William Febbo, CEO & Director, OptimizeRx [NASDAQ:OPRX]
While technological innovation has been leaving its footprints on every business turf, healthcare remains one of its most impacted sectors. Over the last few years, technological developments—stemming from innovative diagnostic tools to cutting-edge treatment methods and a myriad of minimally-invasive procedures—have played an instrumental role in shaping the current value-based care realm. Adjacently, today, new advances in health information technology (HIT) are also bringing significant enhancements to patient care, helping people live longer, and offering them an improved quality of life.
Among the numerous breakthroughs that HIT has brought to the fore, the digitalization of patient data collection methods through electronic health records (EHR) is predominant. EHRs have made it easier for doctors and healthcare providers to access accurate patient information on the go, automate numerous administrative tasks, and streamline diagnostic and therapeutic decision-making in real-time.
In fact, many a time, the EHR system surpasses its initial purpose as a prime caregiver interface and emerges as a tool for enriching the pharma-physician relationship. The vast amounts of clinical data and patient information available in EHRs are serving as a crucial data lake for pharma firms to understand their target patients and evaluate how their drugs and medical products perform in the real world. Earlier, in order to acquire this information, pharma companies had to resort to their medical information teams that would directly engage with the physicians. However, in the last few years, due to numerous reasons—which include looming regulatory changes and diminishing physician time—this provider-pharma relationship has been witnessing a steep decline. Fortunately now, pharma companies have an alternate option to bridge this communications gap.
The MI-based digital health company walks into the healthcare space with a completely different approach to tackle the issue. Through its pioneering digital health communication platform, OptimizeRx [NASDAQ:OPRX] helps pharma companies directly collaborate with physicians and their patients at the point of care in order to deliver relevant medication information.
William Febbo, CEO and director of OptimizeRx, says, “We are the only cloud-based point-of-prescribing solution in the market that bridges the communication gap existing between key stakeholders in the care journey: providers, patients, and the pharma companies.”This marks a significant step in the direction toward improving the quality of care.
Also, as the nation’s largest point-of-prescribe promotional platform connecting pharma firms to healthcare providers, OptimizeRx enables more than half of the ambulatory services market to gain access to leading EHR platforms like Allscripts, Amazing Charts, and Quest Diagnostics. This integration ensures a seamless exchange of information between both the parties in real-time to improve out-patient services.
Bridging the Critical Communication Gap
At its core, the OptimizeRx platform helps healthcare providers address communication challenges from three different standpoints: financial support, brand selection, and clinical considerations of specific treatments. When a new treatment option is available, it is important to get the word out to the physicians as soon as possible.
We are the only cloud-based point-of-prescribing solution in the market that bridges the communication gap existing between key stakeholders in the care journey: providers, patients, and the pharma companies
The OptimizeRx platform acts as an ideal communication network for pharma companies to reach the right physicians and quickly spread the word during significant events such as the discovery of a new drug.
Alongside this, physicians can also use the OptimizeRx platform to facilitate patient entry to assistance programs sponsored by pharma, such as co-pay assistance, directly within the EHR. “As out-of-pocket costs increase every year, millions of patients fail to fill their medications or take their prescribed medications,” mentions Febbo. Various industry research sources also point toward high drug costs as a key contributing factor for the increasing rate of non-adherence to medication. As a result, care providers need to empower their patients with innovative ways to make medicines affordable; this is where co-pay assistance programs play a defining role. With the OptimizeRx platform, physicians can view the availability of co-pay assistance programs firsthand, and deliver patient support and relevant brand engagement beyond e-couponing at earlier stages of the patient’s journey to ensure a better treatment experience for the patient, resulting in better medication adherence.
The healthcare staff can easily and conveniently enroll a patient in a co-pay program by either sending a message or transmitting the assistance offer directly to the pharmacy. For example, during a patient visit, physicians can search for a specific drug in OptimizeRx’s EHR vendor network, and, in real-time, receive information on available offers to the particular patient. Then, a coupon or voucher can be printed, texted, or emailed to the patient for them to present it at a retail pharmacy store. By doing this, OptimizeRx not only helps improve medication affordability and encourage adherence but also fosters better clinical outcomes. Simultaneously, OptimizeRx equips healthcare providers with the knowledge of whether a patient has purchased the prescribed drug or picked up their refill. This information helps the physician understand if the patient is continuing with their treatment process and, if not, help them reach out to the patient and suggest necessary support services.
Better Connections. Better Outcomes.
Today, OptimizeRx also plays a crucial role in HIT network optimization. The OptimizeRx platform provides the necessary support services that pharma companies need in order to plan and execute successful point-of-care programs. It all starts with the identification and understanding of the targeted prescribers’ and patients’ needs, followed by an analysis to determine where they connect throughout OptimizeRx’s vast network of EHRs, hospitals, and health systems.
“We leverage the data of this extensive network to help our clients figure out the right way to position their message, optimize it, and ultimately, decide the best approach to deliver the message to patients,” acclaims Febbo.
“OptimizeRx also takes great pride in its distinctive company culture, which is built on the bedrock of encouraging an entrepreneurial approach and always putting clients first”
To that end, OptimizeRx recently established a new partnership with NextGen Healthcare, a CA-based firm that delivers innovative EHR software and practice management systems. The OptimizeRx platform will integrate directly into NextGen’s EHR workflow, helping the extensive network of over 55,000 prescribers gain real-time access to critical information from key pharma manufacturers. As a result of this collaboration, patients will be able to purchase low-cost medications that are vital to their overall well-being.
Experience and Expertise Matter
The unprecedented success of OptimizeRx in the healthcare communication field stems from the company’s team of experienced professionals that are dedicated to delivering innovative solutions. The leadership team brings over 20 years of combined experience in effectively running competent health services and financial businesses. Febbo, who has close to 18 years of experience in the health services and technology landscape, states, “Our success mantra is working with others who know the healthcare and pharmaceutical industries inside out. It is about creating a collaborative approach where we can work together to achieve favorable outcomes.” OptimizeRx also takes great pride in its distinctive company culture, which is built on the bedrock of encouraging an entrepreneurial approach and always putting clients first.
As a part of its plan for the future, the firm is looking to add new EHR partners to its network in order to give pharma companies access to more physicians. OptimizeRx is adjacently working on scaling the patient engagement side of its business through acquisitions of leading digital healthcare management providers. In light of this, the firm recently acquired New York-based RMDY Health, a leading provider of turnkey digital therapeutics solutions built for the health and wellness industries. Febbo believes this merger will enhance and extend the OptimizeRx platform’s capabilities to other patient engagement markets and support its mission of improving medication adherence and care coordination. “This will help us accelerate our plans to move beyond pharmaceutical clients and expand our network to other MedTech and healthcare wellness markets as well as open doors to a new wave of digital health products,” he affirms. And, one such arena, according to Febbo, is the landscape of specialty drugs and complex therapies. As personalized medicine shows promising growth and innovation, and specialty treatments are more commonly prescribed, platforms like OptimizeRx that exist at the point-of-care will become a powerful enabler of communication between the pharma industry and healthcare professionals. “Ultimately, improved communication is a win-win for all,” quips Febbo, as a concluding note—reiterating OptimizeRx’s core belief.