While a human skill-set tends to boast a wide range of capabilities, one that stands out like nothing else is how we are so well-equipped in regards to pursuing continuous progression. You see, when someone can become better under all possible situations, they bring themselves into a touching distance of some notable milestones. This has been proven rather repeatedly throughout our history, and on one such instance, it will be proven by an ingenious creation called technology. In fact, technology’s testimony remains a cut above others’; as the concept would really go on to introduce a dynamic that will change our very identity. The stated reality, in turn, produced a host of beneficiaries, even impacting a highly-critical area like our healthcare sector. Staying with healthcare for a second, technology’s foray around here was pivotal in every conceivable sense, considering it came at a time when the sector was literally struggling against all sorts of obsolete methods. By building upon those medtech foundations, the creation was successful in shaking the scenario up, but it won’t stop just there. Even after giving the sphere an entirely new look, technology will continue adding more value to it, and one recent funding keeps that trend alive and kicking.
Capital Rx, a New York-based upstart pharmacy benefits manager, has officially raised over $106 million in Series C financing. Led by B Capital, the round saw further participation coming from the likes of General Catalyst, Transformation Capital, and Edison Partners. According to certain reports, the company plans on dedicating the newly-raised cash towards an extensive research and development drive, while also making meaningful investments to enhance its team, as well as operational technology. Founded in 2017, Capital Rx started out with a primary intention of reducing costs in the prescription marketplace. Beyond that, the startup was even looking to “define the electronic infrastructure to process claims over the next 50 years,” so to accommodate both the goals, it created a platform, which went by the name of JUDI. The platform was designed for performing various tasks, including claims adjudication, prior authorization, data exchange, claims reporting, and billing and reimbursement etc in a consolidated manner, thus offering a neater overall operation. This would make JUDI a trusted partner for health plans, health systems, prescribers, third-party administrators, and pharmacy benefits manager.
“If you have a company that’s truly committed to doing the right thing, doing it better and has a novel advanced technology stack that helps make the humans in these businesses more efficient, you can actually start saving true money and creating value for all of the stakeholders,” says Robert Mittendorff, general partner at B Capital who is joining the Capital Rx’s board. “We are funding AJ (AJ Loiacono, the cofounder and CEO of Capital Rx) to transform the PBM industry,”
Talk about Capital Rx and JUDI’s revenue model; it is largely centered on an administrative fee that you pay for using the platform. This fee can either be structured monthly on all the selected services or you can also pay per-prescription basis.
