The startup operates a pharmaceutical drug rebate management platform that automates formulary management, rebate adjudication, and reconciliation for hospitals and specialty provider groups. By ensuring accurate capture of rebates on eligible prescription drug expenditures, the platform enhances financial outcomes for both payers and consumers.
Funding
$19.9M 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
Healthcare organizations often struggle with complex pharmacy management processes, leading to overlooked opportunities for cost control and savings. Traditional methods can be inefficient, failing to capture all eligible drug rebates and optimize formulary management. This results in higher drug expenditures and reduced financial performance for healthcare providers.
Solution
Thirdwave RX provides a pharmaceutical drug rebate management platform that automates and optimizes drug cost savings for healthcare organizations. The platform leverages proprietary technology and industry expertise to actively monitor pharmacy operations, implement intelligent automation, and ensure accurate capture of rebates on eligible prescription drug expenditures. By analyzing claims data in real-time, the system identifies opportunities to improve contract adherence, streamline operations, and maximize rebate yields. Thirdwave RX's solution also includes expert-designed formulary management and intuitive dashboards for data-driven decision-making, helping healthcare providers take control of their pharmacy costs and improve financial outcomes.
Target Audience
Thirdwave RX primarily serves hospital systems, specialty providers, long-term care (LTC) pharmacies, correctional pharmacies, LTC facilities, and pharmacy benefit managers (PBMs) seeking to lower drug costs and improve pharmacy management.
Features
- Real-time claims adjudication to ensure accuracy and monitor contract adherence, minimizing denials and streamlining operations.
- Expert-designed and managed formularies based on real-time data and analytics to improve clinical and financial outcomes.
- Automated rebate administration to identify and capture all eligible rebates, with monthly payments and no upfront costs.
- Intuitive dashboards and reports providing actionable insights for data-driven decision-making.
- Therapeutic interchange programs to ensure the dispensing of clinically effective and cost-saving drugs.
- Proprietary technology that accurately accesses, analyzes, and converts data from multiple sources to identify savings opportunities.