PORTLAND, ME. – October 5, 2016 – RxAnte, a leading provider of solutions that improve the use of prescription medications, announced today that it has received a growth equity investment from UPMC Enterprises. Under the terms of the transaction closed on Sept. 30, Millennium Health sold its entire interest in RxAnte, which will continue to operate as an independent company, led by its existing management team.
Founded in 2011, RxAnte’s technology and clinical services enable its clients to improve clinical care quality and avoid unnecessary costs. The investment by UPMC Enterprises will facilitate product development in collaboration with clinical experts at UPMC and accelerate growth. RxAnte currently manages medication use for nearly 7 million people on behalf of health insurers, providers, and other stakeholders confronting the urgent challenge of improving safe and effective prescription drug use.
“This is a major milestone for RxAnte that will expand the breadth and depth of the analytics and population health management solutions we provide,” said Josh Benner, founder and chief executive officer of RxAnte. “We are very excited to partner with UPMC in our ongoing quest to solve the challenges of under-use, over-use, and mis-use of prescription drugs.”
RxAnte’s priorities with this new investment include expanding its offerings for Medicare, Medicaid, and commercial populations, with particular focus on analytics and clinical programs that lower total cost of care. The company also intends to extend its predictive models and workflow tools to the management of high-cost specialty drugs.
“Improving medication use is increasingly recognized as one of the biggest but most challenging opportunities to improve patient outcomes while reducing health care costs,” said Tal Heppenstall, president of UPMC Enterprises, the commercialization arm of UPMC that led this partnership. “With its deep understanding of the predictive power of data and suite of tools for using data to change behavior, RxAnte is key to our strategy of developing and deploying smart technology to address the toughest challenges in health care.”
For the UPMC Health Plan, a customer of RxAnte for the past three years, the Company’s solutions have optimized medication use, saving excess medical costs and directly contributing to the plan’s superior Star Rating performance on medication adherence measures by the Centers for Medicare & Medicaid Services. “RxAnte’s technology and services have been a key driver of our stellar performance in ensuring that our members receive the appropriate medications for their conditions, leading to better patient outcomes and effective cost management,” said William H. Shrank, M.D., chief medical officer for the UPMC Insurance Services Division. “With UPMC’s clinical expertise and the Health Plan’s strength in analytics, we look forward to supporting RxAnte’s product development and advancing our joint goal of providing the highest value from prescription medications.”
RxAnte improves medication use, resulting in better patient care and financial outcomes. Its solutions deliver the customized strategy, advanced analytics, and effective clinical interventions healthcare organizations need to drive performance. Created by subject matter experts in medication adherence, health IT, and advanced analytics, RxAnte’s capabilities are powered by industry-leading predictive models and include performance forecasting and population reporting, patient-level decision support, targeted patient-engagement programs, and the RxEffect® clinical workflow platform for pharmacists, care managers and community-based providers. Since 2011, the RxAnte platform has managed medication use improvement for millions of Medicare, Medicaid and Commercial members in partnership with health plans, pharmacy benefit managers, retail pharmacies, and other healthcare organizations. Learn more at www.rxante.com or follow us on Twitter.
A world-renowned health care provider and insurer, Pittsburgh-based UPMC is inventing new models of patient-centered, cost-effective, accountable care. It provides nearly $900 million a year in benefits to its communities, including more care to the region’s most vulnerable citizens than any other health care institution. The largest nongovernmental employer in Pennsylvania, UPMC integrates 60,000 employees, more than 20 hospitals, more than 500 doctors’ offices and outpatient sites, and a 3 million-member Insurance Services Division, the largest medical and behavioral health services insurer in western Pennsylvania. Affiliated with the University of Pittsburgh Schools of the Health Sciences, UPMC ranks No. 12 in the prestigious U.S. News & World Report annual Honor Roll of America’s Best Hospitals. UPMC Enterprises functions as the innovation and commercialization arm of UPMC while UPMC International provides hands-on health care and management services with partners in 12 countries on four continents. For more information, go to UPMC.com.
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