages. Prior to CENTURY 21, Leon led customer care for international ISP Globix Corporation including all support operations, administration, and IT program management.
Honors and Recognition
In October 2011, Truveris was selected as a presenter at the NYVCA Ingenuity Conference.

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