In this episode of the Thoughtful Entrepreneur, your host Josh Elledge speaks to the Chief Executive Officer and Founder of Xevant, Brandon Newman. Brandon Newman shared the challenges he faced when trying to afford his medications while providing for his family. He pointed out that around 10-15% of Americans struggle with the high costs of diabetes medications. He emphasized the importance of automation and real-time analysis in identifying opportunities to reduce costs and prevent the industry from breaking. Brandon shed light on the complexities of the healthcare industry, the escalating costs of medications, and the urgent need for affordable healthcare. He explained that Xevant's primary focus is to optimize pharmacy benefits for large healthcare companies. While this may not sound particularly thrilling, it's a critical aspect of healthcare dealing with trends, expenses, and drug access. Xevant's mission is to help consumers reduce costs by providing access to lower-cost drugs, appropriate medications, and hidden benefits like rebates. They collaborate with employers, pharmacy benefit managers, health plans, and consultants to navigate the labyrinth of pharmacy benefits and optimize costs for the end payer. Brandon highlighted that the healthcare industry is shifting towards the pharmacy as the focal point, with high-cost specialty drugs and personalized drug development becoming more prevalent. Xevant is at the forefront of this shift, combining innovation and automation to provide real-time analysis and help patients find the most cost-effective and suitable medications. The importance of access to affordable healthcare cannot be overstated, as it directly impacts people's health and quality of life. Brandon's experience with a health diagnosis fueled his motivation to create Savant and improve access to medication and healthcare.  

Key Points from the Episode:

• Explanation of what Xevant does as a data analytics company
• Importance of pharmacy benefits in healthcare and the need for optimization
• Xevant's goal of reducing costs and providing access to lower-cost drugs
• Collaboration with employers, pharmacy benefit managers, health plans, and consultants
• Shifting focus of the healthcare industry towards pharmacy and specialty drugs
• Use of innovation and automation for real-time analysis and cost-effective medications
• Personal motivation behind creating Xevant and improving access to healthcare
• Challenges faced by Americans in affording medications, particularly for diabetes

 

About Brandon Newman:

Brandon Newman is a dynamic leader with over 25 years of experience spearheading businesses focused on growth, revenue, and sales performance. He has excelled in diverse environments, from startups to turnarounds, and has successfully managed businesses worth over $1 billion. As a serial entrepreneur, he boasts a proven track record of establishing and propelling new ventures to success through acquisitions, mergers, or roll-ups, as seen with ScripPoint, Veridian, and AviaraMD. Notably, Brandon Newman is the driving force behind Xevant, where he leads the company's vision, devises new market strategies, fosters revenue growth, oversees technology development, and forms strategic partnerships. His expertise and leadership have been pivotal in the company's continuous expansion and innovation. With his wealth of experience and accomplishments, Brandon Newman remains a prominent figure in the business world, inspiring and influencing growth in various industries.  

About Xevant:

Xevant is a groundbreaking pharmacy benefits platform that employs real-time automation to streamline and expedite the data analysis process for PBMs, TPAs, Health Plans, Brokers, and Consultants. By automating report building and providing automated alerts to monitor plan performance, Xevant significantly simplifies and accelerates critical pharmacy analysis that previously took weeks or even months. This revolutionary approach empowers users to take immediate action, resulting in optimized business processes, reduced operating costs, and improved patient outcomes. The platform's efficiency and innovation have earned Xevant prestigious accolades, including recognition as the Best Place to Work in Healthcare by Modern Healthcare and being ranked as the No. 1 Fastest Growing Private Software Company in the U.S. on the 2022 Inc. 5000 list. With its transformative technology, Xevant continues to profoundly impact the healthcare industry, enhancing decision-making and efficiency for all stakeholders involved.  

Tweetable Moments:

09:14 - "If you don't have your health, you have nothing." 15:18 - "When I finally decided to let go and trust and truly empower a team, all of a sudden magic happened."  

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Links Mentioned in this Episode:

Want to learn more? Check out Xevant website at https://www.xevant.com/ Check out Xevant on LinkedIn at https://www.linkedin.com/company/xevant/ Check out Brandon Newman on LinkedIn at https://www.linkedin.com/in/brandonnewman/ Check out Brandon Newman on Instagram at https://www.instagram.com/daniellesabrina7/?hl=en Don’t forget to subscribe to The Thoughtful Entrepreneur and thank you for listening. Tune in next time!  

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