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RxSense : Delivering a Holistic End-to-End PBM Platform
Rick Bates, Founder and CEO, RxSense
Despite serving as the first line of defense against rising prescription drug costs, pharmacy benefit management (PBM) organizations have always been under constant pressure to evolve their business model. The factors that prompt this continuous evolution of the pharmacy benefit space are many; expanding regulatory guidelines, increasing need to control drug spending, growing requirement for overall health management, technology-driven changes, and much more. Thus, in recent years, PBM organizations have increasingly started to extend their service offerings to cope up with this altering market dynamics and bridge the surging exchanges between pharmaceutical manufacturers and insurance companies. But the major hurdle in their way forward is the siloed and antiquated PBM legacy systems to which they are tied.
It is this understanding and firsthand know-how of the challenges in the pharmacy benefit space that enabled Rick Bates to launch RxSense, a healthcare technology company that provides secure cloud-based enterprise solutions in the areas of pharmacy and medical benefits. Leaning on their extensive experience and deep technological proficiency in the domain, RxSense has put forth an advanced end-to-end solution in the pharmacy benefit space – RxAgile®. As the name suggests, RxAgile® is a complete pharmacy benefit enterprise platform solution that is remarkably agile and efficient in delivering pharmacy savings and benefit management in hours and days, not months. “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,” says Bates, the founder and CEO of RxSense.
What makes RxAgile® stand out among its competition is the exceptional modularity that it offers. Notably, RxAgile® can be tailor-made to suit the specific requirements of organizations making it extremely flexible and intuitive. Moreover, it allows point-and-click benefit configuration without IT coding enabling easy implementation of design plans without the help of IT and development teams. RxAgile®, hence, does away with longer implementation timelines and significantly reduces the expenditure and time to market. RxAgile® also offers a wide range of other features, such as real-time access and full transparency. To complement the competency of RxAgile®, the firm has also introduced a data-driven business intelligence platform - RxIQ®, which empowers organizations to gain critical insights regarding their operational, clinical, and financial processes. RxIQ® leverages real-time pharmacy data to drive the clinical programs and provides real-time alerts on any financial or clinical scenario. This easy-to-use, dashboard-delivered analytics platform can enable organizations to make informed business decisions while forecasting opportunities and risks. RxSense also develops consumer-oriented application programming interface (API)-driven tools to enhance savings at the point-of-prescription. These tools can be integrated with electronic medical records (EMR) and provide the point of sale (POS) rebate capabilities. Today, RxSense leverages these leading-edge platforms to consistently deliver low prices direct to consumers on prescription drugs via its prescription saving services SingleCare and FamilyWize. In addition to that, RxSense also extends proactive and holistic accounting services in the pharmacy benefit space. Riding on the coattails of such competencies, RxSense has become a game-changer in the pharmacy benefit space. It is enabling pharmacy benefit managers, health plans and systems, and new entrants in the industry to have an efficient, flexible, transparent, and secure pharmacy benefits administration. Besides, RxSense is also offering a great competitive edge for them by staying at the cutting-edge of digital transformation in the pharmacy benefit space.
Description Leaning on their extensive experience and deep technological proficiency in the domain, RxSense has put forth an advanced end-to-end solution in the pharmacy benefit space – RxAgile®. RxAgile® is a complete pharmacy benefit enterprise platform solution that is remarkably agile and efficient in delivering pharmacy savings and benefit management in hours and days, not months. What makes RxAgile® stand out among its competition is the exceptional modularity that it offers. Notably, RxAgile® can be tailor-made to suit the specific requirements of organizations making it extremely flexible and intuitive
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