St. Petersburg-based RxLive was awarded $150,000 in grant funding for a new study by the nonprofit National Council for Prescription Drug Programs.
The study seeks to understand, measure and create a large language model system that automates tracking health care interactions. As a “telepharmacy” software and analytics platform, RxLive can leverage its network to analyze these interactions between health care providers, pharmacists and patients, according to a release.
It’s a way to share data and understand “how often providers take action as a result of the pharmacist’s clinical recommendations,” according to a release.
“Integrating clinical pharmacists into the health care team creates significant financial and clinical value,” Kristen Engelen, the chief pharmacy officer of RxLive, said in a statement. “Implementing and maximizing this value is a discipline we call value‑based pharmacy.”
Value-based health care, meaning coordinated and cost-focused treatment, is part of RxLive’s mission statement. The startup has built a telehealth platform connecting patients with access to medications by connecting them through trained pharmacists.
The research results apply to stakeholders in each health care segment. If proven, the approach will help patients receive a “proactive,” coordinated approach to their wellness and medical plan, while provider organizations will cut expenditures by entertaining fewer visits to high-cost hospitals and emergency department visits. And the pharmacist-physician relationship will be more efficient. It’s also a way to prove the framework of the value-focused approach, according to a release.
“The NCPDP Foundation grant to RxLive has the potential to document at scale the measurable value pharmacists bring to patients and the patient care team,” J.W. Hill, executive director of the NCPDP Foundation, said in a statement.
The money is also part of the Scottsdale, Arizona-based National Council for Prescription Drug Programs' endowment program.
In total, RxLive has raised more than $10 million since its founding in 2018. It has closed its Series A funding round and grown throughout the area. It was also named a “Startup to Watch” in 2022 by Tampa By Inno.
