Rx Redefined, a provider of a cloud-based medical supply chain services for group practices, raised $8 million in Series A funding.
Crosscut Ventures Management led the investment round with participation from Tusk Venture Partners, Silverton Partners, Pisgah Fund, and Jeff Immelt (former CEO of General Electric).
With new funds, the company plans to accelerate its sales activities, increase its operational efficiencies, and expand its product features.
Commenting on the funding news, Brandon Boots, CEO and Founder of Rx Redefined, said: “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.”
“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,” added Brandon Boots.
Launched in 2018, Rx Redefined makes it easier for doctors to help patients obtain the right medical supplies efficiently. According to the company’s website, its supply chain management platform allows physicians to directly order and fulfill the supplies they believe are in the patient’s best interest, eliminating unnecessary handoffs and improving the patient experience.
Investors
Brett Brewer, a co-founder of Crosscut Ventures Management, said: “Rx Redefined has built a tech-enabled platform to remove the middleman and drive efficiencies in healthcare. 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.”
Healthcare supply chain software startups have raised more than $100 million in funding to date, according to our funding database. More recently, Vamstar, a provider of an AI-enabled healthcare supply chain platform for medical suppliers and pharmaceutical companies, closed $9.5 million in Series A funding led by Alpha Intelligence Capital (AIC) and Dutch Founders Fund (DFF) with participation from btov Partners and Antler.
