Last year, Americans spent more than $344 billion on prescription drugs. With the state of our healthcare system being what it is, that number is expected to continue climbing.
Taking on that challenge, RxRevu just raised $15.9 million to make prescriptions more affordable and effective.
Based in Denver, RxRevu builds “prescription decision support” tools that help medical professionals take a holistic approach to writing prescriptions. Via the RxRevu platform, doctors can review factors such a as a patient’s medical history as well as their insurance information to understand what that patient will be expected to pay out of pocket when they arrive at their pharmacy.
This data is designed to help prescribers not only better understand how the drugs they are suggesting will impact a patient’s medical conditions, but also to begin chipping away at the staggering mountain of pharmaceutical costs.
One of our goals is to eliminate the millions of pharmacy call-backs, which leads to unfilled prescriptions and higher costs for everyone.”
“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,” said CEO Carm Huntress in a statement.
The $15.9 million round was led by UCHealth, a nonprofit health network based in Colorado, that has been working to strategically support the growth of RxRevu.
“UCHealth and our CARE Innovation Center have been working closely with RxRevu for more than two years in a co-development partnership,” said UCHealth’s Chief Innovation Officer, Richard Zane, M.D., in a statement. “SwiftRx holds the promise to improve both our clinician and patient satisfaction.”
Dr. Zane will join RxRevu’s board of directors as part of the deal, as will Dr. Toby Cosgrove, executive advisor at Cleveland Clinic.
Also contributing to the funding round was Children’s Hospital of Colorado, Inception Health/Froedtert Health, JAZZ Venture Partners, Presbyterian Healthcare Services, UnityPoint Health, the University of Virginia LVG Venture Fund and other existing investors.
The latest funding brings RxRevu’s funding total to $21 million since the firm’s founding in 2013.
