RxLive, a St. Petersburg-based health tech company whose platform helps reduce medication mismanagement, raised $5 million in a Series A funding round led by Cardinal Health (NYSE:CAH).
According to a press release, RxLive specializes in medication management software that has been shown to reduce patient medication costs by hundreds of dollars, decrease hospital admissions by 27% and reduce readmissions by 26%. The company’s research found that approximately 50% of patients do not take their medications correctly, resulting in $500 billion in wasted healthcare costs and the death of 140,000 seniors each year.
The company’s platform, the statement said, is also capitalizing on the pandemic-driven boom in telemedicine, offering telepharmacy services that can quickly connect patients to clinical pharmacists. The company also uses data analytics to identify patients most at risk of medication mismanagement.
“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,” says the co-founder and CEO. of RxLive Pharmacy, Dr. Kristen Engelen. in the release.
She adds, “But now, with the shift to value-based care, the overnight adoption of telemedicine, and the growing importance and focus on pharmaceutical spend management, RxLive is putting clinical pharmacists back on their feet. square. 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.