BOSTON — RxSense announced the launch on Wednesday of the industry-leading analytics product, RxIQ, enhancing its transformative enterprise solution for pharmacy benefits administration, RxAgile. RxAgile empowers pharmacy benefit managers, health plans, health systems, as well as new industry entrants with an efficient cloud-based enterprise platform that’s customizable to meet the needs of any client.
RxAgile’s new RxIQ analytics dashboard offers convenient and secure access to actionable health plan performance insights and pharmacy claims data in near real time, with hourly updates. The product features interactive and customizable dashboards offering deeper plan insights, and clients can easily sort and evaluate data by categories including claim type, pharmacy or geography. RxIQ also provides detailed business reports on a plan’s performance and proactive monitoring to detect potential financial, clinical, or operational anomalies with alerts via email or text, enabling timely adjustments.
“We are thrilled to bring RxIQ to the market as it offers clients the ability to access deeper business insights, with speed and ease that’s an absolute game changer in pharmacy benefits,” said Rick Bates, cofounder and chief executive officer of RxSense. “Now enhanced by the powerful analytics of RxIQ, RxAgile has evolved to become the industry’s most comprehensive solution for pharmacy benefits. By bringing unprecedented transparency and efficiency to the industry, we’re cutting out operational waste for our clients and ultimately lowering the cost of prescriptions for everyone.”
“As an early adopter of RxIQ, we can already attest to its significant utility, offering quick access to in-depth insights we hadn’t had access to previously,” said John Henry Seale, CEO of Gap Assist. “This is already translating into meaningful results for our business and our users, and we’re excited to continue to leverage these best-in-class tools to optimize our performance.”
Nearly 25% of all healthcare expenditures in the U.S. are considered “waste,” according to a study in the Journal of the American Medical Association. This accounts for an estimated $760 billion to $935 billion per year, with administrative waste specifically deemed the most costly, accounting for approximately $266 billion per year. With a sophisticated, process-based architecture and simple to use interface, RxAgile empowers its customers with a variety of solutions that are customizable to suit their business needs, eliminating resource waste and bringing care to patients more efficiently.
Businesses that previously took 6-12 months to set up pharmacy benefits on legacy systems can now do so in 6-12 weeks on RxAgile. Changing a drug formulary might previously have taken 4-6 weeks and now takes merely 30 minutes on RxAgile. The breakthrough platform delivers an expected 30 percent increase in operational efficiency to clients.
Key Features of RxAgile
AWS cloud-based, offering flexibility to quickly, easily adjust and scale to support increased volume
Simple drag and drop interface, for operations staff to easily manage configuration changes and exceptions without dependency on IT support or long development timelines
Customizable service levels, including self-serve solutions, offers clients the support to meet their unique business needs
Secure API-based platform enables all aspects of the platform, including member tools, to be completely in sync in real time