Digital health company Waltz Health has unveiled a new specialty pharmacy platform, Waltz Connect, aimed at reducing drug costs for payers and enhancing the experiences of patients and pharmacies. Specialty drugs, which treat complex diseases, represent a significant portion of rising healthcare costs in the U.S. Despite accounting for less than 5% of the country's 7 billion prescriptions annually, these drugs drive 54% of the total cost. Waltz Health’s President, Jeff Park, highlighted that Waltz Connect uses an AI engine to optimize drug routing based on factors like price, location, and fulfillment accuracy, offering insurers a more cost-effective solution.
Waltz Connect's innovative approach gives payers more flexibility by providing access to a network of 80 dispensing locations, including a partnership with Reliance Rx, a pharmacy focused on specialty drugs. Unlike traditional models where health plans are tied to a single specialty pharmacy, Waltz Connect expands the options available to insurers, potentially saving them 10% to 15% on specialty drug spending. Waltz Health’s network supports 9 million patients and tracks over 80 million prescriptions annually, working with major insurers such as UnitedHealthcare and Humana, as well as alternative players like Mark Cuban's Cost Plus Drug Company.
The launch of Waltz Connect is part of Waltz Health’s broader ambition to transform the pharmacy benefit management (PBM) industry. Co-founder and CEO Mark Thierer, alongside a team of former OptumRx executives, is driving a shift away from traditional, opaque PBM models. According to Park, the current PBM systems are bogged down by complex structures and hidden costs, prompting the need for a more transparent and efficient approach. Waltz Health aims to lead this change by providing a streamlined and cost-effective alternative through Waltz Connect.
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