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Tesser Health raises $470K in funding to lower prescription drug costs


Part of the Tesser Health team at eMerge Americas: From left: Riyaad Seecharan, Ali Khoshnevis, Gregory Johnson (former intern), Patrick Helmus and Humberto Lee.

By Nancy Dahlberg / ndahlberg@miamiherald.com

Tesser Health, a pharmaceutical savings startup based in Miami, has raised $470,000 in seed funding from a Cofounders Capital syndicate.

The company explained its mission and technology this way: Tesser Health's cross-platform application has helped hundreds of thousands of Americans save money on prescription medications by using behavioral science to drive optimal health decisions. The company analyzes claims and can find inefficiencies in consumer purchasing habits typically accounting for over 24 percent in excessive spending. Employers can layer the Tesser platform to their existing Pharmacy Benefit Manager systems, and the company currently works with health systems including Advanced Plan for Health, Wellnext, SpendWell Health and Save On Medical. The startup  provides users insight on exactly how much drugs cost, and then in real-time displays up to eight different ways to save on their medications.

“This is about helping everyday folks manage the rising cost of prescription drugs,” said Dr. Ali Khoshnevis, co-founder and managing director of business development at Tesser Health, in a statement. “What sets our solution apart is the ability to show users how to save on their medications and to communicate these opportunities to their prescribing physicians. This makes Tesser Health the only end-to-end platform to reduce prescription drug spending.”  

The eye doctor said he co-founded the company after he discovered a patient not taking his prescribed medications because of the costs. With some research, Khoshnevis discovered that the price for the same drug ranged from $11 to $150, and a variety of evidence-based alternatives existed. 

Tesser Health, founded in 2014, currently has nine people on its team and plans to use the funding for expanding its sales team, said Riyaad Seecharan, co-founder and managing director in charge of operations. Tesser Health is based at CIC Miami. "Their work sits at the intersection of where the Miami ecosystem should be delivering more - the cross between healthcare, technology, and responsible community benefits - and we hold them up as an example for what can happen when life sciences dovetails with entrepreneurial and human-centered solution design," said Natalia Martinez-Kalinina, CIC Miami's general manager. 
“We evaluated a number of companies with claims engines used to find employee drug cost savings, but none were as comprehensive or as actionable as the Tesser solution,” said  David Gardner, general partner at Cofounders Capital, in a statement. “We feel confident that this technology paired with this healthcare-experienced management team will be the best value available today for self-insured employers wanting to reduce the cost of their employee benefits”.