For the past year, Denver startup RxRevu has worked with Oregon-based health network Providence to implement its prescription benefit solution to help save patients money and drive better outcomes.
During that partnership, RxRevu scaled the solution across Providence’s network of 50 hospitals and 1,000 clinics in seven states.
Now, Providence has doubled down on the deal and made a strategic investment in RxRevu to further expand the cost-saving solution.
RxRevu recently announced that it raised $8 million in funding from the health network’s investment arm, marking the second segment of capital the local startup has raised this year. In January, RxRevu announced a $7 million Series B funding round, led by JAZZ Venture Partners.
This backing from Providence will allow RxRevu to grow its decision support system with the guidance of a health system.
"At RxRevu, we are dedicated to improving care decision-making for as many patients and providers as possible," said Kyle Kiser, CEO of RxRevu, in a statement. "This partnership will further align us with a health system committed to lowering patient costs and solving some of the most difficult healthcare challenges. By empowering providers with accurate data, we can drive value in every patient interaction, streamline processes that prevent efficient care, and deliver superior health outcomes for all."
This funding and expanded partnership come one year after Providence initially deployed RxRevu's prescription benefit solution, giving providers the ability to find medication alternatives to fit each patient's health needs and insurance benefits.
In that time, more than one million prescription transactions have taken place at Providence within RxRevu’s solution.
"Our investment in RxRevu aligns with our brand promise of 'Know me, care for me, ease my way' by enabling visibility into medication options that are personalized and affordable for the patient," said Aaron Martin, managing general partner of Providence Ventures and chief digital officer of Providence. "We are eager to continue our work together and develop new capabilities that will empower patients and providers nationwide."
Outside of its work with Providence, RxRevu has assisted with prescribing decisions at over 500 health systems across the country. The solution enables medical providers to view patient out-of-pocket cost information, coverage restrictions and lower-cost alternatives before orders are completed.
RxRevu currently employs nearly 60 people and expects to grow that number following this funding round.
