RazorMetrics provides a cloud-based platform that utilizes machine learning to identify and recommend lower-cost therapeutic alternatives, optimizing pharmacy spending for self-funded companies and health plans. By quantifying overspending on drug benefits, the platform enables clients to recover costs and achieve measurable savings within 120 days.
Funding
$9M raised to dateRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
Founders
Product
Problem
Self-funded companies and health plans often overspend on prescription drug benefits due to suboptimal prescribing patterns and a lack of real-time therapeutic alternatives at the point of care. Identifying and addressing this overspending is challenging, leading to increased healthcare costs for both employers and employees.
Solution
RazorMetrics offers a cloud-based platform that leverages machine learning to analyze prescription claims data and identify opportunities to reduce drug spending. The platform's Intervention Codex, developed by physicians and pharmacists, evaluates thousands of medications across millions of data points to recommend lower-cost therapeutic alternatives. By integrating into the normal clinic workflow, RazorMetrics engages prescribers with actionable insights, promoting formulary adherence and cost-effective prescribing habits. The solution quantifies potential savings and delivers measurable results without disrupting members, employees, or pharmacists.
Target Audience
RazorMetrics primarily targets self-funded companies, health plans, and their consultants seeking to reduce prescription drug costs and optimize pharmacy benefits.
Features
- Machine-learning algorithms that analyze claims data to pinpoint wasteful drug spending
- Intervention Codex, a proprietary database of therapeutic alternatives developed by physicians and pharmacists
- Integration into existing clinical workflows to influence prescriber behavior
- Identification of savings opportunities without requiring patient sign-up or app downloads
- Generation of insights reports detailing specific excess spend
- Scalable SaaS-based solution that can support millions of members