After rapidly growing to more than 2,000 hospitals on its platform, Denver pharmaceutical software startup RxRevu has closed a new $7 million funding round to fuel the development of its prescription pricing platform.
The Series B investment round was led by JAZZ Venture Partners, with additional investments from existing strategic health system partners. The funding allows RxRevu to focus on expanding its capabilities and explore other cost transparency services.
RxRevu's electronic health record-integrated technology allows health care professionals to consider factors like a patient's medical history, individual insurance coverage and out-of-pocket cost that patients will pay at their local pharmacies when making prescribing decisions.
“We are on a mission to bring prescription price transparency to every provider across the country,” said Carm Huntress, CEO and co-founder of RxRevu, in a statement. “While we have already reached 2,000 hospitals in less than two years, we are quickly growing our network and focusing on bringing additional data to providers so they can make more informed, value-based decisions. Across the last year, we have been able to work with the largest EHR vendors to reach providers at scale, and have increased our PBM coverage network to over 150 million insured individuals.”
In October, RxRevu announced a partnership with athenahealth to deploy its real-time prescription benefit solution within athenahealth's electronic health record. This round brings the company’s funding total to $28 million, building on a $15.9 million Series A round raised in 2019.
“It’s rare for us to find a digital health startup that has reached this level of scale in such a short period of time, while being incredibly capital efficient. Reaching over 150,000 prescribers in less than a year is a huge achievement and speaks to RxRevu’s unique strategy and exceptional team” said Andrew Firlik, managing partner at JAZZ Venture Partners.
