RxSense is a healthcare technology company that delivers innovative technology solutions providing low prices to consumers on prescription drugs and enterprise solutions for efficient pharmacy benefits administration. It is headquartered in Boston, with additional offices in New York City, Florida and Pennsylvania, and the company now has over 200 employees.
In 2015, co-founder / CEO Rick Bates and a small team of healthcare industry veterans launched RxSense to bring greater transparency, access and adherence to medication and improve healthcare outcomes for people across the U.S. This addresses a critical need — according to research by the Annals of Internal Medicine, nearly 30 percent of Americans don’t take their prescribed medications because of steep drug prices, and a lack of adherence to medications causes nearly 125,000 deaths and 10% of hospitalizations a year.
“People across the country are struggling to afford their medications and most don’t realize they can shop for better prices on their prescriptions and save a significant amount of money. SingleCare is saving our customers up to 80 percent on their medications — it’s almost always less expensive than the cash price of the drug and it’s often cheaper than a co-pay,” says Rick Bates, co-founder and CEO of RxSense.
The company’s consumer brand, SingleCare, is a prescription savings service that handles tens of thousands of prescriptions per day and is helping millions of customers save billions of dollars on their medications. it’s vertically-integrated business model, including its own proprietary adjudication and claims management technology and direct contracts with the nation’s largest pharmacies (including CVS, Walmart and Walgreens), allows SingleCare to deliver consistently low prices to U.S. consumers on the most prescribed drugs.
Through a combination of innovative technology and direct contracts with pharmacies, SingleCare allows consumers to access prescription savings at pharmacies near them via the mobile app or discount cards available on SingleCare.com. SingleCare developed an easy-to-use interface on its website and mobile app, where consumers can easily compare the prices for prescription medication and access lower prices.
To power the technology, the company built a machine learning team that developed best-in-class algorithms and takes a unique approach to its A/B testing. The process leverages both machine learning and AI, running dozens of continuous tests to determine the optimal way to present information on the site to enhance the customer experience.
SingleCare has also recently launched a new Drug Basket feature, to help its millions of users find the lowest prices on multiple medications. The Drug Basket lets consumers conveniently and efficiently access the lowest consolidated prices for all their prescription drugs at nearby pharmacies. They do it by searching for low prices on multiple prescriptions and add them to their basket using the “Add to Drug Basket” button. On the Drug Basket page, users can then see the lowest total price for all of their medications at local pharmacies, so they can pick up all their medications in one convenient place rather than visiting multiple pharmacy locations. SingleCare also automatically monitors and updates prices, so users don’t need to re-add medications every time they return to the site to refill a prescription.
Aiming to provide consumers with more transparency on drug pricing, SingleCare has also recently introduced a new drug price comparison chart feature, providing consumers with the historical cost of prescription drugs over the past year. SingleCare provides users with drug descriptions as well as charts with insights for SingleCare prices compared to the average cash price for prescriptions, as well as brand vs generic prices for medications across popular pharmacies nationwide.
Another RxSense company, FamilyWize, is a pharmacy savings service that partners with local and national charitable organizations to bring the lowest prices possible on prescription medications to people in need. Through United Way, its largest partner, it has been able to improve the health and treatment adherence of millions of people in underserved communities. The RxSense team continues to be committed to improving access to affordable prescriptions for Americans.
