Bid for Rx Web Site Now Online Using Auctions to Reduce Prescription Drug Costs.HUNTINGTON BEACH Huntington Beach, city (1990 pop. 181,519), Orange co., S Calif., on the Pacific coast, across from Santa Catalina Island, in an oil-producing area; inc. 1909. It manufactures aerospace vehicles, aircraft parts, optical instruments, and heat transfer equipment. , Calif. -- Bid for Rx, a free online auction service designed to reduce consumers' prescription drug prescription drug Prescription medication Pharmacology An FDA-approved drug which must, by federal law or regulation, be dispensed only pursuant to a prescription–eg, finished dose form and active ingredients subject to the provisos of the Federal Food, Drug, costs by 20-40 percent, is now available at BidforRx.com. With Bid for Rx, a consumer with a legitimate doctor's prescription can log onto the site, click on information about their prescription requirements to create a patient profile, and then participating, licensed pharmacies compete to provide the required prescription at the lowest total price. Consumers include all their prescription and non-prescription medications in their patient profile, so Bid for Rx technology can alert pharmacies to potential drug interactions. Pharmacies see only the prescription requirement and not any personal data about the consumer during the auction. The consumer, though, can see the name and address of all participating pharmacies and the pharmacies' prices, plus any shipping. After the auction is completed, consumers choose whether to release their personal information to a selected pharmacy to fill their prescription. Auctions take 24-72 hours at the consumer's discretion. Longer auction times generally result in lower prices. The reverse-auction technology for healthcare is patented, free to both consumers and pharmacies and completely secure. Kevin Moshayedi, CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Bid for Rx's parent company Medicine Online Inc., said: "Bid for Rx reduces prescription prices by increasing the number of pharmacies who can consider the consumer's requirement, any discount coupons from pharmaceutical companies, etc., and by placing the pharmacies in an explicitly competitive marketplace. Beta testing (programming) beta testing - Testing a pre-release (potentially unreliable) version of a piece of software by making it available to selected users. This term derives from early 1960s terminology for product cycle checkpoints, first used at IBM but later standard throughout the confirms savings of 20-40 percent off list prices and proves the security and confidentiality of the process." Approximately 120 pharmacies are participating in Bid for Rx now with company plans to increase participation to 1,000 pharmacies nationwide by year end. Bid for Rx is designed for prescription drugs, as well as vitamins and alternative healthcare products. Bid for Rx expects that most of the participating consumers will seek auctions on their long-term - and usually expensive - prescription requirements. Consumers with tax-advantaged HEALTH SAVINGS ACCOUNTS A Health Savings Account (HSA) is a tax-advantaged medical savings account available to taxpayers in the United States who are enrolled in a High Deductible Health Plan (HDHP). The funds contributed to the account are not subject to federal income tax at the time of deposit. (HSAs) and FLEXIBLE SAVINGS ACCOUNTS Savings Account A deposit account intended for funds that are expected to stay in for the short term. A savings account offers lower returns than the market rates. Notes: (FSAs) will save money that they can divert di·vert v. di·vert·ed, di·vert·ing, di·verts v.tr. 1. To turn aside from a course or direction: Traffic was diverted around the scene of the accident. 2. to other healthcare needs and receive a receipt from Bid for Rx to submit expenses under these plans. "During beta testing, Bid for Rx received 320,000 page views per month from all across the country as well as a flood of e-mails asking for a full roll out," Moshayedi said. "Among the most frequently asked questions were participation of Canadian pharmacies, whose prescription drug prices are much lower than in USA. Currently, Canadian pharmacies cannot legally supply prescription drugs to USA addresses. Our mission is to reduce pharmacy prices significantly for American consumers while abiding a·bid·ing adj. Lasting for a long time; enduring: an abiding love of music. a·bid  ing·ly adv. by all federal and state laws and regulations." Bid for Rx is a division of Medicine Online Inc. (MOL Mol (môl), commune (1991 pop. 30,763), Antwerp prov., N Belgium, near the Dutch border; founded in the 9th cent. It is a manufacturing city and the site of a Euratom nuclear research center. See mole. ) which pioneered reverse-auction technology for healthcare in 2000. Medicine Online's owners include board-certified physicians and dentists Dentists can refer to one of the following:
Medicine Online operates a consumer healthcare Web site www.medicineonline.com with 25 million page views per month, and a professional healthcare provider Web site www.mol.net. Medicine Online also introduced Bid for Surgery in 2000, a popular and once-controversial auction site for plastic surgery that continues today, using the same reverse-auction technology as Bid for Rx. |
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