SRX was founded by a group of experts in long-term and post-acute care who saw opportunities in the market for improving efficiencies and outcomes through automation and technology. The first area that the firm addressed, which continues to drive the core business model, is solving the complexity involved in managing the pharmacy bills of long-term care operators. Its automated solution analyzes every pharmacy claim for accuracy, opportunities for cost savings, and eligible rebates.
Developing this technology was made possible through the expertise of the founders, paired with incredibly skilled developers. This partnership allows SRX to continue building and developing new solutions. Through its expanding customer base, SRX can have a direct line of sight into the challenges that facilities and operators face, and through strategic partnerships and customer relationships, the firm was able to create innovative programs and solutions.
Through a partnership with a major drug manufacturer, SRX now offers a unique flu vaccine program that gives its customers access to manufacturer pricing and priority shipments and ensure safe, quality care for the patients and residents. When COVID-19 broke out, it developed Bridge, in response to new government regulations for communications, which is a text and email-based solution for communicating real-time updates to patients and their families. It also includes a screening tool for employees and facility visitors to preserve the health and safety of facilities.
In conversation with Scott Taylor, CEO of SRX
What challenges did you face in your initial years?
In the beginning, we were able to leverage our existing relationships to build our customer base. This allowed us to get our product to market while working out the kinks with companies that were willing to give us some leeway. Those early adopters were patient with a new product and are now some of our biggest advocates as we have matured. Without those partnerships, we wouldn’t have been able to refine our product as quickly as we did.
Even in a business environment, I believe that people are willing to show patience, but only if there is a strong relationship with trust in place. If you can cultivate those relationships, you are likely to find advocates rather than adversaries, even when issues arise, because they will.
How successful was your first project roll on?
We were fortunate that we were able to pilot our software with a long-term care operator with whom our founders had a close relationship. Our first product rollout wasn’t perfect, but that operator was able to see the vision and the value of what we could offer. Without the opportunity to make mistakes at the beginning with that first operator, we would have made those mistakes with customers who might not have been as accommodating.
Building a culture of sustainability inside an organization is very important to maintain a reputation in the global market. How is it true for your company?
One of the primary drivers for developing our product was the desire to create a solution that increased transparency for operators. Because that principle was built into our company not only at our very foundation but even into our technology, it is a key piece of our company culture. While many other aspects make our company culture unique, but in terms of sustainability, it is important to have values that hold us accountable to each other and our customers. That accountability leads to trust, which is key to maintaining relationships and growing new ones.
A company’s behavior is as important as its economic performance or the quality of its products. How do you interpret this saying?
In a world where information travels in real-time, it’s difficult to escape the bad press. Company behavior and subsequent reputation speak not only to product and performance but also to what’s truly at the core of what a consumer or company is purchasing. While revenue may be able to outrun reputation for a time, ultimately, bad behavior emanates from within, corroding the trust that is required for long-term success.
What do you feel are the reasons behind your company’s reputation?
Experience and outcomes. We deliver on our value proposition. Our suite of services significantly impacts the second largest cost center for the long-term care operators we serve. Combined with our highly-skilled and knowledgeable team who can advise customers on all aspects of managing their pharmacy spend to include negotiating contracts with pharmacies, identifying opportunities to lower costs, and providing personalized support, our solution is unparalleled. When we talk to customers or partners, they are often shocked by the level of insight they can achieve with our solution. The results speak for themselves, but when you pair that with a relationship-driven approach to partnerships, our customers and partners know we care about their success.
Where do you see you and your company a couple of years from now?
Leading the industry. Significantly impacting pharmacy costs is the primary way we are doing that now, but there is no shortage of opportunities in the industry to develop innovations that solve other problems. That is our mission—providing technology-driven solutions for long-term care. We have already expanded the programs and services we offer to benefit our customers—with many more to come.
The Founder’s Desk
Scott Taylor, CEO & Co-Founder
Scott is an investor and entrepreneur and has also worked to build and grow many other healthcare-related businesses, including co-founding a portable diagnostic company serving the post-acute market, and operating and investing in a pharmacy benefit management business. Before his involvement in the healthcare industry, Scott was an accomplished executive in the financial services industry. He holds an AB degree in economics from Harvard University.
Quote: “Our technology provides clarity rather than confusion, and as a result, allows our customers to take control of a key aspect of their operational costs.”
Log on to www.srx-tech.com for best practices and approaches to managing pharmacy costs.