Catamaran's Fleming sees opportunity in new healthcare exchanges

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Pharmacy benefits management company Catamaran Corp. processes one in every five prescription claims in the U.S. It ranks No. 35 on Fortune's list of the fastest-growing companies—driven by acquisitions—and has annual revenue of more than $13 billion. On the heels of its last batch of acquisitions last year, it changed its name from SXC Health Solutions to Catamaran. Susan Fleming, Catamaran's VP-communications, discussed the company's marketing strategy in an interview with BtoB. BtoB: What's Catamaran's unique selling proposition? Susan Fleming: We started out as a technology company, which makes us special and something that allows us to stand out from the competition. We were the first automated claims platform in the industry, and I would say we're the only one pursuing that strategy. Our technology allows us to be flexible; our competitors sell a product, but we sell a solution that's right for the customer. BtoB: Catamaran has grown so fast largely because of acquisitions—two each in 2011 and 2012 alone. Tell us how that impacted your marketing efforts and rebranding? Fleming: Our original name was SXC Health Solutions. When we acquired Catalyst Health Solutions last year we rebranded as Catamaran. We hired outside help for our logo and color palette, farmed out our PR and changed our members' portals to the new brand on the same day. BtoB: How do you foresee Catamaran working within the Affordable Care Act? Fleming: It represents a huge opportunity for us. We've landed half of the 25 healthcare exchanges founded so far, and we want to be aggressive in that market. When it comes to end-users, it's all about adherence to their medication. Our personalized approach will only help. BtoB: How do you reach out to the companies that employ those end-users? Fleming: A big channel for us is the consultant. Almost every company has consultants, and we have someone dedicated to calling on them. But our salespeople also have key consultant relationships at the person-to-person level. They also work some prospects directly. For current clients, we have an annual meeting to update them on what's new. And we have some key trade shows we go to. For prospects, we'll develop a customized PBM (pharmacy benefit management) Web portal, which is a big hit. They get to sample our platform before they buy it. BtoB: You've got a very big Catamaran Innovation Center in the heart of downtown Chicago that you opened this year. How does that work for marketing? Fleming: It's primarily a b-to-b marketing tool for us, showcasing innovation in pharmacy benefits management. There are video vignettes that highlight “PBM 2020,” what pharmacy benefits will look like in the future. It's not so much a demo center as it is about imagination. We show prospects all this mind-blowing, futuristic material, we get grounded as a forward-thinking company—and it makes for collaboration with clients and prospects. If it's a sizable client, like Cigna, which we just landed a couple of months ago, they like to come and kick the tires.
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