By Angela Underwood
St. Louis, MO (WorkersCompensation.com) - Express Scripts has acquired the full-service workers’ compensation pharmacy management company, myMatrixx.
Based out of Missouri, Express Scripts will reach eastward to collaborate with Florida-based myMatrixx. The buy is causing a buzz in the world of workers’ compensation and company executives let WorkersCompensation.com in on some of the details.
When talking about such a large acquisition, Artemis Emslie, myMatrixx CEO, said the news is most often focused on the financial aspect. “The bigger aspect is the why behind it,” she said of the merger that remains without a reported figure of sale and was arranged by several firms including Bryan Cave, LLP and Akerman LLP.
The answer to the why is continued innovation, according to Emslie. “The goals for both companies have always been to lead the market in innovation and the things we are excited about in our industry and the direction workers’ compensation as a whole is moving toward,” she added.
Between the “scale, size and reach” that Express Scripts has, in combination with myMatrixx’s innovation, the approach really only makes sense, said Emslie, noting between the two companies the entities are prepared to take the vision of growth to the next level.
“We are really excited about this venture in the next part of our journey here in this space,” Emslie said, adding the excitement among employees is tangible. The acquisition is a welcome prospect after the announcement that Express Scripts long-time contract with its largest client Anthem, Inc., ends in 2019, and is reported to lose $17 million.
“Together, we will deliver best-in-class clinical expertise, advanced data analytics and stronger patient advocacy to serve our workers’ compensation clients,” Express Scripts Spokesperson Ellen Drazen told WorkersCompensation.com via email. “We’re pleased to announce the acquisition of myMatrixx, a leader in customized workers’ compensation pharmacy solutions.”
Drazen said as a pharmacy benefit manager, Express Scripts provides “pharmacy services that support the unique needs of injured workers, while bringing value to clients.”
“This means ensuring safe and appropriate treatment for injured workers, and providing solutions for workers’ compensation payers to effectively manage prescription drug spending,” Drazen said.
Speaking of prescription drugs, the merger between the two companies comes at a sensitive time as opiate addiction sweeps across the nation, affecting injured workers and other parts of the population alike. Express Scripts reported in April that opioids remained as the most expensive therapy class last year at $391.35 per user annually.
“Thirteen of the top 25 workers’ compensation medications were opioids,” reads the report, further adding, “In 2016, (the) trend decreased 13.4% due to a combination of Express Scripts’ clinical solutions, aggressive client management, and state and federal opioid regulatory trends.”
“This stark decrease in (the) overall pharmacy trend — heavily driven by decreased opioid utilization — proves key stakeholders are taking action to combat the epidemic of opioid abuse and misuse,” according to the report.
Drazen said the merger will be unmatched. “Express Scripts value of scale, technology and customized client experience, when combined with myMatrixx’s deep industry knowledge and expertise brings this new standard,” she said.
