OptimizeRx Corp., a leading provider of digital health messaging for the pharmaceutical industry, has acquired CareSpeak Communications, a leader in interactive health messaging for improved medication adherence and care coordination.
OptimizeRx bridges the communication gap between pharma and providers with its digital health messaging platform that is delivered through a nationwide network of leading electronic health record and ePrescribing providers. With CareSpeak, the company expands its reach to communicate directly to patients, resulting in greater medication adherence, persistence and affordability. This strategic acquisition follows a year of record growth for OptimizeRx, diversifying its revenue streams and scaling its current solution.
“There are immense resources being poured into quality improvement and value-based care, all for the simple reason that it improves outcomes and reduces costs for all stakeholders,” said William Febbo, CEO of OptimizeRx. “By adding CareSpeak’s complementary capabilities to our platform, we extend our ability to engage doctors and patients, and improve health. CareSpeak allows us to further bridge the critical communication gaps between pharma, healthcare providers and patients.”
According to a recent study, between 25 and 50 percent of patients worldwide do not take their medications as recommended. In the U.S. alone, sub-optimal adherence has been associated with 125,000 deaths and 10 percent of hospitalizations, and costs the industry up to $289 billion annually. By deploying CareSpeak’s technology through its nationwide digital health network, OptimizeRx will encourage medication adherence and persistence more effectively through greater affordability, patient engagement and interactive communication.
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Clinical studies show CareSpeak’s automated patient engagement platform leads to better patient outcomes and can extend patient’s time on therapy with specialty medications for up to 3.5 months. CareSpeak-powered intervention reduces payer medical cost by $140 per member per month, according to published data.
“One of the keys to any good patient adherence and support program is an easy and seamless way for patients to get enrolled,” said CareSpeak CEO, Serge Loncar. “CareSpeak’s mission is to serve the patient along their whole therapy journey with the right information at the right time, and OptimizeRx’s has the ability to serve the right message to the HCP and their patients at the point of prescribing. This ‘teachable moment’ will have a significant impact on creating a streamlined experience for the patient, leading to higher enrollment rates and ultimately improved outcomes.”
The integration of CareSpeak’s HITRUST certified and HIPAA compliant mobile messaging platform enables direct, real-time communication to patients. CareSpeak helps patients manage their own health with medication reminders, refill notices, side effect management information, and cost-saving co-pay programs. In addition, patients can contact nurse support services if needed.
Added Febbo: “We are excited to join forces with Serge and his team. We see a great cultural fit given our mutual mission to transform communication across the provider-pharma-patient care continuum. This investment allows us to drive additional opportunities for revenue growth, extending our reach within our existing client base as well as enhancing our digital platform to facilitate more scale.”
Additional details about the acquisition will be available in a Form 8-K to be filed by OptimizeRx with the U.S. Securities and Exchange Commission, accessible in the investor relations section of the company’s website at www.investors.optimizerx.com.
CareSpeak will maintain its personnel at its Somerset, New Jersey headquarters. OptimizeRx is being advised by Excel Partners on the transaction.
Date: October 22, 2018
Source: OptimizeRx