Levrx Technology, Inc. - 3x3x3 Challenge with Todd Edwards
Levrx transforms the pharmacy experience with technology, aligning providers, patients, pharmacies & payers on one platform for simplified, affordable prescriptions.
Transcription:
What is Levrx?
Levrx is a robust software development company that is hyper focused on transforming how individuals shop, save, and manage their prescriptions. Since 2000, pharmacy costs have more than doubled. It's still the fastest rising cost component of healthcare and is the most frequently used employee benefit. The industry's reaction was to create clinical pharmacy programs, things like manufacturer's assistance, cash discount cards, like GoodRx, and many others. Unfortunately, these efforts have resulted in widespread member disruption and confusion. Members are still showing up to the pharmacy every day not knowing what medications are covered, what they will pay, and frequently leave the pharmacy without their much-needed medications. By digitizing how members interact with their pharmacy benefit, Levrx has been able to make it less confusing, more affordable, and we've been able to significantly increase the effectiveness of all the great pharmacy programs being deployed in the market.
How is Levrx different?
Levrx is digitizing traditionally manual processes and consolidating pharmacy programs into one easy-to-use app. A great example of this is we recently integrated two supplemental pharmacy programs, Mark Cuban's Cost Plus Drugs and SingleCare, a cash discount network. These are two widely used programs that traditionally require members to visit multiple websites, spend extra time researching options, and do math to determine if there's any savings. With Levrx, we do all that work. We then proactively alert them in our Savings Center and allow them to easily take advantage of those lower cost prescriptions with just a few clicks. The apps that are in the market today just aren't cutting it. Members need more information. It needs to be personalized to the member, and then they need to be able to easily act on that information with a click of a button.
Who is a good fit for Levrx?
The short answer is everyone. Over 70% of consumer goods in America are purchased digitally. We're seeing that when you give members similar tools for pharmacy, they will use them the same way they use other consumer apps. We are seeing an impressive 40% active user rate. Most apps from health plans or PBMs typically max out around 10%. Our utilization is more comparable to popular social media apps, like Facebook and Instagram. This is why members should be asking whoever they get their employee benefits from for Levrx. For employers, Levrx is a tool that can not only be used to differentiate benefits, but to protect themselves in the role as a fiduciary, which is critical now as highlighted by the recent Johnson & Johnson lawsuit, where employers were unknowingly overpaying for low-cost medications by thousands of dollars. Levrx is no longer just a nice-to-have addition. It's a game-changing necessity.
Transcription:
What is Levrx?
Levrx is a robust software development company that is hyper focused on transforming how individuals shop, save, and manage their prescriptions. Since 2000, pharmacy costs have more than doubled. It's still the fastest rising cost component of healthcare and is the most frequently used employee benefit. The industry's reaction was to create clinical pharmacy programs, things like manufacturer's assistance, cash discount cards, like GoodRx, and many others. Unfortunately, these efforts have resulted in widespread member disruption and confusion. Members are still showing up to the pharmacy every day not knowing what medications are covered, what they will pay, and frequently leave the pharmacy without their much-needed medications. By digitizing how members interact with their pharmacy benefit, Levrx has been able to make it less confusing, more affordable, and we've been able to significantly increase the effectiveness of all the great pharmacy programs being deployed in the market.
How is Levrx different?
Levrx is digitizing traditionally manual processes and consolidating pharmacy programs into one easy-to-use app. A great example of this is we recently integrated two supplemental pharmacy programs, Mark Cuban's Cost Plus Drugs and SingleCare, a cash discount network. These are two widely used programs that traditionally require members to visit multiple websites, spend extra time researching options, and do math to determine if there's any savings. With Levrx, we do all that work. We then proactively alert them in our Savings Center and allow them to easily take advantage of those lower cost prescriptions with just a few clicks. The apps that are in the market today just aren't cutting it. Members need more information. It needs to be personalized to the member, and then they need to be able to easily act on that information with a click of a button.
Who is a good fit for Levrx?
The short answer is everyone. Over 70% of consumer goods in America are purchased digitally. We're seeing that when you give members similar tools for pharmacy, they will use them the same way they use other consumer apps. We are seeing an impressive 40% active user rate. Most apps from health plans or PBMs typically max out around 10%. Our utilization is more comparable to popular social media apps, like Facebook and Instagram. This is why members should be asking whoever they get their employee benefits from for Levrx. For employers, Levrx is a tool that can not only be used to differentiate benefits, but to protect themselves in the role as a fiduciary, which is critical now as highlighted by the recent Johnson & Johnson lawsuit, where employers were unknowingly overpaying for low-cost medications by thousands of dollars. Levrx is no longer just a nice-to-have addition. It's a game-changing necessity.