They say there are markets for everything, but health care has historically been a tough one to navigate. Prices for services and drugs vary widely among providers, and it’s often impossible to know the final cost of a medication until the prescription has already been filled.
Brad Bangerter, a health insurance administrator turned entrepreneur, says he wants to change all that. This week, he launched a service called LowestMed, a smart phone app and a Web site that allow users to look up medications to find the cheapest price among nearby pharmacies.
LowestMed makes prescription drug pricing transparent, utilizing user-friendly technology and proprietary, up-to-date information. The cell phone app enables consumers to use their mobile devices to see price differences at local pharmacies in order to immediately get the best price. The app integrates an electronic discount card to enable consumers to get discounts simply by showing the codes on their phone to the pharmacy at the time of purchase.