Tuesday June 4, 2019 0 comments
DENVER -- RxRevu announced it closed its Series A funding round with total proceeds of $15.9 million.
The round was led by Colorado-based nonprofit health system, UCHealth. Additional investors include University of Virginia LVG Venture Fund, Presbyterian Healthcare Services (NM), Inception Health/Froedtert Health, Children's Hospital Colorado, UnityPoint Health, JAZZ Venture Partners and existing investors.
Through its SwiftRx® platform and underlying suite of Prescription Decision Support tools, RxRevu said its EHR-integrated technology allows healthcare professionals to make more informed prescribing decisions by considering everything from a patient's medical history and individual insurance coverage to the out-of-pocket cost that patients will pay today at their favorite pharmacy.
"Our SwiftRx suite of tools makes it easier for clinicians to identify the right medicine for every patient,” said Carm Huntress, RxRevu co-founder and CEO.
“We provide both Real Time Benefit Check (RTBC) information and therapeutic alternatives to allow clinicians to see if there are less expensive options or options that do not require a prior authorization.
"One of our goals is to eliminate the millions of pharmacy call-backs because the patient is surprised at the cost of their medication, or that it is not covered under their plan, which leads to unfilled prescriptions and higher costs for everyone."
The SwiftRx development effort required an ongoing collaboration between RxRevu and a leading innovative health system like UCHealth.
"UCHealth and our CARE Innovation Center have been working closely with RxRevu for more than two years in a co-development partnership,” said Richard Zane, UCHealth chief innovation officer.
“We share their vision to improve prescribing to help reduce medication costs and ensure our patients fill prescriptions with as little friction as possible. SwiftRx holds the promise to improve both our clinician and patient satisfaction. Finally, we will have an enterprise approach to better measure and manage our prescribing.
“We are excited by what is possible using this clinical decision support technology across our system."
As health systems take on added pharmacy risk, manage increasingly complex data sets like pharmacogenomics, and adapt to new regulatory mandates for cost transparency, an enterprise approach to effective prescribing will be required.
"As a physician, former healthcare executive and current RxRevu board member, I see the issues facing healthcare today from every angle," said Toby Cosgrove, executive advisor at Cleveland Clinic.
"Like many things in healthcare, prescribing medicine has become very complex. New data sources combined with decision support tools like RxRevu's SwiftRx will enable providers to incorporate the latest treatment standards, national guidelines and patient cost into one simple provider-centered workflow, so they can focus on the patient."
Dr. Zane and Dr. Cosgrove have joined the RxRevu board of directors.