RxRevu, a Denver-based company whose software allows clinicians to make better-informed prescribing decisions, has closed its $15.9 million Series A funding round led by Colorado-based nonprofit health system UCHealth.
The startup said that its SwiftRx platform and underlying suite of prescription decision support tools allow healthcare professionals to make more informed prescribing decisions by considering everything from a patient's medical history and individual insurance coverage to the out-of-pocket cost that patients will pay today at their favorite pharmacy.
Carm Huntress, co-founder and CEO of RxRevu, said one of the company’s 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.
The SwiftRx development effort involved a collaboration between RxRevu and UCHealth. "UCHealth and our CARE Innovation Center have been working closely with RxRevu for more than two years in a co-development partnership. We share their vision to improve prescribing to help reduce medication costs and ensure our patients fill prescriptions with as little friction as possible," said Richard Zane, M.D., chief innovation officer at UCHealth, in a statement. "SwiftRx holds the promise to improve both our clinician and patient satisfaction. Finally, we will have an enterprise approach to better measure and manage our prescribing. We are excited by what is possible using this clinical decision support technology across our system."
Dr. Zane has joined the RxRevu board of directors, along with Toby Cosgrove, M.D., executive advisor at Cleveland Clinic. A press release quoted Dr. Cosgrove as saying, "Like many things in healthcare, prescribing medicine has become very complex. New data sources combined with decision support tools like RxRevu's SwiftRx will enable providers to incorporate the latest treatment standards, national guidelines and patient cost into one simple provider-centered workflow, so they can focus on the patient."
Additional investors include University of Virginia LVG Venture Fund, Presbyterian Healthcare Services (NM), Inception Health/Froedtert Health, Children's Hospital Colorado, UnityPoint Health, JAZZ Venture Partners and existing investors.