RxAnte gets equity investment from UPMC arm
RxAnte, which develops solutions that improve the use of prescription medications, has received a growth equity investment from UPMC Enterprises.
Under the terms of the transaction closed on September 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 uses predictive analytics, workflow solutions and clinical interventions that are intended to improve outcomes and reduce costs associated with inappropriate medication use. Its 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 will partner with UPMC to solve the challenges of underuse, overuse and misuse 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. “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 healthcare.”