– Capital Rx has been named first-place Innovation Champion and Carrot Health as second-place Top Innovator of the Accenture HealthTech Innovation Challenge.
– Capital Rx’s clearinghouse model connects pharmacies and employers to establish a marketplace for drug pricing to reduce costs and create a better experience for both plan sponsors and patients.
Capital Rx has been named Innovation Champion of the Accenture HealthTech Innovation Challenge, which recognizes innovative approaches and solutions that improve the way people access, manage and finance healthcare in North America.
Accenture HealthTech Innovation Challenge Background
Established in 2016, the Accenture HealthTech Innovation Challenge pairs participating startups with prominent health organizations. This partnering between tech innovators and the broader health-tech ecosystem facilitates the co-creation of solutions designed to solve real-world challenges.
All 11 finalists — winners of the regional rounds of the Accenture HealthTech Innovation Challenge held at Accenture’s Innovation Hubs in Boston and San Francisco — presented their solutions to an exclusive panel of judges comprising senior executives from leading global health organizations.
The other nine finalists were: Cleo, DynamiCare Health, InsightRX, Lantum, Mira, Orderly Health, Paloma Health, TCARE, and Xealth. Key criteria on which the finalists were judged included their solution’s innovativeness, design quality, potential impact on patient outcomes, scalability, and effectiveness as a disruptive business model.
The Prescriptions You Need at Prices You Actually See
Capital Rx’s Clearinghouse pricing model is inspired by the stock exchange that removes the artificial wall between pharmacies and plan sponsors. The model takes the mystery out of prescription drug pricing and frees up resources to improve patient care. The result is a fairer, more efficient system with the ability to deliver untapped value from the supply chain by ensuring everyone knows exactly what they’re getting and exactly what it costs.
“Receiving the designation as Innovation Champion is a validation of our mission to change the way drugs are priced and administered, and it represents the broad support across the country to transform the antiquated and opaque pricing model for prescription drugs,” said AJ Loiacono, CEO of Capital Rx.
Carrot Health Takes 2nd Place for Top Innovator
The second-place award for Top Innovator was given to Minneapolis-based Carrot Health. Carrot Health provides consumer data analytics to highlight social determinants of health, engage healthcare consumers, close gaps in care, and optimize performance for payer and provider systems. Its MarketView platform leverages a consumer database — which includes social, economic, behavioral and environmental information — and predictive modeling to deliver a 360-degree view of individual patients/members.
Kurt Waltenbaugh, CEO, and founder of Carrot Health, said, “It’s been a great opportunity to be with Accenture and a broad spectrum of health care players. Being recognized as the Top Innovator will help us expand our footprint toward our goal to change health and serve every person in the U.S.”