Our Difference

RxAdvance was founded by a team of notable physician, healthcare, and technology entrepreneurs who have individually built several health systems and clinics, health insurance companies, and hi-tech software companies to disrupt traditional paradigms by delivering unparalleled savings and services in their respective industries.

Our History

The founders of RxAdvance have impressive track records that include decades of building disruptive technology platforms that transform the status quo of the health insurance industry. These platforms have led to significant administrative and medical cost reduction across enterprises. Below are the highlights of this diverse and influential history:

  • RxAdvance
  • IkaSystems
  • 2000-2013

    Healthcare entrepreneur, Ravi Ika, founder and CEO of RxAdvance builds ikaSystems. ikaSystems is a payor enterprise cloud platform company, that delivers unparalleled savings through administrative and avoidable medical costs reduction. In 2008, ikaSystems secures BCBS Michigan as a client and reduces its administrative cost by 50% ($21PMPM to $11PMPM). By 2013, the enterprise system is used by over 30 insurance carriers comprising of 35 million lives.

  • 2013

    RxAdvance was founded

  • 2014

    Inception and development of RxAdvance’s Collaborative PBM Cloud Platform

  • October 17, 2015

    Signed off first contract with Avera Health Plan

  • January 1, 2016

    RxAdvance goes live with its first client, Avera Health Plan

  • June 15, 2016

    RxAdvance is selected as one of the 2016 Red Herring Top 100 North America winners

  • August 30, 2016

    Oscar Salazar, co-founder of Uber, joins board of directors

  • November 15, 2016

    Former Apple CEO and RxAdvance chairman, John Sculley, formally accepts position as RxAdvance Chief Marketing Officer

  • Overall 2016

    Realized negative pharmacy trend of 4% with Avera Health Plan

  • February 1, 2017

    Won MEBFC (Midwest Employee Benefit Funds Coalition, Inc) contract

  • April 1, 2017

    SMART (International Association of Sheet Metal, Air, Rail, and Transportation Workers) contract win

  • October 18, 2017

    Goldman Sachs honors RxAdvance for Entrepreneurship, recognizing Ravi Ika, President and CEO of RxAdvance as among 100 Most Intriguing Entrepreneurs at 2017 its Builders + Innovator Summit in Santa Barbara, California

  • November 1, 2017

    RxAdvance goes live with first SMART fund

  • March 13, 2018

     RxAdvance announces strategic partnership with Centene.