All Press Releases for January 02, 2023
Rx.Health revenue up 250% in 2022 with strong ROI for customers and 23x YoY platform growth
End-user customers increased to more than 40, including payers, providers and life science organizations. Patient prescriptions surpassed 10 million. As these notable milestones were met, savings for health system customers averaged $260 per visit
NEW YORK, NY, January 02, 2023 /24-7PressRelease/ -- Rx.health, an evidence-based, fully automated care coordination platform, achieved significant growth in 2022, a milestone year that connected patients and physicians with exponential growth in interactions. Rx.Health's digital expansion rocketed in 2022 with a 4X increase in our end users.
Significant tech investment and strong team additions have fortified every component of the business from clinical operations to product development to leadership.
Major highlights include:
Customer growth: Rx.Health connected with over 1.8M patients this year with overall patient interactions of 4.4M. With a 60% rise in engagement rates, the platform reduced the response burden on clinicians and addressed the market's demand for evidence-based solutions that address physician burnout. The company now provides a library of over 540 customized care pathways, a two-fold increase from last year. These automated pathways engage patients and support a multitude of disease states and therapies. Customers now take advantage of the robust Digital Health Formulary and use the Knowledge Library templates to create new automated care journeys.
ROI outcomes: Recent peer reviewed studies have quantified the direct ROI outcomes and efficiency gains via the Rx.Health platform. The company successfully achieved decreases in no-show and cancellation rates by 30-40% delivering an estimated $900k recouping of lost revenue annually. At a time when more than half of health systems and hospitals are expected to lose money, Rx.Health's fully automated multi-appointment solutions provide caregivers with the ability to reduce workflow friction and disruptions for predictable resourcing and a return to positive financial performance. The platform also aids in lowering administrative costs associated with engaging patients in the pre-admissions process as well as with post-procedural follow-ups, surveys, and educational content. Our platform saves 1 FTE per 1800 procedures.
"Rx.Health had a phenomenal year, thanks to our customers, teammates and partners. In 2022, we increased our enterprise messaging by 10 times for a large academic medical center. We exceled in health equity with a large payer customer, and provided the operating system for whole person care at a special needs facility in San Antonio. It truly makes us proud of the impact of our platform and solutions," commented Gaurav Narang, COO, Rx.Health
Innovation: The Rx.Health platform has unique capabilities of integrating directly with the EHR to provide clinically proven digital assets and more than 500 pathways to improve patient care. Over the past year, the platform has gained even smarter engagement capabilities including automated customized IVR calls with reply feedback, multi-channel messaging and conditional engagement to capture even hard to reach populations.
"Our team is strongly committed to building a seamless and exceptional experience for health systems and health plans and their customers. This drives the increase in end users along with the revenue gains we've provided for them. The Rx Health platform was able to reduce "no-show" rates by 23% in a large radiology department leading to a savings of $900,000 per year for MRIs alone," added Richard Strobridge, CEO, Rx.Health. "Even in a difficult economic environment, we firmly believe that the momentum built in 2022 will result in significant early victories in 2023 as we continue to develop and broaden our product lines."
About Rx.Health:
Rx.Health is evidence-based, automated care coordination platform changing the way providers, payers and pharma think about digital medicine. A spin-out from the Mount Sinai Health System, Rx.Health provides the first EHR-connected digital health prescription platform and over 250 care pathways for every health system service line and several disease states and therapies. Rx.Health enables physicians to prescribe evidence-based mobile health applications, DTx, multi-media education, wearables, and remote monitoring programs to patients either individually or at population levels. For more information, visit www.rx.health.com
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