Mark Cuban Cost Plus Drug Company is teaming up with RevSpring, maker of healthcare payment solutions, for a new program with U.S. pharmacies.
The program is designed to make drugs more affordable for consumers and to relieve financial stress on participating pharmacies by delivering them more revenue, the companies said.
Cuban's drug company will use RevSpring’s payment technology to orchestrate pharmacy billing and give participating pharmacies a way to track prescription sales through its 12-month payments tracking dashboard.
“We’re delighted to partner with the leading healthcare payments company on our most recent exciting new venture,” Alexander Oshmyansky, founder and CEO of the Mark Cuban Cost Plus Drug Company, said in an announcement. “We looked at many solutions, but RevSpring offered the most sophisticated and cost-effective payment and tracking solution by far. RevSpring also was able to meet our requirements for CRM integration and getting to market quickly.”
Mark Cuban Cost Plus Drugs made a splash when it launched in January 2021 to offer low-cost rivals to overpriced generic drugs. It rolled out its online pharmacy at the start of 2022 with the goal of bypassing middlemen and markups and reflecting actual manufacturer prices, plus a flat fee. Though it initially planned to avoid working with pharmacy benefit managers, it changed direction, partnering with RxPreferred Benefits last December. Also that month, the company announced it will be offering prescription drug discounts to self-insured employers.
RevSpring developed technology to help customers accelerate revenue by offering consumer payment portals, physical and electronic invoices and analytics tools. The solution processes more than $8 billion in payment transactions annually, according to a press release. It supports a wide variety of payment models and aims to make payment processing and reconciliation effortless.
“We are providing a highly reliable solution leveraging our proven payments technology to ensure successful outcomes for Cost Plus Drug and the pharmacies and consumers they serve,” Valerie Mondelli, chief commercial officer of RevSpring, said in the announcement. “It’s a significant partnership and one that highlights our commitment to innovation, technological excellence and customer satisfaction.”