BOSTON — RxSense®, the healthcare technology company, today announced the launch of the industry-leading analytics product, RxIQ, enhancing its transformative enterprise solution for pharmacy benefits administration, RxAgile. RxAgile empowers pharmacy benefit managers, health plans, health systems, as well as new industry entrants with an efficient cloud-based enterprise platform that’s customizable to meet the needs of any client.
Deeper Plan Insights in Real Time with RxIQ Analytics
RxAgile’s new RxIQ analytics dashboard offers convenient and secure access to actionable health plan performance insights and pharmacy claims data in near real time, with hourly updates. The product features interactive and customizable dashboards offering deeper plan insights, and clients can easily sort and evaluate data by categories including claim type, pharmacy or geography. RxIQ 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.
“We are thrilled to bring RxIQ to the market as it offers clients the ability to access deeper business insights, with speed and ease that’s an absolute game changer in pharmacy benefits,” said Rick Bates, co-founder and CEO of RxSense. “Now enhanced by the powerful analytics of RxIQ, RxAgile has evolved to become the industry’s most comprehensive solution for pharmacy benefits. By bringing unprecedented transparency and efficiency to the industry, we’re cutting out operational waste for our clients and ultimately lowering the cost of prescriptions for everyone.”
“As an early adopter of RxIQ, we can already attest to its significant utility, offering quick access to in-depth insights we hadn’t had access to previously,” said John Henry Seale, CEO of Gap Assist. “This is already translating into meaningful results for our business and our users, and we’re excited to continue to leverage these best-in-class tools to optimize our performance.”
Solving Administrative Inefficiency with RxAgile
Nearly 25 percent of all healthcare expenditures in the U.S. are considered “waste,” according to a study in the Journal of the American Medical Association. This accounts for an estimated $760 billion to $935 billion per year, with administrative waste specifically deemed the most costly, accounting for approximately $266 billion per year. With a sophisticated, process-based architecture and simple to use interface, RxAgile empowers its customers with a variety of solutions that are customizable to suit their business needs, eliminating resource waste and bringing care to patients more efficiently.
Businesses that previously took 6-12 months to set up pharmacy benefits on legacy systems can now do so in 6-12 weeks on RxAgile. Changing a drug formulary might previously have taken 4-6 weeks and now takes merely 30 minutes on RxAgile. The breakthrough platform delivers an expected 30 percent increase in operational efficiency to clients.
Key Features of RxAgile
- AWS cloud-based, offering flexibility to quickly, easily adjust and scale to support increased volume
- Simple drag and drop interface, for operations staff to easily manage configuration changes and exceptions without dependency on IT support or long development timelines
- Customizable service levels, including self-serve solutions, offers clients the support to meet their unique business needs
- Secure API-based platform enables all aspects of the platform, including member tools, to be completely in sync in real time
The RxSense Story
RxSense was founded in 2015 with a mission to develop technology solutions that improve healthcare transparency and access to more affordable medications. Co-founder and CEO Rick Bates brought a seasoned group of healthcare veterans familiar with the challenges of the industry and paired them with a savvy tech team to develop a sophisticated architecture to address the pain points of pharmacy benefits administration. The result was RxAgile, a cutting-edge cloud-based platform that’s smart and simple to use, offering the speed and flexibility to meet the needs of any client.
RxSense® is a healthcare technology company developing industry-leading solutions that improve transparency and access to more affordable medications for millions across America. RxSense’s transformative enterprise solutions bring transparency, flexibility and efficiency to pharmacy benefit administration, serving pharmacy benefit managers, regional health plans, health systems, third party administrators, new healthcare technology and new healthcare and pharmacy entrants. RxSense’s vertically integrated business, including its own proprietary technology for claims management and adjudication and direct contracts with the nation’s largest pharmacies (including CVS, Walmart and Walgreens), allows it to deliver consistently low prices on prescription drugs to improve the access and adherence to medication for people across America. RxSense is headquartered in Boston with offices in New York City, greater Philadelphia and Palm Beach Gardens. For more information, visit rxsense.com.