Optum Rx Launches Tool That Compares Prescription Drug Prices

Optum Rx has launched a tool that gives members the best price on prescription drugs.

The new Price Edge tool from Optum Rx, which is the pharmacy services company of UnitedHealth Group, compares direct-to-consumer pricing with insurance pricing, Optum Rx said in a Monday (Jan. 23) press release.

“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,” Jon Mahrt, chief operating officer and pharmacy benefits manager president at Optum Rx, said in the release.

PYMNTS research has found that healthcare is joining the long list of industries in which the economy’s digital shift has taken hold and that consumers are eagerly gravitating toward the products and services that increase convenience and help them access services and treatment.

For example, 91% of consumers who encountered problems using their healthcare services or insurance benefits are at least somewhat interested in using a unified digital platform for managing their healthcare needs, and 72% want a platform that helps them arrange financing options for their medical bills, according to “Healthcare in the Digital Age,” a PYMNTS and Lynx collaboration.

“You don’t necessarily have this embedded FinTech approach in healthcare that enables me to manage my healthcare spending account next to searching if my doctor is in-network next to when it’s appropriate to pay my medical bill,” Lynx Co-Founder and CEO Matt Renfro told PYMNTS’ Karen Webster in an interview posted in December 2022. “It’s all disconnected vendors, white label systems, single sign-on, and that’s really what we’re equipped to fix.”

In addition to comparing prices and counting transactions toward the member’s deductible and out-of-pocket maximum, Optum Rx’s Price Edge tool is provided to plan sponsors with no additional administrative fees, is accessible to members within the plan at no cost and maintains continuity of safety protocols, according to the press release.

“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,” Mahrt said in the release.