QuicksortRx Hits $100 Million Saved for Health SystemsQuicksort
QuicksortRx, a technology company helping health systems improve pharmacy purchasing and reduce medication costs, has announced that its clients have achieved over $100 million in medication cost savings through the platform since the company launched in late 2018.
Founded by pharmacists and technologists from the Medical University of South Carolina (MUSC), QuicksortRx empowers health systems to instantly assess medication price, availability, and purchasing trends across multiple facilities. By streamlining pharmaceutical market analysis, QuicksortRx clients use the business intelligence platform to drive faster, more informed decisions and to improve efficiency in medication procurement.
The $100 million figure represents realized savings tracked by health systems using QuicksortRx to identify and operationalize changes in their medication procurement. Savings are most often achieved by health system pharmacy staff acting on insights from the platform to optimize product selection, identify and correct contract issues, and target strategic 340B interventions. The platform monitors initiatives identified and executed by the health system in real time, capturing savings as they are achieved.
"Having spent my entire career before QuicksortRx at MUSC, I know the financial constraints hospitals work under," said Jonathan Yantis, CEO and Co-Founder of QuicksortRx. "There are limited resources to go around to important projects that affect lives. The impetus for QuicksortRx was to help free up capital that could be more efficiently invested in patient care. It's difficult to put into words what it means to know we have enabled non-profit health systems to redeploy over $100 million into initiatives that benefit their communities. It feels really good."
QuicksortRx began as a project when Yantis, an MUSC network engineer, teamed up with Matt Hebbard and MUSC's pharmacy department to develop software that would help the health system better manage their medication spend. In the early stages of the platform's development, the inventors envisioned a solution that could be used outside MUSC.
"We knew other pharmacy departments were struggling with this work just like we were," said Hebbard, Vice President of Pharmacy and Co-Founder of QuicksortRx. "From the outset, Jonathan had the mentality that we could scale and share this solution to grow its positive impact. It's amazing to know what we built to help our own hospital is helping others in the same way."
Today, the platform helps more than 30 health systems manage over $8 billion in annual hospital pharmacy spend. To support its rapid growth, QuicksortRx recently moved to a larger corporate headquarters in Charleston, South Carolina. The company has plans to add more than 40 new team members over the next three years to help further scale services and maintain QuicksortRx's high-touch customer support.
"These savings would not have been possible without our amazing team and incredible clients," says Hebbard. "They are real experts who share our passion for bringing positive change to this industry and for reducing the cost of quality healthcare."
Yantis adds, "One hundred million dollars represents a lot of work within and outside of our team at QuicksortRx. We are incredibly grateful to the people who have trusted and had faith in us along this journey. Thank you to these health systems for rolling up your sleeves with us and putting in the work. This milestone is your accomplishment as well."