RxLive Raises $5M Series A to Bring Population Health Telepharmacy Solutions to At-Risk Patients

ST. PETERSBURG, Fla., July 26, 2022 (GLOBE NEWSWIRE) — RxLive, a provider of population health pharmaceutical solutions, today announced a $5 million Series A funding round. The digital health startup tour was led by spring tide, a health technology-focused venture capital firm, with participation from Cardinal Health™ (NYSE:CAH), a pharmaceutical distributor, global manufacturer and marketer of medical and laboratory products, and supplier of performance and data solutions in healthcare. RxLive has raised a total of $8 million to date.

The healthcare industry is undergoing three profound changes, each directing healthcare providers to RxLive’s medication management software, telepharmacy services and population health pharmaceutical analytics platform.

  • Value-Based Care: Public and private payers are increasingly paying health care providers for the results they produce, not the services they provide. This change is undeniable, but a major impediment to provider performance is poor patient adherence. In fact, research suggests that 50% of patients do not take their medications correctly, leading to 500 billion dollars of wasted healthcare expenditure each year and the deaths of 140,000 the elderly.
  • Rapid adoption of telemedicine: Due to the COVID-19 pandemic, the supply and demand for telemedicine services have exploded. Among Medicare patients, according to the US Department of Health and Human Services, the use of telehealth has increased 63 times during the pandemic.
  • Increase in pharmacy fees: Pharmacy spending is rising as a percentage of overall health care costs, pushing payers to reduce risk to provider organizations and drawing congressional attention to pharmacy cost transparency.

RxLive, the first-ever comprehensive telepharmacy solution for population health and its network of pharmacists, responds to each of these trends with:

  • A data analysis engine which identifies patients most at risk of medication mismanagement.
  • A telepharmacy platform that provides patients with quick and convenient access to clinical pharmacists.
  • A proprietary medical management platform that has been custom designed for the needs and workflows of the population health pharmacist.

“For too long, the pharmacist has been viewed simply as the person behind the counter in the pharmacy where people pick up their prescriptions, and not as a key part of a patient’s care team,” Dr. Kristen said. Engelen, PharmD, clinical pharmacist and RxLive’s Co-Founder and Chief Pharmacy Officer.

“But now, with the shift to value-based care, the overnight adoption of telemedicine, and the growing importance and focus on managing pharmacy spend, RxLive is putting clinical pharmacists in their place. We give patients the one-on-one drug expertise and attention they need to improve their quality of life, and the technology and services healthcare organizations need to improve outcomes.

Founded in 2018, RxLive serves a nationwide customer base of healthcare providers. Here are some of the company’s proven successes to date:

  • Reduced drug costs for patients up to $400
  • Reduced hospital admissions by 27%
  • Reduction of readmissions by 26%
  • Improved HEDIS quality performance

“Medication mismanagement is a problem that is widely experienced, keenly felt, and mistreated by the market today,” said Brad Otto, director of SpringTide. “RxLive is approaching this $500 billion opportunity in a very unique way.”

More details on the impact of RxLive’s platform can be found in a recent peer-reviewed article in Telemedicine & e-healthAccess to telepharmacy services may reduce outpatient hospital admissions during the COVID-19 pandemic.”

“The importance of pharmacists in value-based models of care continues to grow,” said Brent Stutz, SVP at Outcomes™, a Cardinal Health company. “We are impressed with RxLive’s focus on at-risk provider entities and their in-depth understanding of the clinical pharmacist, which complements our existing models.”

As value-based pharmaceutical care models expand beyond the retail pharmacy setting, RxLive will use the funding to grow its engineering, analytics, sales and marketing teams, with investment particularly in the continuous improvement of its AI and the functionality of its medication management platform.

To learn more about RxLive, visit rxlive.com.

About RxLive

RxLive provides AI-powered population health telepharmacy software and services. To learn more about RxLive, visit rxlive.com.

About SpringTide

SpringTide is a venture capital firm that backs the world’s top health tech founders. We seek to partner with teams using data innovation to improve human health. Founded in 2018, SpringTide has invested in 24 companies and completed 3 exits. Our team of experienced healthcare entrepreneurs have collectively founded five companies with a total exit value of over $500 million. SpringTide is based in Boston, Salt Lake City and San Francisco. Information about SpringTide is available at springtide.com.

About Cardinal Health
Cardinal Health is a pharmaceutical distributor, a global manufacturer and distributor of medical and laboratory products, and a provider of performance and data solutions for healthcare facilities. With 50 years in business, operations in more than 30 countries and approximately 44,000 employees worldwide, Cardinal Health is essential for care. Information about Cardinal Health is available at cardinalhealth.com.

Media Contact
Jack McHugh | [email protected] | 816-679-8277

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