Proximity, a Chicago, IL-based provider of an automation platform optimizing 340B drug discount revenue for qualified healthcare providers, raised $3M in Seed funding.
The round was led by LRVHealth with participation from Commonweal Ventures. As a result of the funding, Josh Flum, Josh Flum, managing partner at LRVHealth, has joined Proximity’s board of directors.
Led by CEO and Founder Scott Johnsen, Proximity helps healthcare providers earn from the federal 340B drug pricing program, while minimizing the time and resources they dedicate to manage it. With technology that centralizes data from electronic health records (EHRs), third-party administrators (TPAs) and wholesales into a single intelligent platform, it safeguards against manufacturer threats and compliance concerns, while uncovering significant, often overlooked 340B revenue.
Proximity connects and combines the entire ecosystem of 340B data across wholesalers, third-party administrators, and EHR systems to create a central hub of data that generates new types of insights. By performing complex data transformations and exposing the outputs to a sophisticated rules engine that is continuously re-assessing every aspect of a 340B program, the platform finds and automates the recovery of all missed revenue while facilitating program compliance and mitigating the risk of errors and duplication.
The company intends to use the funds to accelerate development of its technology that has already been proven with pilot customers to improve 340B program values by an average of 20%.
FinSMEs
21/02/2025