Scripta Insights announced it raised $17 million in Series B funding led by Aquiline, bringing its total raise to $42 million.

Contour Venture Partners, Eastside Partners and ReMY Investors participated in the round.

Avery Klinger from Aquiline will be joining Scripta's board of directors as part of the deal.   

WHAT IT DOES

Scripta Insights develops pharmacy navigation solutions for self-insured employers, health plans and their members. 

Scripta’s Rx Navigation offerings include Rx Navigator for members and Rx Monitor for plan sponsors.

Through Rx Navigator, employees and enrolled dependents on a health plan receive customized savings reports, via app, web portal and mail, disclosing all their prescription options. 

Savings could be attained by using a coupon, filling the prescription at a cheaper pharmacy or switching to a valid therapeutic alternative with their doctor's approval.

Additionally, Scripta provides concierge support guiding members through savings opportunities and other options. 

Scripta’s Rx Monitor supports Rx Navigator clients by providing analytics and insights for payers to monitor their Rx benefit costs. Plan sponsors have the ability to contain their Rx benefit spend, optimize their benefits and support plan decision-making.

Rx Navigation is driven by its software platform made up of Scripta’s Med Mapper, a physician-driven, exclusive clinical data set and rules engine that maps 17,000 medicines and medical devices to cost-efficient options.

The company will use the funds to power Scripta’s continued adoption and scaling of its platform in the self-insured market and TPA (third-party administrators)/PEO (professional employer organization) channels and provide a capital infusion in support of the company’s expansion in the health plan and Medicare Advantage markets. 

"We are changing the way people shop for prescription drugs in America," Eric Levin, CEO of Scripta Insights, said in a statement.

"That may sound like a bold statement, but in the last year alone we’ve generated 78,000 prescription switches that have resulted in $29 million in prescription savings. We’re creating an America where access, affordability and adherence to necessary medicines are no longer barriers to positive health outcomes. There is no greater proof point than the fact that 93% of the drug switches driven by our clinical recommendations stay switched even after 12 months."

MARKET SNAPSHOT

Other companies in the health navigation space include Amino Health and Motive Practicing Wisely Solutions, which, in September, unveiled Amino Motivate, an accountable care organization (ACO) optimization tool that integrates data-driven physician performance analytics and consulting services.

Solace, which matches patients with advocates who help them navigate their healthcare journey, secured $14 million in Series A funding, bringing its total raise to $21 million. 

Inspired Capital led the funding round with participation from existing investors Torch Capital and Craft Ventures and new investors Coalition Operators, Anne Wojcicki, the late Susan Wojcicki and RiverPark Ventures. 

In 2019  Rightway Healthcare announced a $20 million Series B funding round led by Thrive Capital. The round came less than a year after the company scored $8 million in its Series A round to expand its sales team and grow its products in new markets.