USA – Capital Rx, a health technology company changing the way prescription drugs are priced and patients are serviced raises US$106M in a Series C round to end drug price distortion.
The Series C round was led by B Capital with participation from General Catalyst and existing investors, Transformation Capital and Edison Partners, bringing the total amount raised to US$175M, according to the company’s announcement.
B Capital and General Catalyst executives will also join as board observers.
AJ Loiacono, CEO of Capital Rx said, “Our country cannot continue to operate on disparate and antiquated technology, and our goal is to provide our nation the infrastructure it needs for the healthcare system we deserve,”
“We’re thrilled to partner with B Capital and General Catalyst as we accelerate the adoption of JUDI and establish a new standard for claim administration.”
For several years Capital Rx have invested significantly in building out and commercializing JUDI, a digital platform that unites operations under one roof.
Capital Rx’s Series C round follows a year of record growth to date, highlighted by new customers WTW, the world’s largest pharmacy benefits purchasing coalition, and CDPHP, a major New York state health plan.
Customer retention rate is a remarkable 99.5%, and Capital Rx’s consumer membership grew 200% over the previous year, on track to add over 1 million new lives for the 2023 plan year.
For several years Capital Rx have invested significantly in building out and commercializing JUDI, a digital platform that unites operations under one roof.
The platform includes plan design, implementation, adjudication, data exchange, prior authorization and billing offerings, among others, through a single tool.
The platform aims to drive better patient care alongside greater efficiency for health plans, PBMs and providers.
Modernizes prescription & healthcare infrastructure
Capital Rx’s JUDI Enterprise Pharmacy Platform modernizes prescription and healthcare infrastructure to power the 21st century of care delivery.
Even more, the company claims that JUDI is built to be the future infrastructure of healthcare, driving administrative cost down while improving the patient experience.
In addition, as a cloud-based, serverless platform built on an open API architecture, JUDI delivers unlimited scale and ease of integration.
The platform improves pharmacy network management tools and allows for faster implementations of more highly customizable benefit designs to support the next generation of value-based contracts.
Drug prices change from pharmacy to pharmacy, meaning consumers never know what they will pay for a prescription until they get to the counter.
Pricing opacity is often driven by drug supply middlemen (PBMs, wholesalers, insurance carriers) who set their own drug prices and decline to openly communicate on price to consumers.
As such, JUDI delivers on the promise of improved care for patients and unrivaled operational efficiency for health plans, TPAs, PBMs, health systems, and prescribers, the company claims.
Ranked the fastest growing health technology company in America by Inc. 5000, Capital Rx has seen exponential year-over-year growth, that is, 400% in 2020 and 200% in 2021.
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