OVERLAND PARK, Kan., March 17, 2021 /PRNewswire/ -- Rx Savings Solutions, the market-leading tool for pharmacy transparency, announced a 99% revenue retention rate for 2020, meaning nearly all of the company's clients up for renewal chose to extend their contracts. The renewing partnerships include Blue Cross and Blue Shield of Kansas City (Blue KC), Sonoco, Telligen, Option Care, and 11 additional employer clients - 5 of which are Fortune 500 companies. Combined, these organizations have saved over $64 Million for their members and their plans.
Serving more than 8 million members nationwide, Rx Savings Solutions' clinical technology contains over 30,000 unique and dose-adjusted prescription drug suggestions, used to drive proven savings results for clients and their members, including 41 FORTUNE 500 leading companies. Using an online portal or mobile app, Rx Savings Solutions members can submit a new prescription request to their provider with one click. On average, members who switch to a lower-cost drug save $45 out of pocket, per fill, as well as an additional $69, per fill, for the plan.
Rx Savings Solutions Founder and CEO Michael Rea, Pharm. D., founded Rx Savings Solutions based on an all-too-common question he heard from customers when he was a pharmacist, "Which of my prescriptions can I skip this month?" Knowing his customers weren't the only ones facing these tough decisions, Rea built a tool that offers alternatives to medications and associated prices within seconds. In 2020, Rx Savings Solutions analyzed 69 million prescription claims, finding almost $2 billion in addressable prescription drug savings. Of that savings opportunity, about 22% is an out-of-pocket opportunity for the consumer.
"A 99% revenue retention rate is the ultimate proof of the high value our clients and their members derive from our platform," said Rea. "The market adoption and retention of our solution continue to support our belief that no one cares more about their pharmacy cost than the member - and putting trusted, unbiased information in their hands is the key to solving the problem. When patients have access to this information, our healthcare system can be simpler, less expensive and more effective."
"We strongly believe in the importance of educating our members to empower them to be better consumers of their healthcare. Since first partnering with Rx Savings Solutions five years ago, we've been able to educate our members about the pricing differences in medications and help them save on their prescription drug costs," said Jay Weaver, Vice President and Chief Pharmacy Officer, Blue KC.
"Rx Savings Solutions has been monumental in finding savings on prescription drug medications for Sonoco Products Company, and most importantly for our employees. I contribute the success we have experienced to their ability to effectively communicate and explain the cost savings opportunities that exist out there today to each employee," said Sarah Norwood, Benefits Specialist, Sonoco Products Company. "With their sleek and easy-to-use member portal, mobile app, and telephonic outreach program, we couldn't be more pleased with the outcome of our partnership."
About Rx Savings Solutions Rx Savings Solutions offers an innovative, patented engagement software system empowering employers and employees to be educated consumers of healthcare. Serving more than 8 million members nationwide, including 41 Fortune 500 clients and more than a dozen health plans, Rx Savings Solutions provides a state-of-the-art approach to pharmacy transparency using objective and unbiased information to inform better decision making. Rx Savings Solutions was founded and is operated by a team of pharmacists and software engineers who support a collaborative, cost-saving solution for purchasing prescription drugs. For more information, visit rxsavingssolutions.com or follow them on LinkedIn and Twitter.