AMSYS Group Announces Acquisition of HealthConnexxAMSYS Group Announces Acquisition of HealthConnexx https://healthconnexx.com/wp-content/uploads/2021/01/ScreenShot2020-07-06at12.01.15PM-1.png 750 341 HealthConnexx https://healthconnexx.com/wp-content/uploads/2021/01/ScreenShot2020-07-06at12.01.15PM-1.png
“Patient Medication Data Exchange Platform is the First Omnibus Link between Healthcare Industry Stakeholders and Actionable Pharmaceutical Information”
AMSYS Group, a 17-year old Houston based company, announced the acquisition of Virginia based HealthConnexx, a healthcare technology company that connects providers, patients, payers, pharmacies, and pharmaceutical companies to prescription medication information to enable better clinical outcomes through real-time data. The HealthConnexx RxConnexx platform is the first-to-market real-time patient data exchange platform for medication and benefits data, an essential component of value-based care and a critical on-ramp for the emergence of precision medicine. The RxConnexx platform provides access to 80% of the US population and 93% of insured patients and delivers the data to stakeholders in a secure and standardized format that can be consumed easily and efficiently.
The Annals of Pharmacotherapy reports that the estimated annual cost of drug-related morbidity and mortality resulting from non-optimized medication therapy was $528.4 billion, equivalent to 16% of total US health care expenditures. This enormous annual cost is due to over prescribing, prescribing drugs that conflict with the efficacy of other drugs, not using generic alternatives, lack of medication adherence, and other market factors. But the cost of drug market inefficiency is also a personal one: the Kaiser Family Foundation indicated that among those currently taking prescription drugs, 24% of adults and 23% of seniors say it’s difficult to afford their prescriptions, and 10% indicated it was “very difficult.”
Moreover, this inefficiency is caused by the inability of providers to access timely, accurate and complete medication information. “Given our fractured healthcare system, this creates frustration and is next to impossible for many providers to control today. HealthConnexx alone has access to a real-time data-as-a-service platform with meaningful insights, and that’s why our solution is unique,” said M. Todd Hardman, founder and CEO of HealthConnexx. “Workflow doesn’t save lives, actionable information does. The RxConnexx platform provides the industry with a trusted, use case specific data exchange service for real-time access to medication history and adherence information that’s essential to lower costs and enable desired outcomes in the emerging value-based care system,” he added.
RxConnexx is available as a data-as-a-subscription model (DaaS) for health plans, managed care organizations, medication therapy management (MTM) programs, HUB Services companies, hospitals and health systems, all of which uniquely benefit from data provided by retail pharmacies, payers, and PBMs. One of the core benefits of RxConnexx is its real-time prescription benefits system that provides eligibility, formulary status, member pricing, and coverage alerts, and can suggest alternative, possibly lower-priced options with the same therapeutic benefits. Thru our integrated ePrescribing platform, these capabilities dramatically reduce the traditional friction associated with the prescribing of specialty or high cost medications.
“Prescription price transparency is critical to preventing ‘sticker shock’ at the pharmacy. RxConnexx has access to over 270 million covered lives and all major pharmacy networks, which can positively impact medication adherence and patient safety,” Hardman added. “Care providers are swimming in data, yet starving for actionable information, and we can feed that need,” he added.
The acquisition of HealthConnexx bolsters the AMSYS Group’s offerings in the healthcare technology marketplace. AMSYS’s Transwise division provides transcription services, insurance verification, IT services, and medical billing and coding to healthcare providers. The group’s AmChart division uses blockchain technology in the clinical data management space and maintains a secure database of 20 million patients globally.
“AMSYS’s pioneering work in healthcare technology and information management, including blockchain and AI, was the initial impetus in wanting to know them better. During our conversations, we both quickly realized that our cultures and devotion to reducing healthcare costs and improving outcomes were missions that we could better achieve together,” said Hardman, who has spent his career in healthcare, including posts at Johnson & Johnson and Surescripts.
“There are significant opportunities for improvements that we are now better positioned to address. We are excited to have the strength and experience of AMSYS Group as a catalyst in our mission,” Hardman added.
“Our strategy is to find and acquire synergistic companies into our healthcare portfolio to solve issues across the industry spectrum,” said AMSYS Group CEO Ken (Khalid) Parekh. “Todd and his team have demonstrated their ability and desire to remove market frictions that are the underlying cause of healthcare inefficiency and burgeoning costs. We share that vision and are excited to provide significant value to all the major players in the US healthcare ecosystem,” he added.