Medical Device, NVDP
85% of Americans 65 years of age and older have at least one chronic medical condition. The typical senior obtains 22 prescriptions per year. Morbidity and mortality from drug-related problems in ambulatory patients was $76.6 billion in 1995 and $177.4 billion in 2000.
- Health information technology developed by RXV utilizes pharmacy claims, medical claims, and customizable algorithms to identify opportunities to prevent drug-related problems and optimize health outcomes
- RXV’s technology analyzes approximately 5 million prescription claims weekly
- RXV’s technology pushes alerts into call center queues based on level of severity
- RXV’s technology and call center model are currently used by numerous Medicare sponsors, commercial health plans, self-insured employers, and pharmacy benefit management companies.
- RXV’s technology and call center services support over 2 million patients nationwide.
The Centers for Medicare and Medicaid Services (CMS) require all Medicare part d program sponsors to have a comprehensive medication therapy management program. There are approximately 40 million Medicare beneficiaries. by 2020, there will be close to 80 million Medicare beneficiaries.
RXV is also piloting a direct to consumer program. if individuals with chronic illness (or caregivers such as adult children of individuals with chronic illness) were willing to spend $5 to $10 per month, the market potential could be $8 billion to $16 billion annually.
Ready to Grow
RXV received seed funding from BioAccel and will receive an initial investment from California Capital Partners, LLC. RXV technology and model and have reached the following milestones:
- Greater than $5 million in annual revenue
- Significant market share in Medicare Part D
- Multiple commercial insurance clients
- Initiated a direct-to-consumer pilot
RXV was founded by pharmacists at the University of Arizona College of Pharmacy, a top 10 college of pharmacy. Founding pharmacists have a combined 50 years of community pharmacy experience, 20 years ambulatory care experience, and over 40 years experience delivering medication therapy management services using the RXV model.