How Does Goodrx Make Money: Final Thoughts
GoodRx offers a diverse range of services with plenty of benefits for Americans.
It has managed to profit from helping others, which some see as an enviable feat.
That draws in criticism, too. Some argue that by helping a subset of Americans get around the system, GoodRx actually helps ensure that the old model sticks around. Whatever the case, it fills a cemented niche in the healthcare system today.
GoodRx claims 50% of doctors recommend their patients use the website.
GoodRx has developed a successful business model by providing in-demand services to consumers that need them. Looking for even more great stocks to invest in? Check out Trade Ideas! This innovative software program uses AI technology to help you find amazing new investments with minimal effort.
I’m Not A Goodrx Gold Member How Do I Find Prices
GoodRx Gold prescriptions are discounted up to 90% off of the pharmacy’s cash price. You’ll find the maximum savings on generic prescriptions, which account for more than 85% of the prescriptions in the U.S.
Already use GoodRx? You could save almost 40% more when you .
Note: For brand-name medications, the price youll pay using insurance or a manufacturer discount program will likely be cheaper than prices found on GoodRx Gold.
Put GoodRx Gold to the test and follow the steps below to see how much you can save on your prescriptions.
Step 1Go togold.goodrx.com and click on “Drug Lookup”
From the GoodRx Gold homepage, click on the gold DrugLookup link at the very top of the page .
Step 2Search for your drug name
You will be redirected to our drug lookup page where you can type in the name of your drug directly into the search bar.
Scroll down to see some of our most popular drugs that are part of our exclusively priced Gold program. If you scroll further down, you can also see some of our exclusively priced drugs by health conditions.
These are just a few of our more than 6,000 drugs specially priced for our GoodRx Gold program!
Step 3Select your form, dosage, and quantity
On the following page, you should see prices for a pre-selected form, dosage, and quantity of your medication.
You can update this information to match your prescription by clicking on theunderlineddrug description listed below theyellow Start a FREE 30-day trialbutton.
Step 4Select your pharmacy
Does Goodrx Charge A Fee
GoodRx can be completely free to use. Although, you can upgrade to GoodRx Gold that has a monthly membership fee.
How does GoodRx make money?
You dont need to create an account to print a coupon. In less than five minutes, GoodRx lets you print a coupon without providing your name, email address or phone number.
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Could This Drug Couponing Start
As a start-up dedicated to reducing prescription medication costs for consumers, GoodRx is uniquely well-suited for the bizarre American healthcare market. With more than 17 million unique monthly users, GoodRx has helped its users save more than $5 billion in prescription costs in 2019 alone thanks to its pharmacy-coupon aggregation service and its pharmacy-price comparison tool.
Given the often exorbitant drug prices at the pharmacy, it’s not shocking that people are eager to pay less for their prescriptions. But how does GoodRx make any money when it seems to be in the business of handing out coupons for other companies’ products? Will it go public or be acquired? And what else should healthcare investors know about the company’s place in the healthcare sector’s competitive landscape?
Using Goodrx Gold To Find Discounts On Prescriptions
You will be mailed out a physical version of the GoodRx Gold Card, it will arrive within a few weeks. In the interim you have the option to print out a temporary card, have a digital version of the card sent to you, or you can have it emailed as well.
Below is an example of the GoodRx Gold Card
Printing out a temporary card, pictured below, is a snap.
Or you could always have a text message with the information that will be required at the pharmacy, sent directly to your mobile phone. Below is exactly what you will receive via text message, just with your own account information.
GoodRx Gold Pro Tip: Heres a quick tip if you prefer to not have to carry anything around and simply rely on a digital version of your card. Create an image of your GoodRx Gold card, then save that image as a contact within your phone.
You could also save the text message that you receive from GoodRx as a contact as well.
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You May Miss Out On Your Deductible
All insurance plans have a deductible, meaning you owe that minimum amount per year before your insurance fully kicks in to cover all the costs. For instance, if you have a $5000 deductible per year, you will be required to pay a certain amount for services until you hit that number.
When we fill our prescriptions, insurance covers a portion of the cost. So a $100 medication won’t necessarily cost you that instead, you’ll pay a percentage of that depending on your insurance and your plan. Whatever you do pay gets counted towards your deductible- which is a good thing because as soon as you hit that number, insurance will be required to cover everything else.
However, when you use GoodRx instead of your insurance, the amount you pay will NOT count towards your deductible. Some insurance plans may accept receipts that you can submit for reimbursement, or get credit towards your deductible, however, you will need to call them to sort that out.
Do Pharmacies Lose Money With Goodrx
The sad reality is that many pharmacies lose money when they accept GoodRx.
Prescription margins are already razor thin and the fee that GoodRx takes on top of the PBM likely puts them in the red.
So why do they do it?
Well, for some pharmacies, the idea is that by accepting these coupons a pharmacy will attract more customers to their business, which gives the pharmacy a chance to sell other non-prescription products and potentially earn future business from that customer.
And so, despite the pharmacy losing money on the individual prescription, the hope is that the additional business will make up for it.
