AJ Loiacono Capital RX: Is He growing a questionable Pharmacy? The Truth Exposed (Update 2024)
AJ Loiacono Capital RX is a full-service pharmacy benefit manager (PBM) and pharmacy benefit administrator (PBA) built around the mission to change how prescription drugs are priced and how patients are serviced in America. According to the CEO, AJ Loiacono Capital RX, the company has about 160 clients.
However, Capital RX has received numerous complaints from customers, including horrible customer service and unprofessional behavior by Capital Rx’s team. On top of that, customers have stated that Capital RX is only concerned with making money and does not care about patients’ conditions.
These accusations question the credibility of Capital RX and show how a company can make millions of dollars while failing to provide good services to consumers.
What Do Clients Say About AJ Loiacono Capital RX?
1) Capital RX Does Not Care About Patients
A customer inquired about Capital RX and stated that the company would fight to cover prescriptions that Medicaid and Medicare would cover without blinking. Capital RX denied the sole medication that has ever been useful in treating her ailment, 5 prior authorizations, and the formulary exemption.
Because the company stated it was unnecessary for her, she said medical experts spend time submitting prerequisites and professional medical conclusions, only to be denied in less than a day. The firm is not concerned with patients but with what is in their pockets. She said the company is not worried about patients but focuses on what is in their pockets.
2) Stay Away from Capital RX
A patient had the same problem with AJ Loiacono Capital RX and complained about the company’s poor customer service and performance. Several prescriptions were rejected. When questioned, they offer a range of explanations. You were already taking similar medication.” “We are awaiting the doctor’s clinical information on why you require this,” the patient said with frustration; if he didn’t, why would the doctor write the prescription?
He also included a current update and stated that the company reacted with a sad note, indicating how poor Capital RX is with customer care and service. Instead of helping him get his medications, they create a generic, courteous, pointless response. Here are the details.
On a Wednesday, his prescription for a topical hemorrhoid pain medicine was filed electronically to his pharmacist.
This is a $13 prescription for which Capital Rx determined that I needed PA prior consent from my doctor. Why is it not clear? Capital Rx still needs to be approved four days later. What type of company allows a customer to be in terrible pain for four days over a $13 prescription? He warned anyone to stay away from this company.
3) Capital RX Leave Patients in Pain & Do Nothing
A client rated AJ Loiacono Capital RX; she stated that the company is the worst RX company on the planet! She submitted the previous authorization weeks ago and has yet to hear anything. She has spent hours on the phone but has not received a response; she has been transferred a million times and informed us that we require prior authorization. Her doctor provided previous authorization multiple times and indicated she did not receive the Capital RX breakdown.
When she contacted them again to follow up, she was told that the company was apologetic and didn’t know what occurred, but we saw your doctor call us to clarify. She has now gone two weeks without my medication.
4) Patient’s Horrible Experience With AJ Loiacono Capital RX
A patient whose employer changed his RX plan to Capital RX is now experiencing troubles with RXs that used to be covered but no longer exist. It’s so frustrating, he says when companies only think about how much money they can make instead of making people’s lives less complicated. The Pre-Auth should not exist for the insurance he is paying for.
Capital RX does not care about its consumers or their health; it only cares about money. He said, “It’s sickening that people have to go through hell just to get anything approved, only to have it denied!”
About Capital RX
Capital Rx is a pharmacy benefit manager (PBM) that handles prescription medication benefits for unions, health systems, health plans, companies, and government agencies. According to the CEO, AJ Loiacono Capital RX, the company has about 160 clients.
In September 2019, Capital Rx introduced its Clearinghouse Model, a unique pricing scheme. The Clearinghouse Model itemizes the actual unit price of prescription drugs based on the National Average Drug Acquisition Cost (NADAC). CMS maintains the NADAC based on surveys of actual prescription medicine purchase prices at retail pharmacies.
Capital Rx uses NADAC prices rather than proprietary rebates from the average wholesale price or purchase cost. Capital Rx earns a flat charge per prescription claim and does not engage in hidden rebating or spread pricing. The latter is a controversial practice in which PBMs compensate pharmacies less than health insurers, or employers reimburse PBMs, and PBMs pocket the difference.
About CEO AJ Loiacono Capital RX
AJ Loiacono is an entrepreneur with over 20 years of experience in pharmacy benefits, finance, and software development. As CEO of Capital Rx, he claims to have a mission to build the first efficient market for prescription costs and to provide the most excellent standard of care to employer groups, labor unions, and other payers.
According to news accounts, AJ has spent his career studying the pharmaceutical supply chain. Before Capital Rx, AJ was a co-founder of Truveris, where he served as CEO, CIO, and board member for eight years, bringing the company to success. Before Truveris, AJ co-founded SMS Partners, a joint venture with Realogy (RLGY), and departed with a buyout in 2010. Victrix, a pharmaceutical company, was AJ’s first business venture.
AJ graduated from Manhattanville College, where he studied finance.
Conclusion
Capital RX CEO AJ Loiacono claims the company is a new type of prescription company that streamlines the pharmacy sector. However, after hearing patients’ concerns, they appear to attempt to create a fake positive image. Capital RX does not care about its customers or their health but about money.
