Parthenon Capital added to its growing list of healthcare companies with its recent “significant” investment in RxSense, a healthcare technology company offering prescription savings plans to consumers and pharmacy benefit services and analytics to enterprise customers. Proceeds from the transaction will be used for various growth initiatives. Terms of the investment were not disclosed.
Boston-based RxSense and its direct-to-consumer division combine its proprietary technology platform with direct contracts with the nation’s largest pharmacies and extensive consumer engagement tools, to deliver low prices on prescription drugs. Its consumer prescription savings plans deliver savings of up to 80% on nearly all FDA-approved prescription drugs.
The company’s enterprise division features RxAgile, a cloud-based platform for managing pharmacy benefits that offer speed and flexibility to meet the needs of any PBM, health plan, health system, or employer.
Parthenon has an eye for financial companies focused on healthcare. In August 2019, it merged its portfolio company, Zelis Healthcare, with Bain Capital’s RedCard Systems. The combined company had a reported enterprise value of $5.7 billion.
Zelis provides end-to-end healthcare claims cost management and payments solutions to providers and consumers in the medical, dental and workers’ compensation markets. RedCard offers a secure communication platform for healthcare payers, providers, and consumers to exchange claims, payments, benefits, and individual financial information between parties. The new company operates a platform with end-to-end capability, encompassing claim cost management and payments solutions and will have a client base of more than 700 clients, including the nation’s top health plans, and more than 600,000 providers.