Projo Biz Blog

Software developer RxVantage, of Providence, has received a $500,000 investment from the Slater Technology Fund,

The company creates channels through which healthcare, pharmaceutical companies and medical providers can exchange information and ideas that improve patient care.

"The need for healthcare efficiency is becoming ever greater, especially for physicians," said Greg Gilman, RxVantage founder and CEO. "Their time is the scarcest of all healthcare resources. RxVantage gives physicians more control and more options for efficiently sharing important information with healthcare and pharmaceutical companies without taking crucial patient-facing time out of their day."

"RxVantage has brought a thoughtfully structured process to what had been a chaotic, occasionally dysfunctional, relationship between physicians' offices and pharmaceutical companies' representatives," said Thorne Sparkman, managing director of the Slater Technology Fund. "They proved to me that doctors' offices reap immense value at no cost, and that pharmaceutical representatives also benefit from a more choreographed engagement at minimal cost. The next set of challenges will be around how fast the gospel can be spread - and we're bullish about how much more new value this team can create for the stakeholders in the meantime."

After testing the product in Rhode Island and Southern Massachusetts and attaining a 90% plus acceptance rate among medical practices approached, RxVantage has begun expansion in New England and selected additional large and mid-sized markets across the country.

The Slater Technology Fund is a state-backed venture capital fund that invests in new ventures committed to basing and building their businesses in Rhode Island.

 Tags  Greg Gilman Providence RI RxVantage Slater Technology Fund Thorne Sparkman

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