Bringing Transparency to Healthcare
How HDS is Transforming Pharmacy Benefits Management from Ohio
When Clark Seiling joined HealthPlan Data Solutions (HDS) as CFO and COO in early 2022, he saw an opportunity to address one of healthcare's most opaque challenges - pharmacy benefits management. Based in Ohio, HDS has developed innovative technology to help insurance companies and large employers gain visibility into their pharmacy benefit costs and performance.
A Critical Market Need
“Pharmacy benefit managers are the one part of healthcare that is still really a black box,” explains Seiling. “The pharmaceutical manufacturers are frustrated with PBMs, the insurance companies are frustrated, the pharmacies are frustrated – everyone is frustrated. We need to have better visibility into what they’re doing.”
This lack of transparency came to national attention when HDS was hired by Ohio Medicaid to evaluate PBM performance, leading to findings of significant overpayments and ultimately contributing to a $1.2 billion nationwide settlement. The incident highlighted the critical need for oversight and transparency in pharmacy benefits.
Building for Scale
To help take HDS to the next level, Seiling partnered with Ohio-based venture firm Tamarind Hill, known for their deep healthcare expertise. Through this connection, HDS also began working with Jobs Ohio Growth Capital in mid-2022.
"JobsOhio has been a great partner because they're very founder-friendly," notes Seiling. "They're there whenever you need them and willing to help however they can if you give them concrete ways to help. They're not someone who's coming in and telling you what to do - they're saying 'This is interesting, let's see how we can support you.'"
Beyond Capital
While Jobs Ohio provided important growth capital, their strategic value extends well beyond funding. "They're so well-tapped into the 'Who's Who' in Ohio," Seiling explains. "They help us access government leadership and large company leadership groups - the kinds of organizations we ideally would be selling into."
This includes major employers and institutions across Ohio that are responsible for healthcare benefits, from universities to major corporations. Jobs Ohio helps facilitate connections while also serving as a sounding board for strategy and providing introductions to potential partners nationwide.
Building Ohio's Healthcare Innovation Economy
HDS exemplifies the type of company Jobs Ohio aims to support - one that combines deep healthcare expertise with innovative technology to solve critical challenges. "They're focused on areas they think are important industries for Ohio," says Seiling. "Life sciences, insurance, healthcare, and technology - they want to strengthen these sectors and solidify the talent pool in Ohio."
Looking Ahead
As HDS continues to grow, they're working to bring unprecedented transparency to pharmacy benefits management while helping build Ohio's reputation as a hub for healthcare innovation. With support from Jobs Ohio and other strategic partners, they're demonstrating how companies can leverage Ohio's unique advantages in healthcare and technology to build solutions with national impact.
Learn more about the JobsOhio Growth Capital Fund.