Xevant is a company that offers the actionable insights you need to lower drug costs and improve health outcomes. Pulse 2.0 interviewed Xevant co-founder and CEO Brandon Newman to learn more about the company.
Brandon Newman’s Background
What is Brandon Newman’s background? Newman said:
“I have spent the last 30 years fully immersed in the field of healthcare consulting, management, and technology. My passion has always been to make healthcare more affordable, not just for my loved ones but for all Americans. I’ve had the incredible opportunity to kick-start and nurture 10 businesses, with Xevant being the culmination of all these efforts and my main focus today.”
Formation Of Xevant
How did the idea for the company come together? Newman shared:
“The genesis of Xevant was rooted in a challenge we faced while I was managing a small consulting firm, where we often struggled to manage healthcare costs effectively due to a lack of adequate resources. This situation spurred us to develop an internal tool that simplified the complex data analysis involved in healthcare management. This tool evolved significantly over time, ultimately becoming Xevant—a cutting-edge data analytics platform that revolutionizes healthcare management, including optimizing processes for those managing pharmacy benefits.”
Favorite Memory
As the CEO of Xevant, what has been your favorite memory so far? Newman reflected:
“The most rewarding element of my job is watching the growth and self-discovery of all employees when they fully embrace their value and the trust they are given at Xevant. One of my favorite memories came recently when an employee was interviewed by a media outlet asking her to describe why she thrives within her position at Xevant. Hearing the confidence and self-worth that has resulted from someone who took the opportunity to fully embrace her value gave me one of the most rewarding and inspiring experiences while at Xevant.”
Core Products
What are the company’s core products and features? Newman explained:
“Our primary product at Xevant is an innovative platform that significantly streamlines the analysis of healthcare data. This platform provides real-time insights and actionable solutions that save time, improve patient outcomes, and facilitate immediate financial savings. While beneficial across healthcare management, it proves especially valuable in enhancing the efficiency and effectiveness of operations for those involved in managing pharmacy benefits, ensuring they can deliver optimal service with precision and ease.”
Challenges Faced
What challenges have Newman and the team face in building the company? Newman acknowledged:
“A crucial skill in the world of entrepreneurship is the ability to survive by being nimble and nuanced without losing sight or confidence in your vision. The industry that we serve has faced a mountain of security recently leading to wide-open opportunities to deliver innovative solutions to issues plaguing the healthcare industry. The GLP-1 market is one of the biggest issues our market is grappling with to find ways to mitigate and solve. I am extremely proud to see a team of highly skilled professionals at Xevant create an entirely new solution within weeks that has already made a profound impact on the market.”
Evolution Of Xevant’s Technology
How has the company’s technology evolved since launching? Newman noted:
“Since we started, Xevant has been at the forefront of integrating artificial intelligence and automation into our services. This evolution has allowed us to enhance efficiency and sharpen our decision-making capabilities, ensuring that we stay ahead in the dynamic healthcare market.”
Significant Milestones
What have been some of the company’s most significant milestones? Newman cited:
“Among Xevant’s notable achievements, our strategic partnership with Ivím Health stands out prominently. Together, we have launched ‘Ivím at Work,’ the first corporate-designed medical weight loss solution integrating GLP-1 therapies. This program not only offers a comprehensive weight management solution as a corporate benefit but also sets new standards in clinical care and broadens access to GLP-1 medications. This collaboration marks a significant milestone by addressing a gap in employer health plans, which typically lacked comprehensive solutions for employee wellness. Our joint initiative is set to significantly reduce healthcare costs for employers while optimizing health outcomes for employees through advanced clinical approaches to obesity care and medical weight management. This milestone underscores Xevant’s ongoing commitment to revolutionizing healthcare solutions through innovative partnerships and cutting-edge data analytics.”
Customer Success Stories
When asking Newman about customer success stories, he highlighted:
“One standout story involves a major insurance broker who utilized our platform to uncover critical pharmacy trends and issues, leading to a remarkable 78% increase in their annual revenue. This success was achieved by customizing our tools to fit their specific needs, enhancing their market competitiveness.”
Funding
When asking Newman about the company’s funding details, he revealed:
“We have enjoyed tremendous investor relationships with those who have partnered with Xevant to propel us toward our vision of lowering the cost of healthcare. Although we do not disclose our revenue metrics, in the past 2 years our revenue success has been validated by our 28th place ranking on Inc 5000 and our 19th place ranking on Utah’s fastest growing companies.”
Total Addressable Market
What total addressable market (TAM) size is the company pursuing? Newman assessed:
“Our suite of solutions serves a total addressable market in excess of $150 billion.”
Differentiation From The Competition
What differentiates the company from its competition? Newman affirmed:
“What sets Xevant apart is our ability to deliver real-time, actionable insights from complex data, simplifying the intricate and often opaque pricing mechanisms in pharmaceuticals to reduce costs effectively.”
Future Company Goals
What are some of the company’s future company goals? Newman concluded:
“Xevant maintains a number of crucial operational and growth goals but remains anchored to its vision and mission, which is centered on achieving the lowest net healthcare cost through intelligent, real-time, automated technology. The signposts indicating our success towards this vision include critical market penetration and deploying multiple solutions within our platform architecture, both of which we are making tremendous progress towards.”