This is also why many independent, non-chain pharmacies wont or hate to accept GoodRx.
They make most of their revenue on prescription medications.
Unlike a CVS or Walgreens, if an independent pharmacy loses money on an individual prescription, it is unlikely they will be able to offset the loss by selling convenience store products .
This can really hurt smaller pharmacies who are unable to absorb these types of losses.
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Plan Costs: Singlecare Vs Goodrx
While SingleCare and GoodRx both help card holders save money on many prescription medications, their available plans are different.
The GoodRx Gold plan is a monthly membership program that provides discounts on prescription drugs and healthcare services for individuals at a cost of $5.99 per month. A GoodRx family plan is also available for $9.99 per month, and it allows plan holders to add up to five family members to their plan including children, parents, and pets.
According to the GoodRx website, both GoodRx Gold options provide access to over 1,000 prescription medications for under $10 per month.
SingleCare, on the other hand, does not offer paid membership plans at this time. They offer their best discounts for free.
Our take: SingleCare is a much more budget-friendly option that can help you avoid paying for yet another membership that you dont use . Being asked to spend money in order to save money should usually be met with a healthy dose of skepticism.
Goodrx Gold In 202: Is It Worth It
If you have prescription drugs, chances are that you have heard of GoodRx. GoodRx is a card that provides discounts on some prescription drugs at certain pharmacies. GoodRx Gold is a step-up from GoodRx and can provide great benefits.
Pharmacies partner with GoodRx similarly to a coupon program. The pharmacies offer discounted prices if you show your GoodRx card, exchanging higher prices for more patients.
GoodRx has been around for quite a while and has begun to offer telemedicine as well. You can now use their website or app to reach out to a doctor and get a quick prescription or refill .
In this guide, we will review the following:
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The 6 Best Prescription Discount Cards Of 2021
- Best for Local Pharmacy: Optum Perks
- Best for Future Savings: SingleCare
- Best for Home Delivery: Blink Health
- Best for Chronic Illness: RxSaver
Why We Chose It: GoodRx offers significant savings and a network of more than 70,000 pharmacies, plus the convenience of an easy-to-use app.
Accepted at more than 70,000 pharmacies
Membership to a premium service required for extra discounts
GoodRx is a free program that offers multiple ways to save on your prescription drugs. Anyone is eligible to participate, so long as they are 18 years old and reside in the United States or its territories. Children can also be added to their parent or guardian’s accounts.
The program covers “almost all FDA-approved drugs,” both brand-name and generic, and can even help decrease the cost for certain pet medications. GoodRx also offers specific guidance for Medicare D beneficiaries to help them make decisions on how to save money on their prescriptions.
The company’s website and mobile app allow you to search by drug name for the lowest prices in your local area. You can print or present a coupon from the mobile app to get the lowest rate at your designated pharmacy or use their discount card at any of their 70,000+ participating pharmacies.
Keep in mind coupons may provide larger discounts than cards at times. Medications may be discounted as much as 80% from the retail price.
What Is The Person Code On My Card
The person code is used to individually identify each member on a GoodRx Gold account. All members, regardless of whether you have an Individual Plan or a Family Plan, will have a person code assigned to them.
Why is the person code important?
The pharmacist must enter the GoodRx Gold card information along with the correct person code for each member in order for the card to work correctly.
All members of a Family Plan will use the same card with identical Member ID, Bin, Group and PCN numbers, but the person codes will be unique to each member on a specific account.
How do I find a member’s person code?
You can find your person code in two places:
On the back of your physical card
In your online account
The person code for each member is typically listed on the back of the card next to the member’s name. The person codes will be numbered from “01” to “06” depending on how many members you have on your plan.If you have an Individual Plan or if you are the Primary member of a Family Plan, your person code will typically be “01.”
If you haven’t received your card yet, or if you recently added a new member to your Family Plan, you can also view the person codes for each member on the in your account.
On the YourGoodRx Gold Card page, you will see a digital copy of your card. Underneath the card, you will see the person code for each member listed next to their name.
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What Do People Say About Goodrx Gold
“GoodRx Gold made it easy to get my medication at an affordable price. The monthly subscription fee is more than made up for in my savings!” – Olivia B.
“GoodRx Gold pays for itself every month if I fill one prescription.” – Sherry P.
“In just a couple of months, the GoodRx Gold card saved me hundreds of dollars.” – Jim L.
“I’m a single father so whatever makes things more affordable is HUGE. GoodRx Gold has helped me so much with this.” – Bryon R.
How Do I Sign Up For Goodrx
With the free GoodRx program, there’s no sign up required. We searched for medications on the app and website without giving out any of our personal information. That’s a big win if you’re concerned about privacy. Other companies, like America’s Pharmacy, require an email address to sign up or account login for the phone app.
Once you find the discount you’re looking for, GoodRx gives you a few ways to get the card: text, email, or print. And, if you use the GoodRx mobile app , you can just look up prescriptions on your phone and show the pharmacist the card on the app.
Seniors can also request a GoodRx card in the mail. You’ll have to give your full address and an email address to request the card, but it’s great for seniors who don’t use smartphones or just want a physical card in their wallet.
