Truentity Health Secures $1M in Pre-Seed Funding to Help Providers and Pharmacies Manage Medications Across Multiple Systems
Industry: Healthcare
The company’s platform user base doubled in the past three months and early results show a 45%+ improvement in the accuracy of patient medication records
Raleigh, NC (PRUnderground) January 20th, 2022
Truentity Health, the revolutionary cloud-based patient-centric, provider-focused medication management platform is proud to announce that they have secured $1M in pre-seed funding to reduce medication-related errors and optimize medication therapies for providers, pharmacies, and hospital systems. The capital infusion will be used to accelerate product development and hire go-to-market clinical teams.
Medication errors are now the leading cause of medical-related injuries, death, and hospital readmission. Forrester predicts the healthcare industry will face higher medication errors in 2022, and non-optimized medication therapy costs over $528.4 billion annually, which is equivalent to 16% of total US health care expenditures.
Through Truentity’s innovative and proprietary workflows that leverage a remote pharmacy team, the company has generated a vast amount of accurate medication related data to help reduce errors and optimize medication therapy management. Additionally, Truentity has proudly partnered with leading Health Data Exchange providers for seamless read and write access to thousands of hospital systems and provider sites across the US.
“Critical medication data is scattered across multiple providers and hospital systems and is difficult to access by the care team during times of need.” said Mike Desai, CEO & co-founder, Truentity Health. “This lack of visibility is the leading cause of errors that contribute to a medication error crisis. Truentity Health is on a mission to modernize medication therapy management by building a patient-centric, provider-focused platform to help create better outcomes.”
In initial deployments, Truentity Health’s processes and workflows generated more accurate medication data than the data currently in the patient’s EHR; up to 45% more than EHR and 50% more than PBMs and pharmacy networks. Additionally, providers saved up to 40 minutes per patient during the pre-admission or post-discharge medication reconciliation process alleviating the burden on scarce hospital resources. Providers utilized these services to increase and generate an additional stream of revenue via CMS and Payor reimbursements.
“A partnership with Truentity Health allows our practice to spend more time with the patient instead of collecting and reviewing their current medication regimen. Their solution gives us more accurate patient medication data. In addition, it frees our medical team to focus on other patient-centric tasks.” – Dr. Sitapara, MD, Medical Director of Signature Medicine and Vice-Chairman of Quality Board at St Mary Medical Center.
Through proof of concept, partnership with leading Health Data Exchange providers, and unwavering commitment to protecting what matters most, Truentity Health’s purpose-driven vision can come to fruition as they revolutionize patient care for millions of Americans who rely on medications.
To learn more about Truentity Health, please visit: https://truentity.health/
About Truentity Health
Truentity Health is a patient-centric, provider-focused medication management platform designed to help reduce medication-related errors and optimize medication therapy. Founded in 2020 by a seasoned team of health tech and cybersecurity entrepreneurs with over 75 years of combined experience. Truentity Health offers a complete medical reconciliation solution to providers, pharmacies, and hospital systems to help reduce hospital readmissions, improve clinical outcomes, and generate net new revenue via CMS and Payor reimbursements.
