Colorado-based health system UCHealth led the round. Participation also came from the University of Virginia LVG Venture Fund, Presbyterian Healthcare Services (NM), Inception Health/Froedtert Health, Children’s Hospital Colorado, UnityPoint Health, JAZZ Venture Partners and other existing investors.
Founded in 2013, the startup offers a SwiftRx platform, which includes three solutions. One is SwiftRx Direct, a cost transparency tool that brings cost information, coverage restrictions and therapeutic alternatives to the EHR. Another is SwiftRx Navigator, an EHR-embedded decision support application. The third is SwiftRx Insights, which provides behavioral analytics to help healthcare organizations improve patient safety and reduce care variability.
The Colorado company benefits various healthcare stakeholders. Its offerings enable providers to pick the most effective and low-cost medication at the point of prescribing. Payers and pharmacy benefit managers can utilize the platform’s analytic capabilities to manage pharmacy outcomes.
The startup’s clients include UCHealth and Children’s Hospital Colorado, among others. It also works with health IT vendors like Cerner and Epic.
RxRevu co-founder and CEO Carm Huntress noted in a statement:
Our SwiftRx suite of tools makes it easier for clinicians to identify the right medicine for every patient. 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
In addition to the funding news, the company also revealed two additions to its board of directors: UCHealth chief innovation officer Richard Zane and former Cleveland Clinic CEO Toby Cosgrove.
Other companies have also been working to improve prescription price transparency.
For instance, earlier this year health IT vendor Cerner and CoverMyMeds, which offers technology for automating the prior authorization process, launched such an effort. The collaboration focuses on integrating patient-specific data into the EMR so providers can review medication pricing information with patients. More specifically, Cerner customers can integrate CoverMyMeds’ RxBenefit Clarity solution into the Cerner Millennium EHR through Cerner ePrescribe.