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Does Goodrx Have Any Competitors
GoodRx has saved me hundreds of dollars since I first started using the service a few years ago, but its not your only option.
In the past, Ive compared GoodRxs prices to LowestMed, a similar website and app. LowestMed was acquired in May 2018 by RetailMeNot and renamed RetailMeNot RxSaver.
Before you fill your next prescription, check one or both of these services to make sure youre getting the best price.
This article was originally written by Michael Timmermann and published on June 11, 2018.
When Will My Goodrx Gold Card Arrive In The Mail
I Just Signed Up
After creating your account, you will receive a Welcome Packet containing two GoodRx Gold cards within two weeks.
I’m Requesting Additional Cards
You canrequest additional cards through your online account at any time, and they will also arrive within two weeks of the request date. We’ll show you how to request additional cards here.
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What Happens If My Goodrx Coupon Isnt Accepted
GoodRx says that nearly 70,000 pharmacies in the United States accept its coupons as well as its discount card.
When I drop off my prescription, I always let them know I have GoodRx right away.
But from my experience, the pharmacist will typically ask me to display my GoodRx coupon when I go to pay not at dropoff.
GoodRx says the prices listed on the app are generally very accurate.
However, you can call 1-855-268-2822 to speak with customer support if theres a price dispute at checkout.
Before calling, make sure your pharmacist entered the information from the GoodRx coupon:
- Member ID
This is important: Do not pay for your prescription, go home and then contact GoodRx. Call the helpline before paying and while youre still in the pharmacy.
GoodRx says that most pricing issues can be sorted out quickly over the phone.
Final Comparison Of Blink Health And Goodrx Gold
Blink Health allows you to purchase online, so when yourepaying there is no surprise, it is shown and taken care of before you leaveyour house. For GoodRx Gold the price isindicated online, but you do not pay the price until you are picking up yourprescription at the register of the pharmacy.
Blink Health allows for the three pricing options to get their lowest price and allow prescriptions delivered right to your door. So this site allows more flexibility on how to receive your medications and more control over your prescription opportunities.
Blink Health clearly shows each of the three options toanalyze the information and make a decision quickly. To see pricing on GoodRxGold, you must select what pharmacy you want to use to know the price you wouldpay.
Blink health also allows you to select the general categoryof their contracted pharmacies. So you do no select a specific pharmacy beforeyou pay the price.
Thus this provides additional opportunities if the pharmacyyou try to get your prescription through is out of the medication you are notstuck. You can easily use another of their contracted pharmacy without anyadditional steps through Blink Health.
GoodRx Gold has varying prices at each pharmacy so if your prescription is not in stock at your preferred pharmacy you may end up paying a higher price at another pharmacy.
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Goodrx Sets Its Healthcare Ambitions Into Motion
Because GoodRx is private, its financials are not transparent. With an estimated $100 million in gross earnings, GoodRx was valued at around $2.8 billion as of 2018, making it by far the largest company of its kind. GoodRx claims that its revenues have grown around 50% year over year since inception, though its profitability is unclear, as are the sources of revenue growth. Nonetheless, the company is taking action to position itself for further expansion by launching new consumer-facing paid subscription services.
In 2019, GoodRx acquired HeyDoctor, a telemedicine company. Subsequently, GoodRx launched its GoodRx Care telehealth service, which allows consumers to pay $20 for a same-day telemedicine appointment even if they don’t have insurance. At present, the GoodRx Care service is limited in scope, as it can only field telehealth visits around 18 common health conditions. But the company will likely expand the service given the continued surge in telemedicine.
This means that in several years, GoodRx may start to capture telemedicine like Teladoc . Don’t be surprised if GoodRx decides to expand into another market where it can put its digital healthcare acumen to use, like healthcare-appointment booking similar to services offered by Zocdoc or pharmacy-consultation informatics.
Prescription Costs: Singlecare Vs Goodrx
When it comes to a comparison of prescription costs, comparing prices of SingleCare and GoodRx can be a lot like comparing apples to oranges. For this reason, we highly recommend that prospective users consider the costs of their unique prescription medications before determining which provider may help them save more money.
That said, we feel compelled to list a few caveats.
First, when checking prices, its important to make sure you understand the total cost of your prescription on a per unit basis.
For example, we researched the price of Adderral XR 30 mg, a common ADD/ADHD medication. GoodRx listed its price for 30 pills at $42.53 with their free coupon and $39.28 with a Gold membership.
SingleCare listed its price for the same quantity of pills at $42.36, which is still pennies cheaper than the free coupon cost from GoodRx and a few dollars cheaper than the GoodRx Gold member cost, when the monthly member fee is factored in.
Second, it is important to note that both SingleCare and GoodRx negotiate different prices with participating pharmacies. Both SingleCare and GoodRx partner with many nationally-recognized pharmacies, but their prices may vary from pharmacy to pharmacy.
We surveyed pricing for ten common prescription medications and shared each result below:
|Free / $5.99
In 9 out of the 10 cases above, SingleCare offered the lowest price.
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