DENVER, Jan. 27, 2021 /PRNewswire/ -- RxRevu, the industry leader in Prescription Decision Support, has closed its Series B funding round, raising $7 million, bringing the total investment in the company to $28 million. The investment will fuel the development of RxRevu's technology platform SwiftRx®, and facilitate growth in personnel and technical capabilities.
SwiftRx brings patient-specific data from pharmacy benefit managers (PBM) to electronic health records (EHR), displaying accurate, real-time information so providers can prescribe low-cost medication options for their patients. The solution also displays coverage and benefit details within the EHR so providers can reduce prior authorization volumes and downstream administrative work.
"We are on a mission to bring prescription price transparency to every provider across the country," said Carm Huntress, CEO and Co-founder of RxRevu. He continued, "While we have already reached 2,000 hospitals in less than two years, we are quickly growing our network and focusing on bringing additional data to providers so they can make more informed, value-based decisions. Across the last year, we have been able to work with the largest EHR vendors to reach providers at scale, and have increased our PBM coverage network to over 150 million insured individuals."
The investment round was led by JAZZ Venture Partners, with additional investments from existing strategic health system partners. The funding will allow RxRevu to focus on expanding its Real-Time Prescription Benefit solution's capabilities and explore other cost transparency services.
"It's rare for us to find a digital health startup that has reached this level of scale in such a short period of time, while being incredibly capital efficient. Reaching over 150,000 prescribers in less than a year is a huge achievement and speaks to RxRevu's unique strategy and exceptional team," said Andrew Firlik, Managing Partner at JAZZ Venture Partners.
Toby Cosgrove, former Cleveland Clinic CEO and one of RxRevu's board members, said, "It's clear to me RxRevu is the essential platform between payers and providers. It is the first and only company I've seen that has access to the right data and delivers it in the right way to fundamentally change provider behavior. With RxRevu, providers and payers can seamlessly move toward value and deliver on the triple aim."
Health systems, EHR vendors, health plans, and PBMs interested in joining the largest real-time price transparency network are encouraged to reach out to learn more.
About RxRevu RxRevu is on a mission to improve healthcare by providing accurate, patient-specific coverage and cost data at the point-of-care. RxRevu's solutions help physicians quickly and easily find affordable care options specific to a patient's health and financial needs. With comprehensive, clinically-relevant information at their fingertips, physicians can make more informed, consistent, and frictionless care decisions. RxRevu's solutions also enable health systems to manage and measure clinician's performance and variability. For more information about RxRevu, its innovative solutions and growing network, please visit rxrevu.com.