Bentonville, Ark., and Palo Alto, Calif- Walmart (NYSE: WMT) and Transcarent today announced they would be working together as go-to-market partners for self-insured employers across the country. The agreement allows Transcarent, which offers employees and their dependents a new, different and better health and care experience, to share Walmart's everyday low cost on pharmaceuticals and other services with self-insured employers and their employees for the first time.
The collaboration makes it easier for millions of employees and the families of self-insured employers to access high-value care - no matter where they live - at affordable prices. This new offering will allow employers of all sizes to leverage Walmart's health care size and scale to more easily provide their employees convenient care and cost-effective health and wellness options.
Today, half of all Americans are covered by employer-sponsored health insurance. According to the Kaiser Family Foundation, in 2020, the average annual premiums for employer-sponsored health insurance were $7,470 for single coverage and $21,342 for family coverage. What's more, employers have seen costs escalate year after year without corresponding improvements in the quality of care. And while many employers have tackled this challenge head on by offering access to many new and innovative health care benefits, employees and their families are often left overwhelmed and confused by a growing list of options that have yet to demonstrate an impact on health outcomes or cost.
'We are committed to providing care to customers and the communities we serve through an integrated, omnichannel approach that improves engagement, health equity and outcomes,' said Dr. Cheryl Pegus, executive vice president of Health & Wellness at Walmart. 'Most of America lives within 10 miles of a Walmart, which makes us uniquely positioned to deliver the right care at the right time in the right way. We are proud to bring our size and scale to make it simple to live healthier and leverage our collaboration with Transcarent to reach even more people where they live and work.'
Walmart's omnichannel offerings include Pharmacy services - retail and specialty, Optical services, national telehealth services that include a focus on behavioral health, OTC, Walmart health centers and low-cost fresh food. Through this range of services, the company focuses on Social Determinants of Health, personal behaviors and clinical care seven days a week. Walmart provides prescriptions, over-the-counter medications, a variety of immunizations and COVID-19 drive-thru testing in select locations. For those who receive their COVID-19 vaccination at Walmart and Sam's Club, a Digital Vaccine Record is available for easy access of their vaccination record that can be saved, downloaded or shared with third-party verification apps. Walmart customers with a Walmart+ membership can also get free shipping on store purchases and medicines offered as part of the membership.
The company's recent launch of ReliOn NovoLog vials and FlexPens, which will save customers 58% to 75% off the cash price of branded insulin products, demonstrates Walmart's commitment to improving affordability for chronic disease management. To learn more about wellness resources available at your neighborhood Walmart, visit walmart.com/wellnesshub.
In addition to the high-value Walmart prescription benefits that will be available to employers, employees and their families, Transcarent's health and care experience will serve as the on-ramp for self-insured employers and their employees to a 24/7 personalized health and care experience for virtually all of the most common and most challenging needs. Employees and their families will be able to easily engage Transcarent's Health Guides and extended clinical team for unbiased information, trusted guidance to better understand care options and associated costs, and easy access to high-value virtual and in-person care - either through Transcarent digital offerings, Transcarent's Centers of Excellence or Walmart's in-community clinics. Employers have no up-front or per-employee-per-month (PEPM) fees, as Transcarent offers a fully at-risk model. Transcarent also pays health systems up front for surgeries, yet another difference in the model that health care providers love.
'Together, Walmart and Transcarent have the scale and innovation required to transform the way health and care are delivered and paid for across the nation, regardless of a person's economic or geographic situation,' said Glen Tullman, chief executive officer of Transcarent. 'Transcarent is putting employers and employees back in charge of their health and care. Employees can trust that Transcarent will focus on value and quality first, provide clear and unbiased information, offer a full range of choices and share the rewards with employees that their better health decisions generate.'
Walmart Inc. (NYSE: WMT) helps people around the world save money and live better - anytime and anywhere - in retail stores, online, and through their mobile devices. Each week, approximately 220 million customers and members visit approximately 10,500 stores and clubs under 48 banners in 24 countries and eCommerce websites. With fiscal year 2021 revenue of $559 billion, Walmart employs 2.2 million associates worldwide. Walmart continues to be a leader in sustainability, corporate philanthropy and employment opportunity. Additional information about Walmart can be found by visiting corporate.walmart.com, on Facebook at facebook.com/walmart and on Twitter at twitter.com/walmart.
Transcarent is a new and different health and care experience company putting people back in charge of their health and care experiences. Using a combination of software, technology, Health Guides and data science, Transcarent empowers consumers with the kind of unbiased information, trusted guidance and access to high-value care that leads to better care, better outcomes, and more cost-effective decisions and allows Members to share in the benefits of their decisions. Transcarent believes that having the right information, tools, and incentives in the decision-making process can positively transform the way we all experience our health and care. For more Information, visit us at Transcarent.ai and follow us