MedAvail Holdings Inc. announced that it has opened its hub pharmacy in Detroit and its first SpotRx locations in Michigan. In-clinic SpotRx kiosks and courier home delivery are available to patients at two Oak Street Health clinic locations in the Detroit area. SpotRx Pharmacy is the retail pharmacy brand owned and operated by MedAvail in the United States, which deploys and operates the MedAvail MedCenters. MedAvail now has SpotRx pharmacies in Arizona, California, and Michigan. MedAvail’s SpotRx Pharmacy business is primarily focused on the Medicare (65+ year old) market and the medical clinics where they receive care. The SpotRx MedCenter allows patients to virtually consult with a pharmacist and fill their medications within clinics, eliminating the need to visit a pharmacy. SpotRx also provides patients the option to have their medications delivered to their homes free of charge. The embedded nature of the SpotRx business model allows MedAvail to be a member of the care team improving adherence and health outcomes. MedAvail’s first fill adherence rates are typically over 85%, which is significantly higher than the average. Medication adherence, in turn, has a significant impact on the Star Rating system used by CMS and the resulting impact on clinic reimbursement. In addition to delivering higher than average first fill adherence rates, MedAvail’s net promoter score (NPS) of 90+ across patients is indicative of their high level of satisfaction with its pharmacy service.
MedAvail Holdings, Inc. is a pharmacy technology and services company. The Company is focused on developing and commercializing a self-service pharmacy, mobile application, and kiosk. Its core technology and product, the MedAvail MedCenter (the MedCenter), is a pharmacist-controlled, patient-interactive, prescription dispensing system akin to a pharmacy in a box. It operates through two segments: Retail Pharmacy Services and Pharmacy Technology. The Retail Pharmacy Services segment operates as SpotRx, or the Pharmacy, which is a full-service retail pharmacy utilizing its automated pharmacy technology, primarily servicing Medicare patients in the United States. The Pharmacy Technology segment, through its MedAvail Technologies, Inc., develops and commercializes the MedCenter for direct sale or subscription to third-party customers, including some of the healthcare providers and systems, as well as large retail chains that provide full retail-pharmacy services using its technology.