Health IT, Startups

ActualMeds raising $5M to expand medication management services

ActualMeds graduated from New York Digital Health accelerator‘s inaugural class last year with a goal […]

ActualMeds graduated from New York Digital Health accelerator‘s inaugural class last year with a goal of  making it easier for patients with a high risk of readmission to manage their medication. More than one year later, it’s raised two-thirds of the company’s first equity round. It plans to use the $5 million it’s seeking in part to add more services to its SAAS platform.

The Medicare patients frequently have multiple chronic conditions and see an average of 13 physicians. The company estimates that as much as $6 billion is spent on unnecessary prescriptions for these patients. By matching up claims and electronic health data with input from patients, the company can help providers do a better job of medication reconciliation — particularly by finding out what if any over-the-counter medication patients are taking that may interfere with their medical regimen.

Although medication adherence is an important part of its business, spotting medication interactions and flagging up side effects is also a big part of what its technology seeks to improve. A blog on its website last month confronted the issue of medication as a source of sudden onset of ‘delirium’ symptoms, particularly adverse drug events. It was in response to a post in The New Old Age column in The New York Times.

Patricia Meisner is the CEO and a co-founded the business in 2009 with Patricia J. Neafsey, the principal scientist. Its technology originated at the University of Connecticut as part of a project in the School of Nursing led by Neafsey, a professor with the nursing school. In a study of hyperytension patients, it helped them curb the number of medications they were taking, improved adherence and reduced healthcare expenses.

In a short interview at the New York Digital Health conference, Meisner said it would use the funding to roll out a pharmacist on demand to interact with care teams to do medication management and reconciliation, especially for people who have a lot of interaction with the healthcare system such as patients with diabetes and congestive heart failure.

“Our ideal customers are ACOs but many payers have put in place care managers because ultimately they will improve the transition of care and …outcomes.”

The company moved from Boston to Connecticut after receiving funding from Connecticut Innovations. It has also received funding from Vineyard Point Associates, a boutique investment firm that counts healthcare among its investment interests. ActualMeds received a combined total of $400,000 from these groups.

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