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Press

Consumer Behavior Impacted by High Drugs, Says New Report

RazorMetrics, a healthcare technology company focused on lowering drug costs for health plans and self-funded employers, released their annual State of Drug Access report. The report is based on the findings of a consumer survey conducted through Pollfish, using a random sampling method of 1000 adults (18 years and older).

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Article

Copay Accumulator Confusion

Have you tried to read your annual health benefits handbook and given up after a couple of pages? Most people just check their yearly deductible and total out-of-pocket amounts but the formula behind that calculus is beyond the first few pages. Health plans and employers that offer insurance collect premiums, but they also try to share the direct costs through copays for doctor appointments and medications.

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Press

RazorMetrics Completes Annual SOC 2 Recertification

RazorMetrics, a SaaS-based drug cost solution platform, earned a Service Organization Control 2 (SOC 2) Certification, which is based on five trust service principles: security, availability, processing integrity, confidentiality, and privacy. SOC 2 compliance is only awarded to tech companies after they pass a painstaking, third-party audit.

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American Business Awards: Dr. Siva Mohan, CMO of RazorMetrics

AUSTIN, Texas, April 25, 2024 /PRNewswire/ — Dr. Siva Mohan, Co-Founder and Chief Medical Officer of RazorMetrics, an Austin-based drug cost reduction platform, is the Best Entrepreneur – Health Products & Services Status: Silver Stevie Winner from the American Business Awards.

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Article

RazorMetrics Stands Out Among AI-enabled HealthTech Startups

Artificial Intelligence (AI) is dominating headlines because it is a powerful tool for transforming healthcare. Rock Health’s latest report shows that health startups utilizing AI have captivated the investment community, drawing in a staggering 40% of the total funding, equating to $1.1 billion across 45 deals. The funding for AI health keeps increasing; it was 33% in 2023 and 29% in 2022.

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Article

Pharmacy Utilization is Driving Spending Increases

Thanks to rising pharmacy spending, our 2024 healthcare bills are outpacing national GDP growth. The latest Health Sector Economic Indicator Brief from Altarum revealed an interesting tidbit about what is driving the increase and it’s not what you think. Prescription drug prices only went up by 0.3% in February, but the amount of medication people are taking grew by a whopping 7.7%.

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Article

Pet Food, Shampoo, and High-Cost Medication

Extreme couponing is a cultural phenom featured on reality TV, but coupons are not just for the grocery store anymore. Pharmaceutical companies got in on the action. The general idea around offering a coupon is to attract consumers to your higher-priced product by offering a limited-time discount.

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Article

The Intersection of Drug Pricing Reforms and HealthTech Solutions

In an era where data is king, HealthTech companies are successfully driving effective drug cost-control strategies by leveraging analytics, demographic statistics, and care team insights. Since Congress enacted the HITECH Act, which offered financial incentives to health facilities to adopt Electronic Health Records (EHRs), health information entered the digital age. The wealth of health data combined with new Artificial Intelligence (AI) improvements has dramatically increased the computing capacity to process and analyze mountainous volumes of electronic patient data and drug price information.

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Article

Innovative Solutions to the U.S. Drug Shortage Crisis: The Role of HealthTech 

Generic drug shortages are becoming a chronic condition in the United States. Shortages lead to a domino effect across the healthcare landscape because the lowest-cost medication is not readily accessible. Last week, the Federal Trade Commission (FTC) and the Department of Health and Human Services (HHS) issued a Request for Information to Group Purchasing Organizations (GPOs) and drug wholesalers to investigate how competition, contracting, and regulatory policies impact generic drug availability. Missing from the discussion is how HealthTech companies could manage the gaps.

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Article

Should your members choose copay or cashpay?

Cashpay or copay? For members, the choice can be a conundrum. In some cases, cashpay is less money out of their pocket. However, using the copay goes toward a deductible that will save money in the long-term. The calculus is enough to frustrate even the most reasonable person.

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