Providence, RI-based startup RxVantage attracted a $500K investment from Rhode Island’s venture capital arm, the Slater Technology Fund.
RxVantage allows medical offices to efficiently coordinate educational interactions with the highly-trained individuals (e.g., Pharma Reps) who represent the products and services that improve and extend their patients' lives. Physician Offices can implement RxVantage very quickly and thereafter invite their reps to access their account online to learn everything they need to know about the office and doctors, and schedule educational opportunities.
The company is now seeking additional investors to gain another round of between $6 million and $8 million.
The RxVantage system requires that all appointments are confirmed in advance by reps aiming to sell to doctors, and in the event an appointment is canceled for any reason, the appointment is made available to all other reps in the area. Notionally an "OpenTable" for sales reps.
The idea is to save pharmas the cost of lost productivity, and save doctors precious time otherwise lost to cancellations and no-shows.
The application has been tested in Rhode Island and Massachusetts, and achieved a 90% acceptance rating among the early adopters, the company said.
RxVantage is similar to what was Boston-based PreferredTime Inc. The company went out of business about a year ago.
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