CHANDLER, AZ (April 8, 2025) — Health Cost IQ, a transformative software platform for self-insured healthcare providers, has teamed up with Mark Cuban Cost Plus Drug Company, PBC (Cost Plus Drugs) to amplify the importance of reducing inefficiencies in healthcare, ultimately lowering costs for consumers and businesses.
Both Health Cost IQ and Cost Plus Drugs were founded to address rising healthcare costs, which historically have been driven by a lack of transparency and access to healthcare data. Together, Health Cost IQ and Cost Plus Drugs are creating cost-effective solutions that maximize the real value of our healthcare system.
Recent changes to federal legislation have made healthcare data more accessible than ever before. Health Cost IQ has stepped up and developed tools that ingest, process, organize, and make sense of this data. With these insights, businesses within the self-insured ecosystem can make informed decisions based on total provider fees and member out-of-pocket costs.
The Health Cost IQ model can help businesses compare service costs across physician specialties, facilities, and geographic locations. On average, our customers save millions on their annual healthcare spend, with an average cost reduction of 20-30 percent after the first year.
"We are thrilled to collaborate with Health Cost IQ in our mission to make prescription drugs more affordable for consumers," said Alex Oshmyansky, CEO of Mark Cuban Cost Plus Drug Company. “At Cost Plus Drugs, our commitment to transparent drug pricing has always been unwavering, and with Health Cost IQ we are dedicated to providing affordable and accessible healthcare solutions for all."
Using healthcare data to reduce costs for all
With Health Cost IQ (HCIQ), businesses in the self-insured sector can unlock new opportunities to improve health plan strategies, offer better employee benefits, and reduce healthcare costs. Here are a few ways this intelligence can be utilized:
- Empower payer negotiations: Entities engaged in managed care negotiations with payers can leverage the intelligence delivered through tools such as HCIQ’s MedPrice Insight (MPI) to benchmark their reimbursement rates against market standards and broker with payers for more favorable rates.
- Inform business planning: MPI's insights are ideally suited for informing M&A planning and strategy. Entities looking to establish a new business location, expand primary care services, or open a new urgent care facility can use MPI to perform market analysis. By tracking and analyzing healthcare reimbursement rates in a particular area, businesses can identify market needs and determine the best location for their new facility.
- Highlight preferred providers: Self-insured entities can use this intelligence to recommend care options that align with their health plan spending goals. They can develop plan guidelines that provide employees with a list of preferred providers, incentivizing their use.
- Develop searchable payer and provider directories: The detailed payer and provider payment information available through MPI can be sorted in ways unique to a market or business need. Self-insured entities can use this intelligence to create a searchable provider directory for plan participants who can enter their ZIP code and needed service into a search box to access a list of preferred providers and the corresponding copay for each listed medical service.
“In today’s market, most everyone knows that data insights can be transformative for their business. But figuring out how to process and organize the data into meaningful insights is incredibly difficult,” says Adit Parasuram, CEO of Health Cost IQ. “We have figured out how to do this so that businesses save money, individuals save money, and ultimately, we bring the collective cost of healthcare down. We are thrilled to team up with Cost Plus to amplify this mission.”
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About Health Cost IQ
Health Cost IQ (HCIQ) enables its customers to mine their health plan data and uncover issues such as costly inefficiencies, waste, fraud, and abuse. Leveraging its proprietary HealthAnalytIQ software platform, HCIQ can identify problematic utilization patterns and risk trends, forecast future healthcare costs, predict potentially high-use, high-cost members, and identify medical claims payment irregularities and pharmacy utilization inefficiencies. Our customers save millions on their annual healthcare spend, with an average cost reduction of 20-30% after the first year. For more information, visit https://healthcostiq.com.
About Mark Cuban Cost Plus Drug Company, PBC
The Mark Cuban Cost Plus Drug Company, PBC (Cost Plus Drugs) aims to fundamentally change the way the pharmaceutical industry operates. As a public-benefit corporation, its social mission of improving public health is just as important as the bottom line. Cost Plus Drugs transparently charges a standard markup on every drug it sells. The costplusdrugs.com online pharmacy launched in
January 2022 now carries over 2,300 prescription products, delivered by mail to thousands of happy customers every day. Customers can also go to participating retail pharmacies to receive Cost Plus Drugs pricing through the Team Cuban Card. Cost Plus Drugs is working with health plans, managed-care organizations, pharmacy benefits managers (PBMs) and self-insured employers to bring these same savings to employer-sponsored benefit plans nationwide. For more information, visit https://www.markcubancostplusdrugcompany.com/.
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