- CloudMD (DOC) closes the acquisition of Rxi, providing an established specialty drug management and patient support program to the employer market
- Rxi’s pharmaceutical logistic services include drug distribution, patient navigation assistance, and a preferred pharmacy network of over 500 pharmacies
- Rxi will be expanding its offering, launching a number of additional support programs in the imminent future
- Rxi will be integrated with CloudMD’s electronic medical records (EMR) software, educational resources, healthcare navigation, patient portal and enterprise health services
- CloudMD Software & Services Inc. (DOC) is down 1.97 per cent and is trading at C$1.99 at 11:12 am ET
CloudMD Software & Services Inc. (DOC) has acquired Rx Infinity Inc., Rxi Pharmacy Inc., and Rxi Health Solutions Inc.
Rxi’s pharmaceutical logistic services include drug distribution, patient navigation assistance, a preferred pharmacy network of over 500 pharmacies and real-time universal disease management software.
Rxi’s combined offerings provide a one-stop solution and centralized platform that breaks down treatment barriers by offering a team-based, real-time, longitudinal approach to patient care and disease management.
Rxi oversees several national and provincial patient support programs currently specializing in Oncology, Infectious Diseases and Inflammatory Bowel Disease (IBD).
Rxi will be expanding its offering, launching a number of additional support programs in the imminent future.
CloudMD also provides administrative and drug benefit management services to a large third-party benefits provider, servicing more than 300 thousand patients across Canada.
Rxi is licensed as a National Wholesaler (GMP-certified) and is approved by Health Canada.
The acquisition of Rxi is synergistic across CloudMD’s platform of healthcare technology solutions and its Enterprise Health Solutions division.
The addition of Rxi expands CloudMD’s pharmacy offering, and distribution and fulfillment channels across Canada.
CloudMD has access to Rxi’s network of 500 independent pharmacies to provide better, more localized, access to care.
Rxi will be integrated with CloudMD’s electronic medical records (EMR) software, educational resources, healthcare navigation, patient portal and enterprise health services.
CloudMD can now offer employers access to Rxi’s specialty drug and case management platform to better manage the chronic care of employees.
These specialty drugs are often very costly and can result in high exposure to employers if not managed correctly. Currently, 50 per cent of new drugs developed are specialty drugs and it is anticipated that this number will continue to grow.
Furthermore, 42 per cent of employer drug spend is based on specialty drugs, and employers are faced with an increase in employees needing or accessing specialty drugs.
Rxi’s patient support and a targeted intervention program help ensure that drugs are effective and are being used appropriately, which results in better employee health outcomes and reduced employer costs.
Rxi is a high-growth, profitable business, with annualized revenue for the calendar year 2020 of approximately $16.6 million with earnings before interest, taxes, depreciation and amortization of approximately $600 thousand.
CloudMD is digitizing the delivery of healthcare by providing a patient-centric approach, with an emphasis on continuity of care.
CloudMD Software & Services Inc. (DOC) is down 1.97 per cent and is trading at C$1.99 at 11:12 am ET.
