Rick Bates, CEO, RxSense
Pharmacy benefit management, a critical element to achieve better health outcomes, often proves to be a blackbox for care providers and patients. On the one hand, patients are facing immense difficulty with a lack of transparency in making informed decisions around the cost of medications. On the other hand, employers, pharmacy benefit managers, health plan and health system providers, and brokers are struggling to provide prescription drugs at a lower cost. Today, consumers and care providers are on the lookout for better solutions that offer a holistic insight into the current pharmacy benefits market. Cracking open the blackbox and architecting a transparent and efficient approach through its flexible pharmacy benefit enterprise platform solutions is the Boston-based RxSense.
Launched by a team of healthcare industry and consumer tech veterans to solve industry challenges with pharmacy benefits administration, RxSense is at the forefront of developing scalable, cloud based solutions that are customizable to meet the needs of any client. The company brings to the table improved transparency and access to affordable medications while enabling clients to optimize business savings through its transformative enterprise software. RxSense presents a twofold advantage with RxAgile providing enterprise solutions that are fast and easy to use so operations teams can manage changes to plans and formularies without the need for IT support or waiting out long development timelines. RxIQ is the powerful analytics solution, which provides convenient and secure access to actionable health plan performance insights and pharmacy claims data in near real time. RxIQ provides clients with interactive and customizable dashboards offering deeper plan insights, to easily sort and evaluate data by categories including claim type, pharmacy or geography. It also provides detailed business reports on a plan’s performance and proactive monitoring to detect potential financial, clinical, or operational anomalies with alerts via email or text, enabling timely adjustments.
“RxAgile is simply the industry’s most efficient and comprehensive solution for pharmacy benefits. We’re bringing transparency and efficiency to our clients and significant operational cost savings as a result,” said Rick Bates, co-founder and CEO of RxSense.
• RxAgile features customizable service solutions, including self-serve options, offering its clients the level of support to meet their unique business needs.
We want to make our platform a self-administered solution, where users can leverage our technology and manage their own prescription drug benefits
Other features of RxAgile include that it is AWS cloud-based, offering flexibility to quickly, easily adjust and scale to support increased volume. It’s secure API-based platform enables all aspects of the platform, including member tools, to be completely in sync in real time.
RxAgile provides a user-friendly interface for front-end benefit setup, plan implementation, pharmacy management, and the entire rule sets involved in the pharmacy benefits program. Delivering data-driven business intelligence is RxIQ, which is connected directly to RxAgile, and provides customers with near real-time reporting on operational, financial, and clinical information. “Through our single platform, we are revolutionizing the way businesses manage pharmacy benefits and improve the value for sponsors as well as consumers,” mentions Bates.
RxSense’s customers can immensely benefit from their ability to assess the market and extract valuable advantage from it. The platform helps them to save an estimated 30 percent in their operational costs and gain actionable information to impact the health outcomes of their members and employees. The solution also helps them to monitor and measure their operational performance and introduce necessary improvements for customers or PBMs or their own employee population. For the patients, the platform is an information center that provides drug details and helps them to track and manage their deductibles or prepare their co-pays.
Another strong factor that adds to RxSense’s unparalleled credibility is its team of experts that brings in years of experience into the space. Recently, RxSense has hired two experienced CTOs with a rich engineering and consumer technology background to enhance its enterprise solution features and performance. “Our new technology leaders bring tremendous experience and the passion for innovation that comes from building engineering teams at fast-growing organizations,” said Bates.
RxSense is also focused on delivering more consumer-centric tools that provide greater transparency, acceptability, clinical data, and information to patients and help them adhere to their prescription drug regimen. The company has a member portal and mobile app for its customers to search for the cost of prescription drugs at different pharmacies and the best pharmacies for purchasing those drugs.
RxSense is a fast-rising disruptor in the pharmacy benefits space that continues to grow and Bates and his team remain focused on their mission to develop technology solutions that improve healthcare transparency and access to more affordable medications for everyone.