Texas-based non-profit health provider Memorial Hermann Health System has invested in Capital Rx, a US health technology company offering pharmacy benefit management (PBM) solutions.
The investment amount was not disclosed.
This investment is expected to support the development of JUDI, a cloud-native enterprise pharmacy platform.
Introduced in 2021, the platform integrates all PBM operations into one platform. The operations unified by the tool include claim adjudication, data integration, underwriting, patient communication, client reporting, reimbursement, and invoicing, among others.
The solution uses serverless architecture, which is said to help manage customers of any size and enable scalability.
The tool currently caters to more than 2.4 million Medicare, Medicaid, and commercial plan members.
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Memorial Hermann executive vice-president and chief strategy officer Feby Abraham said: “As we assessed the healthcare ecosystem for innovative capabilities to help accelerate the evolution of the pharmacy service model and prescription claims processing, Capital Rx’s vision for a framework that prioritises efficiency and allows for exceptional patient care set the company apart for investment consideration.
“Capital Rx’s platform is focused on bringing clarity and consistency to drug prices, broadening access to medication, and helping its clients control pharmacy costs, all without sacrificing member service and patient outcomes.”
Capital Rx co-founder and CEO AJ Loiacono said: “We’re thrilled to have the investment support of Memorial Hermann as we work to modernise this country’s claims processing infrastructure and deploy our aligned customer model to more employers, unions, municipalities, and other payers to create enduring change.”