Rx Redefined, a tech-enabled provider of medical supply services for group practices, raised $8 million in Series A funding to bolster its platform, which allows physicians to directly order and fulfill the supplies they believe are in the patient’s best interest, thereby reducing handoffs and improving the patient experience.
The funding round was led by Crosscut Ventures Management, with participation from Tusk Venture Partners, Silverton Partners, Pisgah Fund and Jeff Immelt, former CEO of General Electric.
Rx Redefined aims to allow doctors to help patients obtain the right medical supplies efficiently.
“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,” says Brandon Boots, CEO and Founder of Rx Redefined. “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 fulfill 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.”
Rx Redefined oversees licensing, billing, and supply chain services for the physician group. To date, the platform has enabled physicians to distribute millions of medical products to their patients, the company says.
“Rx Redefined has built a tech-enabled platform to remove the middleman and drive efficiencies in healthcare,” saysBrett Brewer, co-founder of LA-based venture fund, Crosscut. “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.”
Erik Smith, CTO and co-founder, and Jayme Hanson, CCO and co-founder, join Brandon Boots to round out the executive team.