As health care costs continue to escalate, consumers and legislators are demanding increased transparency in benefit and pricing information to help rein in these costs.
In response, many pharmacy benefit management (PBM) companies have developed drug pricing tools to help members find new ways to save money. Although these tools are useful, they may not always disclose the lowest-cost options available to members—until now.
Catalyst Price & Save, Catalyst Rx’s online drug pricing tool, provides straightforward information about member-specific benefit designs and discloses all drug pricing options.
Users simply enter a drug name and the Price & Save proprietary technology prices the cost of the drug at retail and mail service pharmacies before sorting the results in the most meaningful way. As the only tool in the industry to identify lowest-price pharmacies without bias, Price & Save enables members to become fully informed consumers.
Through Catalyst Rx’s “compete and compare” technology, Price & Save prices drugs at multiple pharmacies, including mail service, as well as those with low-cost generic drug programs. Results are sorted by the nearest pharmacy with the lowest price to the most distant, highest-priced location. Mapping and driving directions also are provided for retail pharmacies.
Another bonus of Price & Save is it offers lower-cost generic equivalents when a client searches for a brand-name drug. Price & Save also displays real-time member costs, including any deductibles or out-of-pocket maximums.
Clients are offered an optional “Plan Pays” feature that allows members to view the full cost of the drug beyond their copayment/deductible as a way to help them become more informed about the financial impact of their decisions.
Additionally, an extensive educational information library and pharmacy benefit details are available to improve user convenience. Price & Save is password-protected and HIPAA compliant to protect member privacy.
- Company: Catalyst Rx
- Headquarters:
- Website: www.catalystrx.com
- No. of employees: 966
- Nature of business: Catalyst
Key executives:
- David T. Blair, CEO
- Richard Bates. president and chief operating officer
- Nick Grujich, executive vice president, Strategic
- Business Operations
- Hai Tran, treasurer and chief financial officer
- Bruce Metge, general counsel and corporate secretary