OP prescription software firm lands $2.7M
September 22, 2015 | Ashley Jost
An Overland Park software company recently wrapped up a hefty funding round, according to its founder and CEO.
Rx Savings Solutions, a business that works with other companies to manage employees’ monthly medications, secured $2.7 million in funding. Kansas City investors Dan Henry, CEO of NetSpend Corp., and Jeffrey Brown, chairman at StoreFinancial, led the investment.
The funding will go toward product and business development for the company, which grew from two employees to 27 in the last 18 months. The company’s top clients include the State of Kansas and Berkshire Hathaway Company’s media group. Company leaders hope to grow by one million users during the next 12 months.
“As the intersection between healthcare and consumerism collides, health plan models are being challenged to produce innovative approaches that save money and provide better care,” Rx Savings Solutions CEO Michael Rea said in a release. Rea is a former pharmacist.
Founded in 2008, RX Savings Solutions created a patented software platform that helps employers pay the lowest market rate possible for prescriptions. On average, employers are overspending by 22 percent, according to RX Savings Solutions.
The company’s investors said that Rx Savings Solutions has a potential to disrupt its industry.
“Launching a business entails solving a problem that can impact consumers at every level, and Michael and his team at Rx Savings Solutions have developed a solution that corrects the consumer prescription drug experience,” Henry said in a release. “The industry is ripe for change and Rx Savings Solutions has positioned itself as a leader in this shift through its vision, positioning and overall strategy. With this investment, I look forward to helping them grow and develop both from a business standpoint and within the market.”
2015 Startups to Watch
stats here
Related Posts on Startland News
Pour decisions: Craft beverage enthusiasts add Sunday tasting event to KC’s pregame cart
Kansas City’s roster of craft beverages — from rookies to veteran players on the scene — come to the field in a wide range of uniforms, said Jason Burton, noting there’s no better time to checkout the lineup with thirsty friends than as the Chiefs return to Arrowhead Stadium this weekend. The play: showcase Kansas…
Back to the people: Social venture firm connects WyCo entrepreneurs with a human-centered toolkit
Editor’s note: The following story is presented through a paid partnership with Network Kansas. [divide] An initiative built on collaboration with business boosters already embedded in urban communities is deepening Network Kansas’ impact, said Erik Pedersen, sharing how the strategy helps more readily connect entrepreneurs to available resources like loans and technical assistance. In Wyandotte…
Great Jobs KC aims to impact 50,000 Kansas City scholars within a decade — one life at a time
Editor’s note: The following story was written and first published by the Economic Development Corporation of Kansas City, Missouri (EDCKC). Click here to read the original story. [divide] Natalie Lewis is no stranger to complex work. As chief operating officer of Great Jobs KC, she oversees programs that connect thousands of Kansas Citians with scholarships, tuition-free job…
Black Feast Week returns to feed restaurants new diners, combat hunger in Kansas City
Opening Black Feast Week — designed to promote Black-owned restaurants, chefs, and culinary creativity — by feeding 150 single Black mothers for free was an intentional act of community care, said Joshua “JT” Taylor. “We’ve always tried to prioritize helping people who are most marginalized,” said Taylor, senior content producer and chief administrative officer at…