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The Decisions That Drive Your Drug Spend Aren't Yours.
We give them back. You get claim-level data, the reasoning behind every formulary call, and the right to audit us with your own auditor. Then our team runs the benefit as your fiduciary, paid a disclosed administrative fee and nothing behind it.
America's Oldest Fiduciary PBM®, a U.S. registered service mark
No. 813 in 2023, top half in 2024
Americas' Fastest Growing Companies, 2024 and 2025
Base administrative fee, disclosed before you ask
Disclosure laws are coming. They will not lower your costs.
Transparency legislation makes PBMs report more. Reporting is not the constraint. The constraint is control — whoever controls the data, the formulary, and the pharmacy sets the price. Disclose a number you cannot change and you have documentation, not leverage. The question for a plan sponsor is no longer “what are they making?” It is “what can I actually decide?”
They control the data
The party being measured supplies the measurement. Summary reports instead of claim-level detail, audit rights the PBM approves, and analysis priced off their own numbers rather than an independent reference. A disclosure rule can require a report; it cannot make that report the truth.
They control the formulary
Placement follows rebate size, and a higher-list-price brand beats a cheaper generic or biosimilar. Passing the rebate through does not fix it. The drug was already chosen. Whoever decides what is covered decides what the plan spends.
They control the pharmacy
Vertically integrated PBMs own the specialty and mail pharmacies they route your members to, and the GPOs between them and the manufacturer. Money moves between affiliates at prices they set on both ends. That is a structural conflict, and no reporting requirement removes it.
We have argued this since 2014, built the CPBS® designation around it, and two client plans have won national Rosie Awards running it.
Five things we put in the contract
Control does not come from a disclosure statute. It comes from the contract you sign. These five commitments move the data, the formulary rationale, and the audit back to the plan. Your committee should demand them in writing from any pharmacy benefit vendor, including us.
The checklist is the one-page version your committee can take into a vendor meeting: the question, why it matters, and the minimum acceptable proof.
1. Net cost is defined, then reconciled to your claims
One paragraph, plain language, plus a worked reconciliation using your own data. Guarantees can be written to look good while net cost rises.
2. Claim-level data, not summary reports
Plan paid, member paid, pharmacy paid, and spread on every claim. You cannot manage what you cannot see, and semiannual reporting expectations keep moving in this direction.
3. Audit rights with an auditor you choose
Including affiliates and GPOs. Audit approval controlled by the PBM is not an audit, it is permission.
4. 100% pass-through of all remuneration
Rebates, fees, alternative discounts, and other manufacturer remuneration, not a narrow definition of “rebates” that leaves the rest behind. We are paid an administrative fee you can see.
5. Formulary decisions documented against lowest net cost
Written rationale, competitor analysis, biosimilar access policy, and documented limits on steering to any affiliated pharmacy.
That is the number — on the invoice, unbundled from drug spend, and unmoved when your utilization changes. Rebates, manufacturer fees, alternative discounts, and other remuneration pass through to the plan. We take no share of them, so we have nothing to gain from a more expensive drug.
Compare that against what your current PBM earns from your plan. Most sponsors cannot produce the figure, which is the point.
What the base fee covers
Your fee depends on group size, plan design, and which modules you use. The detailed schedule shows exactly what is included at your census, what is priced separately, and the contract language behind each line.
Sent same day. No sales call required to receive it.
Five ways we work with plan sponsors
Take the whole program or a single piece of it. Each one stands on its own.
Pharmacy Benefit Administration
An experienced pharmacy benefits team that works for you: claims, clinical, network, member services, audits, and reporting, all under a fiduciary standard of care. The only thing missing is a cubicle next to the head of HR.
InsourceRx
Self-serve, for brokers, consultants, health plans, and TPAs
Pharmacy benefit optimization software that prices claims against Medi-Span instead of trusting the PBM’s numbers. Contract variance, drug mix, and reconciliation all come from an independent benchmark.
MARGIE™
For members, HR teams, and now ICHRA sponsors
The member portal and mobile app: digital ID cards, medicine cabinet, claim history, drug lookup, and out-of-pocket comparisons. Now with a proprietary ePA module and an ICHRA module.
AFMS
For TPAs, benefits operations, and IT
Automated File Management System. Eligibility, claims, and accumulator files moved and validated across PBMs, TPAs, and vendors. Includes an RxDC reporting module.
Rx Price Comparison Engine
Inside MARGIE, for members and the plans paying for them
Plan price, nearby cash prices, and Mark Cuban Cost Plus Drugs pricing through a direct API integration, shown side by side before the fill.
What partners and clients say
“TransparentRx has done incredible work managing the spend for my client, delivering a 58% reduction in pharmacy spend from their previous program.”
“Our client service team has spoken with several employees, and they have been singing the praises of the TransparentRx team, terrific, super helpful, and very pleased.”
"TransparentRx has the best implementation of all the PBMs I've worked with. It is very detailed."
Independent evidence, not adjectives
2023 and 2024
Ranked No. 813 in 2023, one of only two pharmacy benefit managers on that year’s list, and back in the top half in 2024. Both rankings are based on three-year revenue growth.
Americas' Fastest Growing Companies, 2024 and 2025
Named two years running to the Financial Times and Statista ranking of the fastest-growing companies in the Americas, measured on independently verified revenue growth.
7th Annual list
Named to the Vet100 list of fastest-growing veteran-led companies. Founder Tyrone Squires, CPBS, MBA, is a U.S. Navy veteran.
Atlas Aerospace, 2025
Health Rosetta’s Rosie Awards recognize high-value, low-cost plans on a strict Plan Grader™ score. Atlas Aerospace won for a plan managed by TransparentRx. That is the second consecutive year a client plan has been honored.
Sapp Bros., 2024
Recognized for excellence in health benefits management for a pharmacy program built on transparency, fiduciary responsibility, and employee outcomes rather than headline discounts.
We wrote the certification
Our founder created the Pharmacy Benefit Institute of America and the Certified Pharmacy Benefits Specialist program, the first designation dedicated solely to advocating for employers, unions, health plans, and health systems. Consultants and brokers who oversee PBMs learned the method here.
Bring your last 12 months of claims. We will show you what it looks like without the spread.
A demo is a working session — not a slideshow. We walk your data, show the reconciliation method, and answer the questions your fiduciary committee is going to ask.
What happens next
Prefer to talk first? Call (866) 499-1940 or email info@transparentrx.com.