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OptimizeRx Integrated Platform Presents a Multi-million Dollar Opportunity in the Making

04 Feb OptimizeRx Integrated Platform Presents a Multi-million Dollar Opportunity in the Making

OptimizeRx Corporation (NASDAQ: OPRX), a pioneer in the cloud-based digital health messaging solutions arena that create a bridge between pharmaceutical Companies and healthcare providers, announced the signing of its largest ever enterprise deal for 12 months of access to its platform and core set of solutions.

The new platform offers unprecedented insight and transparency into patient medication behaviour, besides proving access to patient-provider-pharma communication under varied settings. The OptimizeRx® platform also facilitates better coordination and communication, between Pharmaceutical companies, healthcare providers and payers, to address patient medication affordability and therapeutic adherence.

Healthcare providers are equipped by the platform to deliver patient support and relevant brand engagement right from the start of the patient’s journey with the system, by using some of the world’s largest electronic health record (EHR) platforms in ambulatory, hospital and health system settings that are integrated within the platform, thereby encouraging adherence and better outcomes.

In addition, the intelligent integration of real time data and communication enables life science companies to tailor communication to specific providers and patient population, allowing for greater transparency and effective patient reach.

Will Febbo, OptimizeRx CEO, commented,

“This is a major milestone for our company and it reflects the increasing interest by our clients for enterprise deals that provide access to our now fully-integrated communications platform. As we continue to address the industry need for greater stakeholder collaboration across the care continuum, with the goal of improving care outcomes in a technology-forward and harmonious way, we are seeing the adoption of our platform exceed our internal projections.”

OptimizeRx® is one of the nation’s largest digital platforms that bridge the gap between pharmaceutical companies and healthcare providers, connecting important entities throughout the medical value chain such as pharma companies, payers, medtech, medical associations, enabling internal as well external patient communication.

Furthermore, the Company’s cloud-based solutions allow real-time access to financial assistance, prior authorization, education and critical clinical information. OptimizeRX provides the ambulatory patient market with leading EHR platforms like Allscripts, Amazing Charts and Quest as well as mobile communications platform and digital therapeutics SaaS platform as per a Company statement.

OptimizeRx Corporation (NASDAQ: OPRX)

Market Cap: $156.85M; Current Share Price: 10.98 USDChart
Data by YCharts

Industry
The Global Electronic Health Record (EHR) Market is estimated to be worth over $ 38.0 Billion by 2025, growing at a CAGR of 5.5 percent from 2019 to 2025, as per a report by Global Market Insights. The growth in the market is due to the increasing spending on reforming the global healthcare sector by government and public healthcare organizations. The rising adoption of information technology and digital health solutions are not only making patient outcomes better but also resulting improved efficiency and healthcare delivery.

In the U.S, The Health Information Technology for Economic and Clinical Health (HITECH) Act, which was implemented in 2009, encourages the modernization of infrastructure as well as creation of interconnected EHRs that can improve the delivery of patient care and bring about transparency in maintaining patient records.

The facilities can either be web-based, cloud-based or client based, with web-based delivery accounting for more than 50 percent of the market share globally. The popularity of web-based solutions is due to the low cost of adoption such as lower cost of installation and software licensing. In addition most of the maintenance and serve upkeep is taken care of by the service provider, thereby reducing the burden on healthcare providers.

Company
OptimizeRx offers enterprise solutions for digital heath communications and care management. The Company has the largest Electronic Health Record (EHR) network, which offers unmatched reach. In addition the combination of its proprietary algorithms and pertinent data, facilitate creation of patient or provider specific communication, at any point of the care continuum. OptimizeRx’s Hub Specialty Enroll uses an automated patient engagement application to simplify the administration of highly complex dosing regiments, by guiding the patient and the caregiver through the process by using mobile messaging. The Company has so far served over 600 million patients since 2019 and has a reach of over 50 percent of the ambulatory market segment.

The Company’s patient adherence application includes offerings such as financial messaging to communicate savings, Enroll Service for Support, Automated Patient Engagement for patient adherence and encouragement. In addition it offers a copay program with adjudication facility for the physicians, besides a Specialty Hub Enroll services.

Image Source: Company

From a pharmaceutical company point of view, the platform creates awareness about the brand and provides precision clinical messaging and brand messaging at crucial stages of the clinical workflow. The technology helps spread news about the availability of a new indication to the target audience namely physicians, healthcare providers and healthcare staff. The company offers an extensive network of HIT partners, EHR, eRx, and hospital and health system network and the requisite business intelligence to execute point-of-care programs that succeed. Additionally the Company also provides HIT Network Optimization services like Brand EHR Audits, our Network Helpdesk, Target EHR Identification, TPPO, and custom Network Education.

OptimizeRx had over 370+ active EHR channels in 2019, along with 18.5 m coupons distributed in 2019. The Company’s customers include some of the most reputed companies in the industry such as Merck (NYSE: MRK), Pfizer (NYSE: PEE), Novo Nordisk (NYSE: NVO) and AbbVie (NYSE: ABBV). In addition its network of healthcare providers consists of aprima, Allscripts, DxWeb, eazyscripts, DrFirst, EvidenceCare, Care360 to name a few.

Risk Assessment

  • As healthcare evolves with time, there is a growing adoption of EHR solutions by the numerous stakeholders in the global healthcare industry. The Industry is estimated to be worth over $ 38.0 Billion by 2025 according to a report. Furthermore the Global DTx market is estimated to reach $32B by 2024; while the Care Management Solutions market will be approximately $38B by 2024. The industry has a universal relevance and appeal, providing excellent opportunity and growth for the Company to create a global footprint.
  • The Company’s flagship product was its financial messaging service, which allowed it to gain entrance into the healthcare communications space. OptimizeRx has expanded its offerings to include three new offerings such as patient adherence tool and a digital therapeutics saas platform, making it an attractive enterprise deal. The Company is close to sealing five more long-term enterprise opportunities that are worth over $30 million.
  • With declining direct sales visits and their questionable efficacy, the Company is poised to leverage its EHR messaging platform, which provides direct access to the physician and will act as an extremely valuable means of communication for pharma companies in the coming days.
  • The Company is not only consolidating its offering on a single platform but also diversifying into newer markets such as medTech and specialty drugs through its strategic collaboration with EVERSANA. Its deal with EVERSANA is especially important as the Company could leverage its healthcare education, compliance, and financial messaging solutions for promoting patient adherence and easy adoption of complex biologics. Additionally the Company has also acquired RMDY Health, which enables it to create a digital therapeutics program and address the needs of a new segment of customers.
  • Disclosure: I/we have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.

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    Source

    https://www.globenewswire.com/news-release/2020/01/29/1976780/0/en/OptimizeRx-Seals-Multi-Million-Dollar-Enterprise-Deal-for-Integrated-Platform.html

    https://www.gminsights.com/industry-analysis/electronic-health-record-market

    https://www.vynzresearch.com/healthcare/electronic-health-records-ehr-market

    https://seekingalpha.com/article/4319463-optimizerx-corp-optimize-your-portfolio-this-under-radar-health-tech-company?li_source=LI&li_medium=liftigniter-widget

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