There are numerous technology companies bringing transparency to the health sector and breaking the rules when it comes to the way patients interact with medical professionals and traditional medicine. Many focus on the communication between the medical professional and patient but few have tackled the problems that arise after the office visit. Enter RxRevu, a Denver-based comprehensive prescription comparison data mining platform that allows healthcare providers to easily identify medication alternatives.
After years of experience in which founder, Dr. Kevin O’Brien, began accumulating the initial prescription data, the national conversation began to focus on rising healthcare costs. The market opportunity presented itself for the team and the demand aligned with O’Brien’s vision: “There are billions of dollars wasted on unnecessary medications, and millions of people struggling to afford their medications.”
The RxRevu team has compiled an extensive database of prescription-alternatives to alleviate confusion when identifying alternatives. But what about the source of such important data?
“Our recommendations are sourced from peer-reviewed, evidence-based medical journals- which represent the gold standard in terms of drug efficacy,” said CMO Dan Caron.
The team has researched physicians’ prescription habits and has identified 6,000 cost-saving recommendations based on the findings.
According to Caron, 1 in 5 doctors address cost in the exam room - which means it’s a surprise for patients paying at the pharmacy counter. By embedding their API, healthcare application developers and transparency sites can integrate their extensive data set to help consumers choose the right medication. This means when the patient arrives at the counter, they can make a more informed decision based on relative cost and quality of medications choices.
Since launching last year, RxRevu's has raised a significant amount from small institutional funds and several Colorado and East Coast investors and their seed round was oversubscribed. They have five active pilot customers and a multi-year, multi-million dollar licensing deal with a large cost-transparency player on the West Coast who is using their data with Fortune 500 companies.
Although RxRevu has investors from the East Coast and users on the West Coast, Colorado is the perfect place for the healthcare startup with peers like iTriage, Axion Health, Datu, Kindara, Welltok and Healthgrades just to name a few.
This year, RxRevu is planning on launching a consumer platform to empower the patient. RxCheck, will disclose cost alternatives, such as pill splits, generic medications and therapeutic choices to consumers, Caron said: “We’re growing so fast, we’re trying to handle rapid growth. We have to focus on continuing to build the best platform in the world.”
