RXNT is a company that transforms the way providers write prescriptions using a cloud-based solution that is still the gold standard today. Pulse 2.0 interviewed RXNT founder, president, and CEO Randy Boldyga to learn more about the company.
Randy Boldyga’s Background
What is Randy Boldyga’s background? Boldyga said:
“I started RXNT in 1999, introducing a revolutionary wireless prescription system that helped establish standards for e-prescribing widely used across the United States. My prior roles include leading IT Operations at The Columbia Bank in Maryland and overseeing the Clinical Health Information Systems at the University of Arkansas or UAMS, which helped me gain insights into the tech needs of medical professionals. Before UAMS, I consulted for key government agencies such as the Department of Defense, the Department of Energy, and the FBI.”
Formation Of RXNT
How did the idea for the company come together? Boldyga shared:
“The idea of RXNT originally came from my time working at UAMS Medical Center. During my tenure there, I saw firsthand how many major inefficiencies existed in the medical field, and set out to develop a solution that addressed those issues. An extensive period of development in the late 1990s led to the creation of our pioneering e-prescribing software and set us on a path of growth that has continued for the last 25 years.”
Favorite Memory
What has been your favorite memory working for the company so far? Boldyga reflected:
“Early in our company’s history, we had a series of meetings with a Fortune 50 company which ultimately led to a meeting with the President of the organization. He and I sat in his office and discussed my young company and our innovative eRx product.”
“A few hours later, his secretary called and said that the President was impressed with me and our product, and wanted to set up a partnership and draft an order for several thousand licenses. That Fortune 50 company was Medco, known previously as Merck-Medco in the 1990s. It was a pivotal moment for RXNT because it provided the necessary capital and industry recognition early on to pave the way for a successful future.”
Core Products
What are the company’s core products and features? Boldyga explained:
“We offer ambulatory medical practices an integrated suite of products—a one-stop shop, if you will—to help them run their practices. Our core products include electronic health records (EHR), practice management (PM), medical billing, patient scheduling, electronic prescribing (ERX), a suite of patient engagement and PHI tools, and mobile applications. Our latest feature release is Advanced Reporting—dynamic reporting insights & analytics that help practices make data-driven decisions.”
Challenges Faced
What challenges have Boldyga faced in building the company? Boldyga acknowledged:
“Recently, we—along with our entire industry—faced significant challenges due to an outage at Change Healthcare in late February, which disrupted 10 to 15 critical aspects of RXNT’s platform, such as claim submission, ERAs, eligibility, statements, and other billing services. Change has such an influence over the healthcare market that likely impacted almost every hospital and practice in the country, many of whom faced financial uncertainty as a result. Our team worked swiftly to create manual workarounds for the down functionality, which helped to minimize disruptions for our customers as much as possible. Teams across our company stepped up to make this easier on our customers, and their focus and collaboration has been simply incredible.”
Evolution Of RXNT’s Technology
How has the company’s technology evolved since launch? Boldyga noted:
“In its early days, our software focused on allowing physicians to create prescriptions on PCs, PalmPilots, and other wireless handhelds. The PalmPilot was synced up, and prescriptions were faxed to the patient’s pharmacy of choice. This later evolved into true electronic prescribing after the launch of Surescripts in the early 2000s. Today, our software system goes far beyond e-prescribing. Our cloud-based platform gives ambulatory medical practices everything they need to manage their practice and improve operations—from records to claims and everything in between. We’re always evolving to ensure our customers have the technology they need to provide quality care.”
Significant Milestones
What have been some of the company’s most significant milestones? Boldyga cited:
“Some of our earliest milestones were creating the foundational software that enabled electronic prescribing around 2001, and being the very first software vendor to connect with Surescripts around 2007. More recently, we launched a mobile-first patient portal, MyRXNT, to help patients stay connected to their health.”
“Additionally, RXNT has received several incredible awards over the past few years, including a 4x repeat of the prestigious Inc. 5000 award for growth and selection by Forbes as the “Best Overall E-Prescribing Software” in 2023 as well as inclusion on their list of the Top 10 Best EMR Systems. All of these milestones demonstrate our commitment to innovative software that improves patient outcomes and saves time for providers.”
Customer Success Stories
After asking Boldyga about customer success stories, he highlighted:
“In January 2019, Washington-based KC Family Hope Center switched to RXNT’s Full Suite system from its previous vendor, implementing Electronic Health Records, Patient Portal, E-Prescribing, Billing, Scheduling, and mobile applications. Through the efficiencies achieved with an integrated suite of software, KC Family Hope Center reduced time on administrative tasks and increased patient visits by 300%—all while paying less for software than their previous vendor charged. That’s a great representation of the kind of tangible, bottom-line results we provide for our clients.”
Funding
When asking Boldyga about the company’s funding information, he revealed:
“Over twenty years ago, I made the decision to bootstrap the company, and it has been privately owned and operated ever since—with no venture capital infusions. We’re proud to say that RXNT has never raised funding! I can’t share concrete numbers, but I can tell you that our company has an average annual growth rate of more than 30%.”
Total Addressable Market
What total addressable market (TAM) size is the company pursuing? Boldyga assessed:
“It’s estimated that the Healthcare IT or Digital Health market will be a $50 billion industry in the United States this year. We believe we provide software services to 10% of our available market so there’s plenty of upside potential.”
Differentiation From The Competition
What differentiates the company from its competition? Boldyga affirmed:
“What makes us unique is our people—we simply have an amazing team. One very important area for us is Customer Service, and I’ll use our Support Representatives as an example. It’s particularly important because many competitors have lackluster or outsourced support and providers suffer for it. Our customer service representatives fix issues with just a single call over 90% of the time and also answer over 90% of our support calls within 1 minute. Why? Because they care about the people they serve. You’ll find something special about the teams in every area of our company, but I always like to use my CSRs as examples because they are the folks who interact with our customers day in and day out.”
Future Company Goals
What are some of the company’s future company goals? Boldyga concluded:
“We plan to continue our trajectory of growth and keep innovating on behalf of our customers. As the industry changes, we’ll be here to bring the features they need to market to continue improving the patient care experience. Things like AI and personalized medicine are very important to us, and we’d like to see them integrated seamlessly into our platform. And, fully-customizable software and custom data analysis are a big focus to help practices use our software the way they operate instead of the other way around. It all really comes down to us finding new ways to establish the future of care. That’s our legacy, and that’s what we’ll continue to focus on.”
