SALT LAKE CITY--(LowestMed, a leading provider of comparative prescription drug pricing information, today announced the LowestMed Corporate Rx Program, a new initiative created to help both employers and employees reduce healthcare benefit expenses. The program features a mobile app that employers can offer to their employees to access better pricing options than their health insurance plans and retail prescription prices.)--
“As healthcare costs continue to rise, it is critical for both employers and their employees to look for new tools to stretch their existing benefit dollars.”
The LowestMed Corporate program offers self-funded employers reduced healthcare benefit costs through lower transaction fees and lower costs on prescription claims paid by the employer. By using LowestMed Corporate, employers save money on the administration of their pharmacy program every time their employees save money on the purchase of a drug.
“In addition to giving employees more choice and the tools needed to compare and access lower prices, this program also provides valuable competition and cost-saving features that can also amount to significant savings to employers,” said Brad Bangerter, founder and CEO of LowestMed. “As healthcare costs continue to rise, it is critical for both employers and their employees to look for new tools to stretch their existing benefit dollars.”
To get the best price on prescriptions, employees simply look up prices on the new LowestMed Corporate iPhone or Android app or log in to the company’s website to see a complete list of prescriptions, local pharmacies and prices to know which pharmacy offers the best deal for them. The user can then present the digital card on their smart phone mobile app (or the LowestMed Corporate card provided by their employer) to get the lowest price at the pharmacy.
The LowestMed Corporate program benefits employees on high deductible health plans as well as employees with traditional co-payments. LowestMed’s unique approach shows the lower of the pharmacy’s negotiated price or the retailer's $4 generic drug pricing. The LowestMed Corporate program is not meant to replace an employer’s current prescription card but rather supplements an existing company benefit plan.
In cost comparison studies against national health insurers, LowestMed prices are lower more than 50 percent of the time for generic drugs, with average savings of $7 to $15. The average savings to employees for brand name drugs is $34 to $54 per prescription.
“Employees have a false sense of security that the prescription card provided by their insurer gives them the best price. That is not always the case,” Bangerter added. “The LowestMed Corporate program offers employees and their families an alternative price for every FDA-approved drug on the market and in many instances our prices are lower.”
Earlier this year, LowestMed launched its flagship public website and mobile public app – the first in the industry to provide consumers with the ability to view and compare discount prescription drug prices at leading supermarket and pharmacy chains in their local area. Following its launch, the LowestMed public mobile app reached the top five free medical apps in the iPhone App Store. The new LowestMed Corporate app uses similar technology but provides more drug coverage and deeper discounts to members of the corporate program.
LowestMed provides employers and consumers with information that helps manage and reduce healthcare expenses. The company’s drug programs help consumers know the costs at local pharmacies so they can effectively compare prices, resulting in significant savings in both time and out-of-pocket costs. LowestMed makes prescription drug pricing transparent, utilizing user-friendly mobile technology.