RxAnte to Fuel Growth with Equity Investment from UPMC Enterprises; Millennium Health Sells Entire Interest in Analytics Company
Company’s Predictive Analytics, Workflow Solutions and Clinical Interventions Aim to Improve Outcomes and Reduce Costs Associated with Inappropriate Medication Use
PORTLAND, ME, Oct. 5, 2016
, a leading provider of solutions that improve the use of prescription medications, announced today that it has received a growth equity investment from UPMC Enterprises
. Under the terms of the transaction closed on Sept. 30, Millennium Health sold its entire interest in RxAnte, which will continue to operate as an independent company, led by its existing management team.
Founded in 2011, RxAnte’s technology and clinical services enable its clients to improve clinical care quality and avoid unnecessary costs. The investment by UPMC Enterprises will facilitate product development in collaboration with clinical experts at UPMC and accelerate growth. RxAnte currently manages medication use for nearly 7 million people on behalf of health insurers, providers and other stakeholders confronting the urgent challenge of improving safe and effective prescription drug use.
“This is a major milestone for RxAnte that will expand the breadth and depth of the analytics and population health management solutions we provide,” said Josh Benner, founder and chief executive officer of RxAnte. “We are very excited to partner with UPMC in our ongoing quest to solve the challenges of under-use, over-use and mis-use of prescription drugs.”
RxAnte’s priorities with this new investment include expanding its offerings for Medicare, Medicaid and commercial populations, with particular focus on analytics and clinical programs that lower total cost of care. The company also intends to extend its predictive models and workflow tools to the management of high-cost specialty drugs.
“Improving medication use is increasingly recognized as one of the biggest but most challenging opportunities to improve patient outcomes while reducing health care costs,” said Tal Heppenstall, president of UPMC Enterprises, the commercialization arm of UPMC that led this partnership. “With its deep understanding of the predictive power of data and suite of tools for using data to change behavior, RxAnte is key to our strategy of developing and deploying smart technology to address the toughest challenges in health care.”
For the UPMC Health Plan
, a customer of RxAnte for the past three years, the company’s solutions have optimized medication use, saving excess medical costs and directly contributing to the plan’s superior Star Rating performance on medication adherence measures by the Centers for Medicare & Medicaid Services.
“RxAnte’s technology and services have been a key driver of our stellar performance in ensuring that our members receive the appropriate medications for their conditions, leading to better patient outcomes and effective cost management,” said William H. Shrank, M.D., chief medical officer for the UPMC Insurance Services Division. “With UPMC’s clinical expertise and the Health Plan’s strength in analytics, we look forward to supporting RxAnte’s product development and advancing our joint goal of providing the highest value from prescription medications.”