Pharmacy navigation platform Scripta Insights has raised $17 million in a Series B round.
The new funding closes out a year in which Scripta’s revenue has surged by more than 100%, the company said in a news release Wednesday (Dec. 18).
“We are changing the way people shop for prescription drugs in America,” Scripta Insights CEO Eric Levin said in the announcement.
“That may sound like a bold statement, but in the last year alone we’ve generated 78,000 prescription switches that have resulted in $29 million in prescription savings. We’re creating an America where access, affordability and adherence to necessary medicines are no longer barriers to positive health outcomes. There is no greater proof point than the fact that 93% of the drug switches driven by our clinical recommendations stay switched even after 12 months.”
According to the release, the financing will help Scripta’s ongoing adoption and scaling of its platform in the self-insured market and third-party administration/professional employer organization (TPA/PEO) channels, while also supporting the company’s expansion in the health plan and Medicare Advantage markets.
The company notes that the investment comes as the market is seeing greater legal and regulatory scrutiny over the lack of consumer choice in prescriptions, as well as more focus on the responsibilities of self-insured employers fueled by Employee Retirement Income Security Act (ERISA) lawsuits.
“In this environment, it is more important than ever to have an unbiased third party who can credibly provide transparency tools and pricing analysis in support of ERISA-based fiduciary duty responsibilities and ACA compliance regulations,” said Levin.
“We are a completely independent company with unmatched clinical strength, a flexible platform and trusted results. Employers really appreciate the fact that our only business is helping plan sponsors optimize their pharmacy benefits and our client data is only used to help our clients.”
PYMNTS wrote last month about the “aches and pains of payments flows” in the healthcare vertical, where research shows that more than half of payment leaders in the field describe delays as a threat to operations.
“A full 80% are convinced that improving the efficiency of these processes is vital to the success of their organizations,” that report said. “However, just 53% report adequately automating payment workflows. The intricate networks that make up the U.S. healthcare system ultimately have an impact on the cash flows of the healthcare firms themselves.”
And as PYMNTS Intelligence found in a collaboration with Citi, “The Impact of Misunderstood Treasurers in Healthcare,” 44% of healthcare treasurers say that their cash flows are predictable, meaning that more than half find these flows unpredictable.
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