RxNXT Saves Companies Money on their Pharmaceutical Expenses
Employee benefits are one of the highest cost drivers affecting a business’s bottom line. The cost of employer health benefits rises 5% every year, and pharmacy benefits alone account for 21 cents of every health care dollar.
But employers can curb rising pharmacy spend with a New Albany-based Software as a Service platform called RxNXT.
Founded by Mark Stetson and two investors in 2018, RxNXT incentivizes employees and dependents to search and select the best available price on any drug. The platform provides the necessary tools and insights so plan members can easily take advantage of prescription drug discounts either through their established insurance plan or cash price alternatives.
Members search for their prescribed drug on RxNXT’s pricing marketplace, and receive a comprehensive price comparison. RxNXT analyzes the insurance plan price and market alternatives, and identifies the lowest cost to the plan or member. Cash incentive alternatives are provided if the best option is outside of the member’s benefit plan.
RxNXT considers the total cost of the drug, which benefits the employer as well, because it takes into account the amount the employer would pay after the patient responsibility.
RxNXT offers a white-label partnership program to health plans, pharmacy benefit managers, and benefits administrators to add value to their client engagements. The platform has single sign-on capabilities, offers sales and tier II support, and revenue share.
For Mark, starting RxNXT was a combination of an entrepreneurial itch and a market need. He graduated from OSU in 2009 with a bachelor of arts degree, then spent the next decade working in healthcare technology operations and sales.
In 2012, he started taking evening classes at OSU, and earned his MBA in 2014. He had always been fascinated with what makes start-ups and their founders successful, and was witnessing a flawed healthcare industry at work every day. When the concept for RxNXT arose, he jumped at the opportunity.
Since RxNXT’s inception, Mark has hired two full time employees and three summer interns from OSU. His business is growing, and he plans to add an additional full time position to help drive sales. He’d also like to continue the internship program through the fall of 2020.
For more information about RxNXT, you can visit their website, connect with them on LinkedIn, or email the company. If you are an employer who is dissatisfied with your Pharmacy Benefit Management experience or would like to lower the cost of medications for both your company and your employees, please email Mark at Mark@RxNXT.com.
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