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AMSYS Group Announces Acquisition of HealthConnexx
AMSYS Group Announces Acquisition of HealthConnexx 750 341 HealthConnexx

“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. 

Active Medication Data Drives More Effective Telehealth Services
Active Medication Data Drives More Effective Telehealth Services 750 341 HealthConnexx

One only has to read the news to know that the COVID-19 pandemic has accelerated the adoption of telehealth platforms by providers and patients. A recent survey of physician practices by CareCloud found that:

  • 11% of practices reported frequent to occasional telehealth use before COVID-19
  • 93% of practices reported frequent to occasional telehealth use during COVID-19
  • 63% of practices predict frequent to occasional telehealth use after COVID-10

The revenue growth opportunities associated with telehealth visits are just as dramatic, with just $3 billion in telehealth revenue in 2019 vs. a whopping $250 billion projected in 2020.

Though some contraction of these numbers post-COVID are anticipated, most agree the convenience factor for patients once they’ve tried a “virtual visit” will make telehealth a standard interaction for medical care.

But the shift from in-person to virtual care is more challenging than in seems; and unless done well, telehealth has the potential to shift the consumer’s perception of physician value to a commodity rather than uniquely personal. Physicians need to think about creating extraordinary telehealth experiences for their patients in order to maximize the value of the interaction, and increase customer loyalty to their practice.

The HealthConnexx RxConnexxTM DaaS platform provides physicians with real-time insight into a patient’s current medication data – sourced from the major PBM’s and retail/specialty pharmacies across the US. But HealthConnexx doesn’t stop there – the platform provides actionable insights that a physician can utilize during the telehealth visit:

  • Identify chronic conditions based on an real-time longitudinal medications list
  • Remind patients to pick up overdue critical meds from their pharmacy – improving medication adherence
  • Gain insight into potential overuse of controlled substances, like opiods
  • Ensure no contraindications with newly prescribed medications vs. active medications list
  • Consult with patient for optimal medication regimen and management of side effects

Access to these insights provides a durable competitive advantage to mitigate clinical risk and optimize telehealth outcomes. More importantly, the quality of the telehealth experience is dramatically enhanced, as patients have the confidence that their physician has access to a complete clinical snapshot of their medications.

In addition to medication history, our real time medication benefit check platform combined with fully integrated ePrescribing functionality is especially powerful for specialty practices like dermatology and behavioral health. Before prescribing a higher risk expensive medication, ensure the patient has appropriate coverage for the prescription and can afford the out-of-pocket expense.

Contact us today to learn more about how we can help YOUR organization capitalize on this rapidly emerging opportunity.