A San Francisco-based pharmacy automation startup, Plenful, has successfully concluded a $17 million Series A funding round, bringing its total fundraising to over $25 million. The company specializes in providing a software platform designed to automate the manual and administrative tasks burdening pharmacists and pharmacy technicians.
In a statement released on Thursday, Plenful CEO Joy Liu highlighted the critical timing of their technology’s introduction, as pharmacy workers nationwide grapple with alarming levels of burnout. With increasing patient demands, regulatory complexities, and significant staff shortages have placed immense pressure on pharmacists, resulting in compromised patient care and the sustainability of the industry.
Plenful aims to alleviate the administrative burden on pharmacy workers, enabling them to operate at their full capacity, deliver high-quality care, and sustain their profession. By automating mundane administrative tasks, the platform allows pharmacists and pharmacy technicians to focus on more critical aspects of their work.
The platform collects data from various sources, including faxes, PDFs, and electronic health records, utilizing this data to automate administrative tasks. Plenful offers customization options for these tasks, catering to the specific needs of its users. Common use cases among health system customers include referral management and 340B audits, while pharmacy customers benefit from features such as referral orders, document data entry, revenue cycle management, and 340B claims qualification.
Plenful adopts a subscription-based model, offering its technology to health systems and pharmacy companies through annual contracts. With over 25 customers, including prominent names like Tampa General Hospital, Renown Health, and Blue Cross Blue Shield, Plenful has established itself as a trusted solution provider in the healthcare automation software market.
The Series A funding round was led by TQ Ventures, with participation from Bessemer Venture Partners, Susa Ventures, and Mitchell Rales, co-founder, and chairman of Danaher. Plenful distinguishes itself in the market by focusing exclusively on pharmacy tasks and offering a comprehensive platform rather than a point solution. This strategic approach positions Plenful as a leader in addressing the holistic range of challenges faced by pharmacy operations, ensuring enhanced efficiency and improved patient care in the healthcare sector.