Optum Rx launches Price Edge to offer lower generic prices

Photo: Shana Novak/Getty Images

Optum Rx, the UnitedHealth Group’s pharmacy services company, has launched Price Edge, a tool that compares the affordable prices of traditional generic drugs to consumers with insurance prices. The goal is for members to receive the lowest prices for prescription drugs.

The company said this week that Price Edge is being offered to all Optum Rx customers.

Optum Rx is positioning the tool as an improvement in the company’s ability to offer lower generic prices by about 90%. The company said that Price Edge provides competitive generic consumer pricing by scanning available prices and automatically providing members with the lowest available price.

If there is a lower cost for a member outside of their insurance claim, Optum says Price Edge will automatically apply that price.

WHAT IMPACT

Transactions initiated through Price Edge count towards the deductible and the member’s maximum cash amount, which Optum Rx says sets this tool apart from other consumer-facing pharmacy solutions or pricing in the cash market.

Plan sponsors also incur no additional administration fees for implementing Price Edge, and their members automatically get free access to the tool as part of their plan. The company said that by capturing all transactions under member benefits, Price Edge maintains the continuity of security protocols and protects against cross-drug contraindications.

It is the latest set of products and tools designed to improve the pharmacy experience for consumers and healthcare professionals. For example, PreCheck MyScript, another Optum product, offers providers real-time information about a patient’s pharmacy benefits and formulary to help identify the right drug to prescribe, obtain any pre-approvals, and see drug costs.

Solutions, including MyScript Finder and Proactive Savings Alerts, enable consumers, customers and service providers to receive information to make informed decisions about their care, including real-time prior authorization, point-of-sale discounts and notifications of savings opportunities, said Optum Rx.

BIG TREND

Optum and Change Healthcare formally merged in October, but the Justice Department appealed the decision in November. The merger, valued at $13 billion, brought together UnitedHealth Group, the parent company of the nation’s largest health insurance company, and Change Healthcare, one of the nation’s largest electronic data clearinghouses.

The Justice Department tried to block the merger before it went through. The September 19 court ruling ruled in favor of Optum and Change. At the heart of the DOJ case is confidential data that UnitedHealth will receive from its competitors as a result of the acquisition of Optum Insight and Change, a subsidiary of UHG. The American Hospital Association has raised concerns about antitrust laws.

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