NEW YORK, Feb. 2, 2022 /PRNewswire/ -- Capital Rx, a healthtech company changing the way prescription drugs are priced and patients are serviced, today announced that New York City Health Business Leaders (NYCHBL), the organization that serves as the gateway to New York's healthcare ecosystem, has recognized the company on its NYC Digital Health 100, showcasing the most exciting and innovative health startups in New York.
"Being named as one of the NYC Digital Health 100 companies is a true honor and testament to the entire Capital Rx team, who strives to make prescription medications affordable and accessible to all Americans," said AJ Loiacono, CEO of Capital Rx. "New York City draws a wealth of diverse and talented minds that want to transform the world, and because we're locally headquartered, we've been able to attract the best and brightest in the healthcare industry to support our mission. We're privileged to be named among our peers and other highly innovative companies in the region."
"This year, the NYC Digital Health 100 is comprised of an incredibly diverse set of companies and leaders who are working to innovate and solve some of the most complex challenges across all facets of the healthcare ecosystem," said Bunny Ellerin, co-founder and CEO, NYCHBL. "We are delighted to recognize these companies and celebrate and support their growth in the New York area."
Capital Rx is the fastest-growing PBM in the United States that delivers greater transparency in prescription drug pricing. By creating better healthcare infrastructure, Capital Rx eliminates conflicts of interest between payers, drug makers, and pharmacies to generate immediate savings. Employer groups, health plans, unions including NYC's CWA Local 1180, and other local municipalities, are attracted to Capital Rx's marriage of fair and equitable National Average Drug Acquisition Cost (NADAC) pricing with its Clearinghouse Model, which brings undistorted visibility into actual drug unit costs and eliminates arbitrary price variability. In 2021, Capital Rx maintained 100% implementation satisfaction, 99.5% client retention, and 98% member satisfaction.
The NYC Digital Health 100 was released in conjunction with the NYCHBL Healthcare Innovation Report 2022, an in-depth look at the data, trends and insights that define the healthcare industry in NY. In 2021, 182 companies raised a historic high of $9.0B, a 150% increase from 2020 ($3.6B) and 87% of the investments went to start-ups in areas including virtual care, patient engagement and mental health. To review the report, please visit https://bit.ly/dh100-pr.
NYC Digital Health 100 Methodology
To compile the NYC Digital Health 100, NYCHBL used its dynamic database of digital health companies in the region and then invited companies to complete applications with quantitative and qualitative data to broaden the consideration set. A company qualified for consideration if it maintained headquarters or an office (over 10 people) in the New York region. Companies were judged on a number of factors, including but not limited to: strength of leadership, # of employees, funding (if known), revenue (if known), market fit, differentiated offerings, approach to diversity and equity, and community engagement.
About Capital Rx
Capital Rx is built around the mission of changing the way prescription drugs are priced and patients are serviced. A health technology company daring to reimagine the pharmacy benefits industry, Capital Rx is executing on that mission through its Clearinghouse Model® - the first ethical framework for drug pricing. Capital Rx's enterprise pharmacy platform, JUDI®, connects every aspect of the pharmacy ecosystem in one platform, enabling patient engagement, and increasing efficiency to achieve the highest standards of clinical care. For more information, visit www.cap-rx.com.