California, USA-based tech-enabled provider of medical supply services for group practices, Rx Redefined, raised USD 8 million in Series A financing. The round took place on January 19, 2023. Crosscut Ventures Management led the financing for the firm. Meanwhile, Tusk Venture Partners, Silverton Partners, Pisgah Fund and Jeff Immelt, former CEO of General Electric, joined in the funding.
Purpose of financing for Rx Redefined
With the latest financing, the company has plans to invest in sales acceleration operations.
Meanwhile, it seeks to increase operational efficiencies. Besides, it aims to expand its product features.
What the company’s official has to say
Brandon Boots, CEO and Founder of Rx Redefined, said, “Today when a patient is prescribed recurring use of medical supplies, like a catheter to empty their bladder or a glucose monitor for diabetes, the purpose of this device is to support a failing organ. This is intimate and time-sensitive, yet the current standard of care is to fax a prescription off to a big box distributor in the hope that they will support the patient’s insurance and fulfil the product timely. Unfortunately, the reality is unnecessary hoops, insurance complications, and product switching in the name of increased margin. Ultimately this delay leads to the patient suffering.”
What the investor has to say
Brett Brewer, the co-founder of LA-based venture fund, Crosscut, said, “Rx Redefined has built a tech-enabled platform to remove the middleman and drive efficiencies in healthcare. We are thrilled to back Brandon at Rx Redefined. He has spent over a decade working in the medical device industry, and his passion is notably improving the care experience for chronic patients.”
About the company
Erik Smith, Jayme Hanson and Brandon Boots launched the company in 2018. Rx Redefined is a USA-based health tech company. Its vision is to transform the pathway from order to fulfilment for chronic patients obtaining essential medical supplies. Their patented technology platform creates a value-add service to cost-pressured medical practices. It also reduces patient care gaps and has demonstrated a reduction in utilization compared to traditional delivery pathways. So far, the platform has enabled physicians to distribute millions of medical products to their patients. In the last year, Rx Redefined grew ten times in booked sales and increased its physician population by 450%. The company also oversees licensing, billing, and supply chain services for the physician group.
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