RXCut just released “Pharmacy Price Search,” a website that enables customers to input their medications and dosages to find the cheapest local prices for their prescriptions.
The company cites statistics from the Centers for Medicare and Medicaid, which state that prescription drug spending will grow 10.7 percent by 2014. According to CEO Gerard Ferro, RXCut seeks to be the “Equalizer in Healthcare.”
The company offers a free prescription card on its website that purports to save up to 75 percent off of prescriptions and up to 50 percent off of laboratory tests and imaging services. Customers pay no enrollment fee, but they do pay an administrative fee on the savings generated by the card.
RXCut’s Pharmacy Price Search is integrated with Google Maps. Customers input their prescriptions into a list including the dosage and frequency with which they take the medication.
After creating their prescription lists, customers then input their zip codes or addresses to generate a list of nearby pharmacies. The pharmacies are ranked from lowest to highest in order of the prices offered for medications.
In addition to its pharmacy search function, RXCut allows customers to order laboratory tests on its website at reduced prices. Once the tests are ordered, the customer is directed to a LabCorp Patient Service Center to complete the test.
Patients needing reduced prices for imaging services such as CT scans and MRI scans can either submit a lab/imaging request on the RXCut website or call the company’s concierge line. The company connects customers with an imaging center that will provide scans at RXCut prices.
According to the RXCut blog, RXCut obtains deep discounts for customers by cutting out the pharmacy benefits manager (PBM). PBMs usually negotiate with pharmacies for price cuts on behalf of large insurers or corporations, using the size of their customer base as a way to obtain price cuts.
RXCut leverages a sizable customer base without the third-party PBM to obtain deeply discounted pricing.
Edited by
Brooke Neuman
