Denver-based company RxRevu has developed an automated system in which health-care providers can enter a patient’s symptoms and their electronic health record and be offered the top options for prescription drugs.
It’s a system that is catching so much attention that the company plans to double its staff in response over the next year.
RxRevu CEO Carm Huntress has piloted the system, known as SwiftRx, over the past year with seven health systems, including UCHealth and Children’s Hospital Colorado.
And after presenting the product as being enterprise ready at this month’s J.P. Morgan Healthcare Conference in San Francisco, he received interest from a dozen other systems and expects the product to catch on quickly.
Doctors often prescribe drugs based on the training they received during their residency; some studies have shown you could look at a physician’s prescribing history and actually figure out exactly where they got their training.
But RxRevu executives say their new product is intended to disrupt that typical pattern by using artificial intelligence to determine which drugs can treat a condition best. SwiftRx also can cross-reference a prescription against other drugs taken by a patient to ensure there are not adverse side effects, and it can determine what a patient can best afford based on their insurance.
At a time when pharmaceutical drugs represent a $400 billion market in America, Huntress thinks the ceiling for this system can be astronomical.
“We consider the opportunity massive and this to be an important problem to solve,” he said, adding that he plans to expand his staff from its current 15-person level to somewhere around 30 as the company brings on more clients.
Dr. Richard Zane — chief innovation officer for UCHealth, parent of University of Colorado Hospital — said his physicians took quickly to SwiftRx, which his Aurora-based hospital system signed onto because of its focus on bringing more intelligence to clinical decision support.
Because the system examines not just the effectiveness of a medication but also its cost and its availability at the particular pharmacies that patients use, it allows doctors to increase the chances that the patient will take the medication, which greatly increases the chances that their recommended therapy will be successful, Zane said.
During the yearlong pilot program, UCHealth found it increased patient compliance with prescription drugs “significantly,” he said.
SwiftRx is funded not by the doctors who use the system but by insurers and pharmacy benefit managers who are looking to save costs and improve patient care. They pay fees to RxRevu based on each doctor who uses the system at a point of care.
“Part of my story to the systems we met with at the J.P. Morgan Healthcare Conference was: ‘This is a free model,’” Huntress said. “If they put cost transparency in front of doctors, doctors do make more informed choices.”
While some companies are focused on the cost-transparency angle of helping doctors to prescribe pharmaceuticals and others are focused on providing clinical decision support, Huntress said he believes his company is the only one in the marketplace right now doing both.
2017 Hospitals by the most patient admissions
Ranked by 2016 patient admissions
Rank Business name 2016 patient admissions 1 University of Colorado Hospital 48,908 2 Denver Health 24,919 3 Saint Joseph Hospital 19,547 View This List
poll Now that Denver is one of 20 finalists, how would you rate its chances of landing Amazon HQ2?