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.
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:
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.
RxAdvance was founded
Inception and development of RxAdvance’s Collaborative PBM Cloud Platform
Signed off first contract with Avera Health Plan
RxAdvance goes live with its first client, Avera Health Plan
RxAdvance is selected as one of the 2016 Red Herring Top 100 North America winners
Oscar Salazar, co-founder of Uber, joins board of directors
Former Apple CEO and RxAdvance chairman, John Sculley, formally accepts position as RxAdvance Chief Marketing Officer
Realized negative pharmacy trend of 4% with Avera Health Plan
Won MEBFC (Midwest Employee Benefit Funds Coalition, Inc) contract
SMART (International Association of Sheet Metal, Air, Rail, and Transportation Workers) contract win
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
RxAdvance goes live with first SMART fund
RxAdvance announces strategic partnership with Centene.