The Teachers Health Trust of Southern Nevada is the latest group to partner with Rx Savings Solutions (Thinking Bigger Business cover story, Feb. 2015), enabling its 38,000 participants to gain more information about and access to prescription drugs at more affordable prices.
Founded by pharmacist Michael Rea, the Overland Park, Kan., company’s software relies on patented algorithms to analyze thousands of recommendations, find the optimal clinical option and maximize savings.
While working as a pharmacist in Kansas City, Mo., Rea developed the idea for the software after interacting with a customer. The customer was unable to afford an array of eight prescription drugs and sought a recommendation on which two drugs to cut from the budget that month. In response, Rea conducted research online and across the nationwide pharmacy system. He uncovered cost-savings options that enabled the customer to afford the full regimen of drugs. Rea developed Rx Savings Solution to tackle this systematic problem and assist more consumers.
Since its founding in 2008, Rx Savings Solutions has won a number of key clients, including the State of Kansas Employee Health Plan, BH Media Group—a Berkshire Hathaway company that operates more than 70 newspapers in 10 states, Blue Cross and Blue Shield of Kansas City and American Century Investments.