LowestMed is a discount prescription service that shops for the lowest price for prescription medications. The idea is that you enter the medication prescribed, and whether you are at the doctor’s office or out looking for a refill, the app tells you (and shows you, via GPS), the pharmacy with the best deal on that prescription.
The app launched Wednesday, and we had a chance to interview Brad Bangerter, CEO of LowestMed.
Q: From looking at your website, it seems that LowestMed is basically a discount prescription program. Does this mean that members get a lower price than they would if they weren’t members, or does it just compare prices between pharmacies?
A: LowestMed is a discount prescription program with tools to empower consumers in making purchasing decisions. To get the prices listed on the app, users must present the discount card on their mobile device. The prices are negotiated discounts for our users, not retail price comparisons.
Q: Couldn’t consumers get the same prices just by calling several pharmacies or going to pharmacy websites? What advantage does LowestMed offer over the “manual method.”
A: Pharmacies only give “retail” prices over the phone and on their websites. They will not give insurance card negotiated prices nor discount card negotiated prices over the phone. To know those prices, a consumer must go to the pharmacy and present a prescription at which time the pharmacy submits a claim, fills the prescription and gets a price. Then the consumer can decide whether or not to buy it. It’s kind of a convoluted system. That’s why we make it easy for users to see what our negotiated discount prices are without having to go to each pharmacy to find the best price. The app makes it easy and convenient to save time and money.
Q: Is there any charge to use your application, for example a monthly subscription fee?
A: No, there is no monthly charge or subscription to use the LowestMed app.
Q: Tell us about the app – are the results displayed as a list, on a map, or in some other format?
A: The app shows a quick comparison of prices in list form on a results screen. The comparison is very powerful yet easy to use. (See sample screen shots and list of features attached). Users can click on the pharmacy name to see a map of locations and get driving directions.
Q: Is this primarily for people who have insurance through their employer, are self-employed, or those with no insurance?
A: The app is primarily for individuals with no insurance (49.9 million) and those with High Deductible Health Plans (over 11 million). However, many times, the prices available through LowestMed may be less than insurance plan co-payments so those consumers should use it too.
Q: When you sign up on your webpage, there is some personal information (e.g. address requested). How is this information kept secure? Will it be sold or shared with other companies?
A: No personal information is required to use the app. If a consumer chooses to enroll on the website, their information is kept secure and is not sold or shared with any other companies.
For more information about LowestMed and the new mobile app, visit www.lowestmed.com, or search for LowestMed on the Apple App Store or Android Marketplace.