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.”
