Company: RxSense, Boston, MA
Company Description: RxSense is a high-growth healthtech company empowering clients and consumers with technology to access lower-cost prescription drugs. Its innovative enterprise platform powers its direct-to-consumer service, SingleCare, that helps millions of consumers save up to 80% on over 10,000 medications and commands the #2 market position in the prescription discount space.
Nomination Category: Company / Organization Categories
Nomination Sub Category: Company of the Year - Health Products & Services - Large
 Nomination Title: RxSense
- Which will you submit for your nomination in this category, a video of up to five (5) minutes in length about the achievements of the nominated organization since January 1 2022, OR written answers to the questions for this category? (Choose one):
Written answers to the questions
- If you are submitting a video of up to five (5) minutes in length, provide the URL of the nominated video here, OR attach it to your entry via the "Add Attachments, Videos, or Links to This Entry" link above, through which you may also upload a copy of your video.
- If you are providing written answers for your submission, you must provide an answer to this first question: Briefly describe the nominated organization: its history and past performance (up to 200 words):
Total 174 words used.
RxSense is an emerging healthtech leader that’s redefining pharmacy benefits and driving down the cost of prescriptions for partners and patients nationwide. Upon founding RxSense in 2015, CEO Rick Bates had a vision to develop modern tech solutions that lower the cost of prescriptions to improve access and adherence to medications. The business launched with SingleCare, a free prescription savings site and app for consumers (as highlighted in ads with Martin Short), and enterprise platform solutions, bringing cloud-based solutions for pharmacy benefits through our leading edge RxIQ technology.
RxSense is a private-equity backed company that’s been profitable for years and has grown its revenue 5x since 2017. The company hit significant new milestones in 2023 – RxSense now has over 100 enterprise clients including Walgreens, Kroger, Hy-Vee, VerusRx and ProAct, and 11M monthly users for its direct-to-consumer business SingleCare that’s saved millions of consumers over $8B all-time on their meds. In the past year, RxSense executed high profile new product launches with strategic partners, powering Kroger's Health Savings Club, and Walgreens' Rx Savings Finder.
- If you are providing written answers for your submission, you must provide an answer to this second question: Outline the organization's achievements since the beginning of 2022 that you wish to bring to the judges' attention (up to 250 words):
Total 249 words used.
Since 2022, RxSense delivered numerous new product launches and strategic partnerships to ultimately help millions more Americans access lower cost prescriptions. In July 2023, Kroger announced the launch of its new Kroger Health Savings Club (KHSC) now powered by RxSense. KHSC is a membership program developed with the goal of providing members and their families with savings on commonly prescribed medications. RxSense’s enterprise technology for pharmacy benefits administration allow Kroger to manage all claims adjudication, and offer access to claim-level detail, and changes to copay structures or pharmacy networks – delivering transparency and substantial operational efficiency for cost savings.
In November, RxSense announced its collaboration with Walgreens to launch Rx Savings Finder, a new digital marketplace for consumers to access lower prices on thousands of prescription medications at Walgreens pharmacies nationwide. Through the new Rx Savings Finder, Walgreens customers can now conveniently compare prices available through a variety of free prescription discount cards to access savings. To use Rx Savings Finder, customers can visit walgreens.rxsense.com.
Additionally, RxSense’s newly launched RxIQ Business Intelligence SaaS platform provides PBMs with timely access to operational, clinical and financial insights to optimize their business performance, and improve the clinical outcomes for patients nationwide.The new solution enables expedited access to reports, updated daily–so rather than waiting for outdated quarterly reports, clients can gain business insights sooner, and course-correct faster. RxIQ BI also solves challenges pharmacy benefits administrators face when working across multiple platforms and vendors, by providing a uniquely intuitive, interoperable platform.
- If you are providing written answers for your submission, you must provide an answer to this third question: Explain why the achievements you have highlighted are unique or significant. If possible compare the achievements to the performance of other players in your industry and/or to the organization's past performance (up to 250 words):
Total 218 words used.
Americans pay $1400 per year on prescriptions – more than any other country in the world – and 30% of Americans have skipped medication prescribed by a doctor because of the high cost. These ever-rising costs of medications continue to affect millions across the U.S. every year. Through these new product partnership achievements with Kroger and Walgreens, medications will now be more affordable for millions more consumers across the United States. To illustrate the impact of this achievement, during an 11-month pilot program, Walgreens and RxSense's new program saved patients almost $70 million on their prescriptions using the Rx Savings Finder when compared to the cash price. The response to the pilot program was incredibly positive, with both customers and pharmacy staff reporting significant time and cost savings.
In addition to the new partnerships, SingleCare offers a free prescription savings app and website for consumers to save up to 80% on over 10,000 medications. It's delivering consistently lowest prices, winning 91% of the time vs the leading competitor on the top 100 most commonly filled drugs, fulfilling its mission to improve access to affordable prescriptions and help millions of people live healthier lives. SingleCare provides meaningful financial relief for millions of consumers, averaging $76 savings per script, and has saved its customers over $8B all time.
- You have the option to answer this final question: Reference any attachments of supporting materials throughout this nomination and how they provide evidence of the claims you have made in this nomination (up to 250 words):
Total 24 words used.
RxSense:
Partnership Announcements:
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