OAKLAND, California—Rx Redefined, a tech-enabled provider of medical supply services for group practices, announced it has raised $8 million in Series A funding. The platform 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.
Launched in 2018, Rx Redefined says it makes it easier for doctors to help patients obtain the right medical supplies used in the home. In addition, Rx Redefined oversees licensing, billing, and supply chain services for the physician group. In the last year, Rx Redefined grew tenfold in booked sales and increased its physician usage by 450%.
"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," said Rx Redefined CEO and founder Brandon Boots, who has previously worked for Coloplast and Medtronic. "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."
Erik Smith, chief technology officer and co-founder, and Jayme Hanson, chief commercial officer and co-founder, join Boots to round out the executive team. With the new funding, the company plans to invest in sales acceleration, increase operational efficiencies, and expand its product features.