Latest / CareTalk: Healthcare. Unfiltered. / Accelerating Access to Specialty Medications w/ RxLightning CEO, Julia Regan | HealthBiz Brief

Transcript

Accelerating Access to Specialty Medications w/ RxLightning CEO, Julia Regan | HealthBiz Brief · CareTalk: Healthcare. Unfiltered.

• 0:06
  Welcome to Health Biz Briefs.
• 0:08
  I'm David Williams, president of Health Business Group, here with Julia Reagan, CEO and founder of Rx Lightning.
• 0:13
  How are you today, Julia? I'm good.
• 0:15
  How are you?
• 0:16
  I'm doing great.
• 0:18
  Listen, I want to hear from you about what the issues are with onboarding with specialty products.
• 0:24
  Well, there's a lot of issues.
• 0:26
  The first one is, because of their cost, there's a lot of clinical and contact information that the provider needs to send to the specialty pharmacy so that they could process the insurance and get it to a paid claim and then be able to ship the medication to the physician or the patient's home.
• 0:45
  So a lot of organizations use paper forms to get this information or phone calls just back and forth between the pharmacy and the office.
• 0:56
  Arx Lightning has taken all these paper processes and made them digital.
• 1:03
  So you get cleaner data, and you're able to then respond to it with technology, and not only from provider to the pharmacy or to the manufacturer, but to the patient.
• 1:14
  The worst thing for a patient is to be diagnosed with a serious illness and then be told that they just have to wait for their medicine and not know what's going on.
• 1:24
  So with our technology, the pharmacy, the drug manufacturer, the insurance company could move through their processes quicker, all while keeping the patient informed on what's going on to help alleviate some of those emotional tolls that happen with the diagnosis and waiting.
• 1:40
  Julia, what kind of traction are you getting?
• 1:42
  Because it sounds like a great concept, but how are investors looking at it?
• 1:46
  Is it actually impacting patients day to day? Yeah.
• 1:50
  So we built our technology starting off where it's comprehensive, so we support about 1600 different medications across multiple steps of the process.
• 1:57
  So everything from price transparency to prior authorization to hub enrollments, manufacturer enrollments, grant affordability programs, and free drugs from the manufacturer.
• 2:11
  So as a result, our provider network is growing at an enormous rate, year over year, quarter over quarter, month over month.
• 2:20
  Honestly, it seems like every week we're talking to a large organization that wants to use our technology.
• 2:27
  So as a result, the providers and the network that we've built, we're able to then work with some of the top specialty pharmacies in the nation, some of the largest drug manufacturers, and we've grown at a rate that is sometimes hard to keep up with.
• 2:44
  And as a result, we've got investment from some of the top investors in the healthcare investments world.
• 2:52
  Great.
• 2:53
  So it's early on in the year 2024.
• 2:55
  Do you have a new year's resolution or a big aspiration for this year?
• 2:59
  Yeah, well, our organization is all about helping patients get affordable access to their care as quickly as possible, which is why we're named Arcs Lightning.
• 3:08
  So for us, we want to ten X our growth and our network to be able to help more and more patients and be able to help facilitate the several billion dollars worth of drug spend for these patients.
• 3:26
  Julie, you've got an impressive career, but this is your first time running a company.
• 3:30
  And I'm wondering if, in speaking with other founders, if anybody's recommended any books or other resources that you might recommend to our audience.
• 3:38
  Yeah.
• 3:38
  So right before the holidays, one of my colleagues who's another founder recommended ten X is easier than two X by Dan Sullivan.
• 3:48
  It's a great book, not just for entrepreneurs, but really in personal life as well.
• 3:52
  And it's about changing your thinking radically and basically saying that if you think about doubling something, it's actually easier to think bigger because it changes how you think, it keeps you focused and it allows you to be more successful.
• 4:07
  Because if you miss, you're still probably more than doubling your business or your personal life or whatever it is that you're trying to change.
• 4:14
  I'm going to have to read that because I'm still having a hard time getting my head around that.
• 4:18
  The sequel book may be 100 times is easier than ten times, so I better read the ten times one first in order to get ready for it.
• 4:25
  Well, Julia Reagan, CEO and founder of RX Lightning, thank you so much for joining me today on help dis briefs.
• 4:32
  Thanks, David, for having me.