Columbus, OH – March 19, 2020, Indy Health Inc. has partnered with Pharmacists Mutual Insurance Company to provide support for independent pharmacies and their patients. Indy Health Inc. has formed Indy Health Insurance Company, which will provide a Medicare Part D prescription drug plan designed to be friendly to independent pharmacies and patients. Indy Health Insurance Company is a transparent Medicare D plan that offers better reimbursements to independent pharmacies along with no DIR fees. The plan will also provide enhanced patient care and compliance while lowering drug plan costs to consumers.
Pharmacists Mutual Insurance Company has provided capital and will provide strategic insight to help support Indy Health Insurance Company’s Independent Pharmacy owned Medicare D plan. These funds will help support operations for Indy Health Insurance Company as it begins enrolling patients in October of 2020. Additionally, Pharmacists Mutual Insurance Company will select a representative to serve as a Board Member for Indy Health Insurance Company to help create the strategy to expand the Medicare D plan nationwide.
“We are very excited to be supporting Indy Health Inc. and independent pharmacies,” explained Edward Yorty, President and CEO of Pharmacists Mutual Insurance Company. “We look forward to seeing Indy Health succeed and to provide continued support to independent pharmacy through this partnership.”
Ed Yorty and Laura Atkinson, Chair of the Board for Indy Health Insurance Company, have been working together along with the Board members for both groups to put this partnership together.
“The partnership of Indy Health and Pharmacists Mutual is a synergistic alliance that allows Indy Health to have a partner who can help expand the plan nationwide as well as a strategic partner whose membership that is comprised of independent pharmacies to help create future pathways for growth,” said Laura Atkinson, Chair of the Board for Indy Health Insurance Company.
Indy Health Insurance Company, licensed in Arkansas, has submitted expansion applications in Georgia, Illinois, Pennsylvania, and West Virginia for the 2021 plan year. They have also submitted their CMS application for their Medicare D plan and are awaiting approval.
About Indy Health, Inc.
Indy Health Inc. is a subsidiary of Indy Health Holdings, LLC (IHH). Units of IHH are owned by Indy Health Solutions, LLC (IHS) and other investors who support independent pharmacy. IHS is owned by nine independent pharmacy owners and the Georgia Academy of Independent Pharmacies. Each founder has extensive experience and knowledge of prescription drugs, prescription drug plans, and the pharmaceutical industry. While independent pharmacies who contract with Indy Health Insurance Company will receive better reimbursement rates than generally available, investors in IHH will receive the best reimbursements. To learn more, visit www.indyhealthinc.com.
About Pharmacists Mutual Insurance Company
Pharmacists Mutual Insurance Company is a nationally recognized leader in insurance and risk management serving independent pharmacy owners since 1909. The company offers professional liability, commercial, and personal insurance products. The company is rated "A" Excellent* by AM Best for property and casualty insurance. Pharmacists Mutual Insurance Company employs over 300 professionals through its operations in 50 states, the District of Columbia, and Puerto Rico. Learn more about Pharmacists Mutual Insurance Company and its full product line at phmic.com.
*AM Best Financial strength rating is an independent opinion
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