Healthcare technology companies, have seen profits before growth and delivery of innovative solutions that improve access and affordability of medications
Fremont, CA: RxSense secures a significant investment from Parthenon Capital. RxSense is a high-growth healthcare technology enterprise that applies its proprietary technology platform to generate innovative prescription saving solutions to consumers, patients, and provides pharmacy benefits, administration, and analytics solutions to enterprise customers. Parthenon Capital is a growth-based private equity firm that funds more than $5 billion in total capital investments. The proceeds collected from this transaction will be utilized for several growth initiatives. The terms of the investment round were not disclosed.
Chairman and CEO Rick Bates founded founded RxSense in 2015. The mission of the company was to develop technology solutions that enhance healthcare transparency and provide access to many affordable medications. Rick Bates hired a seasoned group of healthcare veterans with the eternal knowledge of the challenges of the PBM industry; he paired each them with an innovative idea and technology team to create a sophisticated architecture that caters to the pain points of antiquated pharmacy benefits administration. At the core of RxSense, the industry is a leading pharmacy benefit, a technology platform that has been gone for a wild. These solutions provide flexible ideas, enabling efficient management and greater transparency and access to prescription savings.
The direct-to-consumer division of RxSense leverages it’s a proprietary technology platform, along with direct contracts forged with the nation’s most renowned pharmacies and extensive consumer engagement tools that help to deliver discounted prices on prescription drugs consistently. SingleCare and FamilyWize prescription savings solutions by the company, deliver significant savings of up to 80 percent on all FDA-approved prescription drugs, encompassing approximately 95 percent of pharmacies where U.S. customers fill prescriptions. Quality information regarding these solutions is shared with the consumers by more than hundreds of thousands of doctors from across the country. The company’s enterprise division features RxAgile, a cutting-edge cloud-based platform for managing pharmacy benefits, making it smart and simple to apply, and also improve speed, flexibility to meet the needs of any PBM, health plan, health system or employer.
“We’re thrilled to partner with the Parthenon Capital team, which brings tremendous experience and strategic value to RxSense,” said Bates. “Parthenon’s experience building and supporting franchise companies in healthcare technology, as well as the addition of our new board members, will create a significant advantage for us as we continue to grow our business and develop solutions that meaningfully improve healthcare transparency and the affordability of prescriptions.”
“RxSense is an exceptional company bringing a unique combination of pharmacy industry expertise, leading technology and deep consumer experience to help address one of the most prominent issues in healthcare – providing access to affordable prescription medications,” said Dave Ament, co-CEO of Parthenon. “We are excited to partner with Rick and the entire RxSense management team to support their growth initiatives.”
Jeffery Boyd and John Hayes will join the company’s board of directors as per plan. Boyd is Chairman of the Board of Booking Holdings, Inc. and previously served as CEO of Booking Holdings and its predecessor Priceline Group. Boyd was also Executive Vice President of Oxford Health Plans, before joining Priceline.
“At over $420 billion annually, medication spending represents one of the largest and fastest-growing areas of healthcare expenditures,” added Kurt Brumme, a principal at Parthenon. “RxSense has developed a technology platform that delivers significant savings to millions of Americans while creating a unique alignment with the nation’s leading pharmacies. We look forward to working with RxSense to build upon that track record of success in the coming years.”