Optum Rx Launches Price Edge to Automatically Provide Members the Best Available Prescription Drug Price

Rhea-AI Summary

Optum Rx, a subsidiary of UnitedHealth Group (NYSE: UNH), has launched Price Edge, a new tool designed to compare direct-to-consumer pricing for generic drugs with insurance pricing. This ensures members receive the best price for prescriptions, with Optum Rx offering lower prices nearly 90% of the time compared to other direct-to-consumer options. Transactions via Price Edge count toward members’ deductibles, providing seamless integration without additional administrative costs to plan sponsors. The initiative aims to enhance affordability and transparency in pharmacy benefits, contributing to lower overall healthcare costs.

Positive

• Launch of Price Edge enhances pricing transparency for members seeking affordable prescription drugs.
• Price Edge provides lower prices nearly 90% of the time compared to other options.
• Transactions count towards members' deductibles, maximizing their benefits.

Negative

• None.

• New solution scans and compares direct-to-consumer pricing with insurance pricing to give members the best available price
• Prescription drug purchases automatically included in members’ deductibles to maximize their benefits

EDEN PRAIRIE, Minn.--(BUSINESS WIRE)-- Optum Rx, UnitedHealth Group’s (NYSE: UNH) pharmacy services company, has launched Price Edge, a tool that seamlessly compares available direct-to-consumer pricing for traditional generic drugs with insurance pricing to ensure members always get the lowest prescription drug price. Price Edge is being offered to all Optum Rx clients.

Compared to most direct-to-consumer prescription drug prices, Optum Rx already offers a lower price nearly 90% of the time and Price Edge ensures a competitive consumer price on generic drugs with every transaction. Price Edge scans available prices and automatically provides the lowest available pricing to the member. If there is a lower cost to the member outside of their insurance benefit, Price Edge automatically applies that price.

Unlike other direct-to-consumer pharmacy solutions or cash market pricing, transactions initiated through Price Edge count toward the member’s deductible and out-of-pocket maximum. Plan sponsors also do not incur additional administrative fees for implementing Price Edge and their members automatically access the tool within their plan at no cost. Additionally, by capturing all transactions within the member benefit, Price Edge maintains continuity of safety protocols and safeguards against contraindications between medications.

“Providing people affordable access to prescription drugs is at the heart of everything we do, and Price Edge ensures our members get the best price and peace of mind that their medications count toward out-of-pocket spending,” said Jon Mahrt, chief operating officer and pharmacy benefits manager president, Optum Rx. “We will continue to empower clients and consumers with innovative solutions that simplify pharmacy benefits, make pricing more transparent and ensure cost savings are easily accessible.”

It is the latest in a suite of products and tools designed to improve the pharmacy experience for consumers and health care professionals. For example, PreCheck MyScript offers health care providers real-time information on a patient’s pharmacy benefits and formulary to help identify the right drug to prescribe, obtain any prior authorizations and see the drug costs. Solutions including MyScript Finder and Proactive Savings Alerts allow consumers, clients and providers to get the information they want and need to make informed decisions about their care – including real-time prior authorization, point-of-sale rebates, and notifications on savings opportunities.

About Optum Rx

Optum Rx is a pharmacy care business providing people with more affordable access to prescription medications and therapies. This strategy has proven to lower costs for clients and members, improve quality of care and enhance the member experience. Powered by deep clinical expertise and integrated data and analytics, our full-spectrum pharmacy services simplify how consumers, clients and partners navigate the pharmacy space to deliver improved experiences, better health outcomes and a lower total cost of care. Optum Rx is part of Optum, a leading information and technology-enabled health services business dedicated to helping make the health system work better for everyone. For more information, visit optum.com/optumrx or follow @OptumRx on Twitter.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230123005124/en/

Isaac Sorensen

(952) 931-5705

Isaac.sorensen@optum.com

Source: Optum Rx

FAQ

What is Price Edge by UnitedHealth Group (UNH)?

Price Edge is a tool launched by Optum Rx to compare direct-to-consumer pricing for generic drugs with insurance pricing, ensuring members get the lowest price.

How does Price Edge benefit members of UNH?

Price Edge offers nearly 90% lower prices compared to other direct-to-consumer options and counts transactions towards members' deductibles.

What are the features of Price Edge for prescription drug pricing?

Price Edge automatically scans and applies the lowest available price for prescriptions without additional costs for plan sponsors or members.

When was Price Edge launched by Optum Rx?

Price Edge was launched recently by Optum Rx, a pharmacy services company of UnitedHealth Group.