OVERLAND PARK, Kan., Sept. 26, 2017 /PRNewswire/ -- Rx Savings Solutions today announced that Quest Diagnostics, the world's leading provider of diagnostic information services, will use the company's patented software to help Quest's approximately 56,000 health plan members identify ways to reduce their prescription drug spend.
Many of Quest Diagnostics' 43,000 employees and their spouses or domestic partners are members of health plans offered by the company.
Founded by pharmacist Michael Rea, Rx Savings Solutions helps health insurers and self-funded employers drive consumerism and engagement for employees by focusing on the most predictable and repeated spend in healthcare—pharmacy.
"We are thrilled to work with Quest Diagnostics, and to help their membership and the company realize considerable savings," says Michael Rea, founder and CEO of Rx Savings Solutions. "By unwinding the complexity of the pharmacy benefit, our users are able to access, understand and navigate the market in a way that saves both the consumer and employer a significant amount of money."
The Rx Savings desktop and mobile app is offered by US employers and insurers to more than one million people nationwide. The innovative tool relies on patented algorithms to analyze thousands of recommendations to find the best clinical option while maximizing savings.
"As the price of prescription drugs rises, we are hopeful the powerful Rx Savings Solutions tool will provide our members with critical advice and savings for their medication needs," says Dr. Jay Wohlgemuth, Senior Vice President R&D, Medical and Chief Medical Officer, Quest Diagnostics.
Rx Savings Solutions serves organizations nationwide with marquee clients including Blue Cross and Blue Shield of Kansas City, the State of Kansas Employee Health Plan, Teachers Health Trust, Community Health Options Health Plan, West Virginia Public Employees Insurance Agency, BH Media Group—a Berkshire Hathaway company—and American Century Investments, among others.
Rx Savings Solutions' system is HIPAA security compliant. All interaction between the software platform and the employee is confidential. Rx Savings Solutions is without bias and delivers the most accurate, cost-effective data to subscribers based solely on the location and medication needs of each user.
About Rx Savings Solutions
Rx Savings Solutions offers an innovative, patented engagement software system empowering employers and employees to be educated consumers of healthcare. Founded and operated by a team of pharmacists and software engineers, Rx Savings Solutions supports a collaborative, cost-saving solution for purchasing prescription drugs. Using their clinical backgrounds, Rx Savings Solutions delivers proactive personalized recommendations on ways to optimize therapies to members, while achieving proven savings results for employers, employees and health plans. Located in Kansas City, Rx Savings Solutions serves self-insured businesses, employer groups, health plans and their members nationwide. For more information, visit rxsavingssolutions.com or follow them on LinkedIn and Twitter.
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SOURCE Rx Savings Solutions