Software Healthcare Transparency Tool Has History of Uncovering and Identifying Prescription Costs up to 90% Lower than what Employees are Paying
OLATHE, Kan., Mar 03, 2014 (BUSINESS WIRE) -- Rx Savings Solutions , the innovator behind a Software-as-a-Service (SaaS) prescription transparency tool, has been awarded a contract by the State of Kansas to provide its prescription cost-saving solution to those covered under the State Employee Health Plan. The plan covers approximately 100,000 members which include current and retired employees and their families. Kansas becomes the first state in the U.S. to provide this type of prescription savings tool as part of a state employee health plan.
Under the arrangement, Rx Savings Solutions will use its patent-pending software platform to engage members by utilizing e-mail or text messaging. This software uses a set of proprietary algorithms to deliver a personalized cost saving roadmap to plan members.
“We built a complex algorithm taking into account a user’s precise location, what medications they’re taking, possible alternatives and proprietary pricing information among other things,” said Michael Rea, pharmacist, CEO and founder of Rx Savings Solutions. “This allows Rx Savings Solutions to deliver relevant, personalized savings information on a massive level.”
In Michael’s experience as a pharmacist, he knows people don’t fill their prescriptions as often as their doctors prescribe. “They simply can’t afford the rising costs. We’re confident we’ll be able to save some families hundreds, if not thousands of dollars a month.”
Not only will the transparency tool save state employees money, the state itself will also see significant cost savings. Prescription drug expenses are rising at alarming rates and make up a large portion of benefit related expenses for employers. On average, employers pay five to six times what their employees pay for prescriptions, so when a member saves, the state saves.
Rx Savings Solutions is a Kansas-based company led by Rea and Dr. Doug Besch, also a pharmacist. Both were discouraged seeing patients struggling to pay high pharmacy bills and set out to create a solution for them. Rx Savings Solutions was founded in 2008.
The solution is HIPAA security compliant and the interaction between the software platform and the employee is confidential and ongoing. Rx Savings Solutions is without bias and will not accept payment or incentives from any pharmacy to steer customers in their direction.
“Our goal is to put information into the hands of consumers,” said Besch. “When consumers are properly informed, they know how to make the right decisions. We ultimately empower our consumers through education.”
About Rx Savings Solutions
Founded by a pharmacist in 2008, Rx Savings Solutions uses a patent-pending software platform to deliver its prescription price transparency solution to employers and their covered members. Rx Savings Solutions supports a collaborative approach where employers offer the transparency solution in order to deliver information and engage their employees, which ultimately leads to savings for everyone. For more information, visit www.rxsavingssolutions.com .
SOURCE: Rx Savings Solutions
For Rx Savings SolutionsLaurie Roberts, 816-931-8900 lroberts@parriscommunications.com