Discount drug company Waltz Health enters Medicare market, aiding health plans with affordable prescription access via AI-powered search engine. Initial partnership with SCAN Health Plan. CEO Mark Thierer highlights importance of addressing Medicare members’ financial constraints. Founded in 2022 with $35.4M Series A funding, led by GV. Trend reflects broader industry efforts to lower prescription costs, with players like GoodRx and Amazon.
Waltz Health, a discount drug company specializing in digital prescription pricing and reimbursement, has announced its foray into the Medicare market. Based in Chicago, the company aims to assist health plans catering to Medicare beneficiaries in accessing more affordable prescription drug options through its Marketplace Search technology. This technology, powered by AI, enables health organizations to offer consumers a search engine that taps into data from various drug discount programs to identify lower-cost medications.
In addition to facilitating access to discounted drugs, Waltz Health will provide health plans with valuable insights into medication adherence trends. The first payer set to utilize Waltz’s tailored Medicare-focused Marketplace Search application is SCAN Health Plan, a nonprofit Medicare Advantage health plan provider.
Mark Thierer, CEO and co-founder of Waltz Health, emphasized the significance of expanding into the Medicare segment, citing it as one of the fastest-growing markets in healthcare. He highlighted the financial constraints often faced by Medicare members, particularly concerning high-priced medications and coverage gaps like the ‘donut hole.’ Thierer underscored the importance of collaborating with innovative health plans to address specific member needs, such as the affordability of prescriptions.
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Prior to his role at Waltz Health, Thierer served as CEO of OptumRx, a pharmacy benefit manager, following UnitedHealth Group’s acquisition of Catamaran, where he held the positions of chairman and CEO.
Waltz Health initially launched in 2022 with $35.4 million in Series A funding, with GV leading the round. Notable participants in the funding round included Define Ventures, Echo Health Ventures, Blue Venture Fund, Byers Capital, Twine Ventures, as well as individual healthcare executive investors.
The move by Waltz Health into the Medicare market aligns with broader efforts within the healthcare industry to address rising prescription drug prices. Other entities pursuing similar objectives include Mark Cuban’s Cost Plus Drug Company, GoodRx, Amazon, and Transcarent, a healthcare platform catering to self-insured employers.
