Since launching last year, Denver-based health startup RxRevu has been working to alleviate healthcare costs when it comes to the pharmacy. There is an estimated $150 billion in annual overspending on pharmaceuticals and RxRevu now has the seed funding to make more of a dent in that hefty bill taken on by Americans.
"We are pleased that we not only closed our round, but that we were well over-subscribed," said CEO Carm Huntress. "This is great validation of the changes happening in digital health, and how our business model, team and execution strategy fit within the new healthcare paradigm based on value rather than volume."
So far, RxRevu has researched physicians’ prescription habits and has identified 6,000 cost-saving recommendations based on the findings. With that info, patients can get the most effective medication at the best possible cost.
RxRevu recently announced entry into the three-year StartUp Health Academy, a global startup platform, program and accelerator for health and wellness innovation. Involvement with StartUp Health Academy has already been instrumental to the company's growth as they build the world's most advanced prescription optimization platform.
"The era of writing endless prescriptions and letting the rest take care of itself is over," Huntress said. "Patients and physicians need better tools to drive engagement and make decisions with cost and quality easier to understand."
What does the C-team plan to do with the funding? According to Huntress, "This funding will go directly toward growing our customer base and improving our prescription optimization platform." Additionally, they're planning on expanding the team with additional physicians, pharmacists and developers.
RxRevu will be launching a free consumer website called www.rxcheck.com that will allow people to check their medications for ways to save.