Aspen RxHealth

About Aspen RxHealth

Aspen RxHealth operates as a clinical pharmacy services platform, functioning on a gig-economy model to connect pharmacists with patients, primarily on behalf of health plans and other risk-bearing providers. Founded in 2018 by CEO David Medvedeff and CTO Wuhong Li, the Tampa-based company aims to address challenges in medication management by leveraging a surplus of clinical pharmacist talent. Medvedeff, a serial entrepreneur in the healthcare technology space with a PharmD and MBA, previously founded successful companies like VUCA Health, bringing extensive experience in patient experience and health literacy to the venture. Li is a recognized technology leader specializing in health informatics and data intelligence.

The company's core business revolves around providing a technology-driven marketplace. Its primary clients are health plans, including major Medicare plans, that pay Aspen RxHealth for clinical pharmacy services aimed at their members. These services include Medication Therapy Management (MTM), medication adherence programs, chronic disease management, and medication reconciliation. The business model generates value for these clients by improving patient outcomes, closing care gaps, and reducing overall healthcare costs. The company has secured significant funding, raising $9 million in a Series A round in 2018 and another $23 million in a Series B round in 2021, with investors including Flare Capital Partners, Bessemer Venture Partners, Humana, and Takeda Digital Ventures.

Aspen RxHealth's main offering is its app-based platform, which intelligently matches its community of over 7,000 pharmacists with patients based on criteria like language, location, and clinical condition. This allows for on-demand, remote consultations via telephone. Pharmacists operate as independent contractors, gaining the flexibility to set their own hours and are compensated weekly for completed consultations, with opportunities for performance-based bonuses. For health plans, the company offers "Alliance by Aspen RxHealth," a service model that allows a client's in-house pharmacy team to use Aspen's platform and operational infrastructure, with the option to use Aspen's pharmacist community to manage overflow.