Waltz Health’s Marketplace Search application saves people more money on their drugs while also filling gaps in prescription fill data for health plans and plan sponsors; Company also signs its first national health plan partner.
CHICAGO–(BUSINESS WIRE)–Waltz Health, a digital health company developing smarter, technology-enabled ways to price, distribute and prescribe medications, today announced its expansion into the payer marketplace, bringing its innovative Marketplace Search application to health plans, pharmacy benefit managers (PBMs) and self-insured employers.
The company also signed its first national health plan partner and is integrating with that health plan’s PBM, which serves millions of members nationwide. These members will automatically receive the lowest price on prescription drugs at the pharmacy counter – whether it’s their copay or a cash-pay option that includes a discount.
Powered by artificial intelligence (AI), Waltz Health’s Marketplace Search application includes a powerful engine that analyzes disparate and confusing information that includes medication prices, healthcare services, and outcomes data across multiple sources. The proprietary technology then presents the most relevant and appropriate prescription information for healthcare consumers on behalf of their health insurer, PBM, pharmacy or employer when selecting and paying for medication. Waltz Health’s approach is superior because it covers a comprehensive marketplace and delivers greater savings than single-source prescription-savings solutions.
Marketplace Search is white-labeled and customizable for each healthcare organization’s needs, ensuring that members or employees of Waltz Health’s partners always get the most savings on eligible drugs without requiring them to take any action. This results in better medication adherence and a superb digital and pharmacy experience for members, while also providing greater insight into cash-pay prescription fills for health plans and plan sponsors.
Millions in the U.S. struggle with high out-of-pocket healthcare costs, and rising drug costs force approximately 13 million Americans to skip or delay filling their prescriptions. Consequently, consumers often waste meaningful time searching for the best price, if they find it at all.
Marketplace Search helps overcome these challenges by taking the guesswork out of finding lower drug prices. Health plans and pharmacies are choosing Waltz Health because of its broad network of discount partners, better savings, and because Waltz Health’s leadership team understands the nuances of today’s prescription drug supply chain.
“We help our customers keep members at the center of decision-making while also creating innovative ways to deliver more value to plan sponsors. Our Marketplace Search technology reduces friction when people search for better prices on drugs and enhances the digital services that health plans are investing in,” said Mark Thierer, Waltz Health Co-founder and CEO. “Working together, we can drive better medication adherence by reducing out-of-pocket costs for consumers and by closing clinical care gaps for insurers through greater visibility into cash-pay prescription fills.”
In addition to the company’s entry into the payer marketplace, Waltz Health has deployed unique versions of its Marketplace Search solution to four national pharmacy chains with thousands of locations nationwide, generating savings on average of $5 to $10 more per prescription compared to single-prescription drug-savings card solutions.
Today’s expansion into the payer marketplace also lays the groundwork for Waltz Health’s expansion into specialty-drug solutions for health plans. Specialty drugs are one of the fastest-rising costs in the healthcare industry, representing approximately 50 percent of all prescription drug spend. Waltz Health’s Intelligent Specialty Engine will build upon the company’s technology and data foundation to provide transparency across the specialty medication journey, reduce medication cost, improve patient experience and enhance patient outcome.
About Waltz Health
Waltz Health is a digital health company developing consumer tools that support better-informed decisions on prescription care. Designed for consumers, payers, pharmacies and self-insured employers, the company offers AI-driven marketplaces to lower costs, giving consumers access to better pricing options and more information, while also helping payers take control of their pharmacy benefits. Founded in 2021 by Mark Thierer and Jonathon Thierer, Waltz Health is headquartered in Chicago and is backed by GV, Define Ventures, Echo Health Ventures, Blue Venture Fund, Byers Capital and Twine Ventures. For more information, visit www.waltzhealth.com.