Digital medicine platform Rx.Health, a Mount Sinai Health System spinoff and provider of RxUniverse™, recently announced that it has raised $1.8 million in seed funding. The funding will be used to diversify Rx.Health's client base and support its first-to-market Bulk Prescription™ digital therapeutics and patient engagement tool.
Rx.Health's Bulk Prescription allows health care teams to prescribe digital therapeutics and patient-centered care plans to entire cohorts of patients through a single click. The feature will be initially launched for the treatment and monitoring of various chronic diseases, including respiratory, cardiovascular, and gastroenterological illnesses. Patients who do not have their symptoms under control can simultaneously receive immediate access to education, digital therapeutics, or remote monitoring via smartphone or email. Incoming patient data is then integrated into electronic health records (EHR) and care management dashboards, ensuring that providers are streamlining care processes while meeting quality and outcome metrics.
"We've seen a tremendous increase in the demand for our services and the landscape of potential clients has broadened. By integrating multiple evidence-based solutions under one digital medicine platform, we're making digital transformation simple and affordable," noted Rx.Health Chief Operating Officer Andy Pfau. "In addition to health systems, we're now able to capitalize on the advanced discussions we're having with payers and accountable care organizations. These discussions always change the application of your products, which in turn naturally fuels R&D."
Rx.Health curates digital solutions that are clinically proven to improve patient health, lowering the cost for health systems as they transition to value-based care. According to Shrawan Patel, MD, Vice President and Head of Clinical Transformation for Rx.Health, U.S. health systems are losing nearly $100 million per year by failing to engage patients through digital solutions. Rx.Health's flagship product RxUniverse is the first enterprise-level, app-prescribing platform that provides an efficient prescription mechanism built into a health system's EHR, becoming part of an evolving, bundled care plan that provides real-time feedback to providers. The platform gained recognition over the last year after scoring in the 96th percentile on the System Usability Score based on the results of RxUniverse's eight-week pilot study and facilitated a 40 percent reduction in readmissions for patients of chronic heart failure. RxUniverse is live in several U.S. health systems, with additional implementations currently underway.
"Rx.Health is expanding the model for patient care by extending care outside of the clinical setting and allowing health care systems to harness the power of digital health," said Erik Lium, PhD, Executive Vice President of Mount Sinai Innovation Partners. "Rx.Health is a prime example of the innovative, patient-first discoveries valued by the Mount Sinai Health System and I look forward to seeing its expansion as a leader in digital medicine."
Rx.Health is changing the way both patients and provider think about digital medicine. A spinoff from the Mount Sinai Health System, Rx.Health's flagship product, RxUniverse, is the first enterprise-wide Digital Medicine delivery system that enables physicians to prescribe evidence-based mobile health applications, multi-media education, wearables, online scheduling, remote monitoring, telemedicine and digital therapeutics to patients at the point of care. Information on Rx.Health and RxUniverse is available at http://Rx.Health and http://RxUniverse.com, or follow Rx.Health on Twitter @Rx_Health and LinkedIn at https://www.linkedin.com/company/Rx-Health.
About Mount Sinai Innovation Partners
MSIP is responsible for driving the real-world application and commercialization of Mount Sinai discoveries and inventions, and the development of research partnerships with industry. Our aim is to translate discoveries and inventions into health care products and services that benefit patients and society. MSIP is accountable for the full spectrum of commercialization activities required to bring Mount Sinai inventions to life. These activities include evaluating, patenting, marketing and licensing new technologies building research, collaborations and partnerships with commercial and nonprofit entities, material transfer and confidentiality, coaching innovators to advance commercially-relevant translational discoveries, and actively fostering an ecosystem of entrepreneurship within the Mount Sinai research and health system communities. For more information, visit http://www.ip.mountsinai.org.