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Company: Capital Rx, New York, NY
Nomination Submitted by: Hermes PR
Company Description: Capital Rx was founded in 2017 as a next generation pharmacy benefit manager (PBM), overseeing prescription benefit plans on behalf of employers, unions, municipalities, hospital systems, and health plans. In just 3 years, we’ve emerged as the fastest growing PBM in America, with award-winning technology, innovation, and a commitment to service that is unmatched.
Nomination Category: New Product & Service Categories - Business Technology
Nomination Sub Category: Healthcare Technology Solution
 Nomination Title: Capital Rx’s JUDI™
- Which will you submit for your nomination in this category, a video of up to five (5) minutes in length about the nominated new or new-version product or service, OR written answers to the questions for this category? (Choose one):
Written answers to the questions
- If you are submitting a video of up to five (5) minutes in length, provide the URL of the nominated video here, OR attach it to your entry via the "Add Attachments, Videos, or Links to This Entry" link above, through which you may also upload a copy of your video.
- If you are providing written answers for your submission, you must provide an answer to this first question: If this is a brand-new product, state the date on which it was released. If this is a new version of an existing product, state the date on which the update was released:
Capital Rx’s Enterprise Pharmacy Platform, JUDI™, was launched January 1st, 2021.
- If you are providing written answers for your submission, you must provide an answer to this second question: Describe the features, functions, and benefits of the nominated product or service (up to 350 words):
Total 346 words used.
Capital Rx launched JUDI™, an intuitive, cloud-native, API-based enterprise pharmacy platform (EPP), the first of its kind in the pharmacy industry. JUDI™ significantly reduces administrative overhead, advances clinical management, and dramatically improves the customer’s care experience. In addition, the platform connects every aspect of the pharmacy ecosystem in one platform, enabling patient engagement and increasing efficiency to achieve the highest standards of clinical care.
JUDI™ powers all aspects of Capital Rx, including its pricing model and its new Advantage card. With astronomical health care budgets driven by the cost of medications, employer groups are attracted to Capital Rx’s pricing model that is based on the fair and equitable National Average Drug Acquisition Cost (NADAC), a government authorized pricing benchmark based on average invoice costs that pharmacies use to acquire outpatient drugs. By marrying NADAC pricing with its Clearinghouse Model™, which brings total visibility into drug unit prices and eliminates arbitrary price variability, Capital Rx can deliver on the promise of fully ethical and transparent drug pricing.
Its Clearinghouse Model brings undistorted visibility into actual drug unit costs and eliminates arbitrary price variability. As a result, employer groups working with Capital Rx are saving 27% on average compared to their previous pharmacy benefit manager (PBM).
The Advantage card is the first ethical prescription discount card launched in August and saves consumers up to 90% on their prescription costs. It beats popular discount cards 80% of the time by implementing its Clearinghouse Model drug pricing strategy. Competitors set up opaque contracts with drug makers, participating pharmacies, and companies that market the discount cards. They obscure hidden fees, passing them on to consumers and pharmacists. They allow drug price manipulation and artificial drug price inflation to run rampant by relying on Average Wholesale Price instead of NADAC.
Capital Rx’s goal is to create lasting social change by developing a better healthcare infrastructure that eliminates conflicts of interest, simplifies contracting, and generates immediate savings. Their technology-driven innovations inform better plan management, and their high-touch service approach allows them to provide unparalleled member service with better financial outcomes for their clients.
- If you are providing written answers for your submission, you must provide an answer to this third question: Outline the market performance, critical reception, and customer satisfaction with the product or service to date. State monetary or unit sales figures to date, if possible, and how they compare to expectations or past performance. Provide links to laudatory product or service reviews. Include some customer testimonials, if applicable (up to 350 words):
Total 315 words used.
JUDI™ is a radical departure from status quo PBM technology: on-premise systems running on mainframes, green-screen terminals, and programming languages from the 1990s, each contributing to a broken healthcare system and placing disproportionate responsibility onto patients, insurers and pharmacies. JUDI’s serverless architecture allows for unlimited scalability, instant right-sizing, and the unique capability to handle clients of any size. In addition, claims are processed at remarkably faster speeds than the industry standard time. The JUDI™ platform open-API architecture also breaks industry standards by enabling real-time communication among physicians, pharmacies, patients, and plans and allowing better access to medications at the lowest cost possible.
JUDI™ offers over 50x efficiency over existing pharmacy benefit management (PBM) systems. As an example, a simple change of a copay from $10 for generic drugs to $5 could take up to 30-45 days to implement on other legacy systems, whereas this same change can be made within minutes on JUDI™. JUDI™ is built in the human language around a point-and-click interface, empowering users of all experience levels to make updates in minutes. These micro increases in efficiency lead to overall implementation satisfaction and speed with the ability to build even the most complex benefit designs in hours. JUDI™ was developed to link all PBM operations on a single platform, simplifying the plan management experience for all stakeholders. A serverless claim processing architecture enables an infinitely scalable platform to handle any sized client and with millions of unique possible combinations of benefits designs. Outside of the traditional plan changes, our natively supported edits and overrides ensure quick member resolutions and prior authorization implementation. JUDI™ also offers a fully automated and integrated invoicing, remittance, 835, data exchange and finance system to ensure an accurate and timely billing cycle. Our adjudication service is complemented with automated monthly & quarterly reports designed to be easy to read and identify trends while eliminating human error and overhead.
- You have the option to answer this final question: Reference any attachments of supporting materials throughout this nomination and how they provide evidence of the claims you have made in this nomination (up to 250 words):
Total 23 words used.
https://www.businesswire.com/news/home/20210127005079/en/CORRECTING-and-REPLACING-Capital-Rx-Launches-JUDI%E2%84%A2-The-Industry%E2%80%99s-First-Enterprise-Pharmacy-Platform
https://www.forbes.com/sites/joshuacohen/2022/02/02/capital-rx-aims-to-disrupt-the-pbm-market/?sh=7156c609319a
https://www.prnewswire.com/news-releases/capital-rx-named-to-incs-2021-best-in-business-list-301439209.html
https://www.forbes.com/sites/joshuacohen/2022/02/02/capital-rx-aims-to-disrupt-the-pbm-market/?sh=7156c609319a
https://www.benefitnews.com/advisers/news/pbms-and-stopping-the-rise-of-drug-prices
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