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House Rx, a healthcare technology platform that focuses on specialty pharmacy, announced it raised $55 million in Series B equity and debt, bringing the company's total capital to $100 million.
The round was led by New Enterprise Associates and Town Hall Ventures.
LRVHealth, First Round Capital, Bessemer Venture Partners and Silicon Valley Bank, participated in the round.
WHAT IT DOES
In contrast to the traditional pharmacy benefit manager-owned business model, House Rx includes a nationwide network of locally owned brick-and-mortar specialty dispensaries inside specialty clinics.
The House Rx platform aims to support all aspects of medically integrated dispensing from prior authorization and financial counseling to fulfillment tools, scalable patient outreach and real-time analytics.
According to the company, the platform integrates with the EHR to help the care team to collaborate with House Rx pharmacists.
The House Rx platform also includes analytics dashboards to show actionable insights using a clinic's dispensing data.
The company will use the funds to include more specialties and for research and development investment in AI-enabled pharmacy management systems.
"There's finally momentum behind creating a specialty pharmacy system that makes it easier for patients to seamlessly and more affordably access the medications they desperately need," Ogi Kavazovic, CEO and founder of House Rx, said in a statement.
"We are seeing interest from stakeholders across the healthcare system, healthcare providers, manufacturers, payers, investors and certainly employees who all recognize the opportunity to finally challenge the status quo in specialty pharmacy. We all want to do better by patients and help bring down the overwhelming expense to our healthcare system. With the support of this funding, we are ready to scale operations to meet the exploding demand."
MARKET SNAPSHOT
In April, House Rx announced a new AI capability that addresses prior authorization.
Using generative AI, House Rx recovers payer question sets and pre-fills responses based on patient documentation within the EHR.
According to the company, this gets rid of the need for costly third-party tools and keeps the total prior authorization workflow centralized and transparent.
In 2023, House Rx and Oregon Oncology Specialists announced a partnership to accelerate cancer medication delivery.
By using House Rx's MID model, which consists of both services and technology support, a community clinic could expedite filling cancer patients' specialty medication prescriptions across its statewide network with the aim of providing more comprehensive care.
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