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CarepathRx to Sell BioPlus Specialty Pharmacy to Elevance Health

MERCER ISLAND, Wash., Nov. 9, 2022 – CarepathRx, a portfolio company of Nautic Partners, LLC (“Nautic”) and leader in pharmacy and medication management solutions, today announced the sale of BioPlus Specialty Pharmacy, the nation’s largest independent specialty pharmacy, to Elevance Health.

BioPlus is a leading specialty pharmacy serving patients in all 50 states and across various therapeutic categories. As one of the most innovative specialty pharmacies, BioPlus has demonstrated the highest level of commitment to patient care, delivering solutions that seek to improve the care journey for those suffering from chronic and life-changing diseases. The success at BioPlus has led to numerous awards and industry achievements.

“Since partnering with CarepathRx and Nautic, we believe BioPlus has had far reaching impact on our patients, prescribing partners, and payers and has achieved best-in-class patient satisfaction over the last three years. We thank the CarepathRx leadership and Nautic team for their support and partnership and look forward to continued growth,” said Mark Montgomery, CEO of BioPlus.

“We are excited for the BioPlus team and are confident that the business will continue to provide a tremendous positive impact going forward. The entire CarepathRx team thanks Mark Montgomery and the rest of the BioPlus staff for their incredible efforts, including the leadership and vision of the late Dr. Steven Vogt, without whom none of this would have been possible,” said John Figueroa, Chairman & CEO of CarepathRx.

Post-closing of the BioPlus transaction, CarepathRx will seek to continue its mission of revolutionizing pharmacy services for patients undergoing complicated medications therapies. Through its CarepathRx Health Systems Solutions (“CHSS”) and ExactCare Pharmacy (“ExactCare”) businesses, CarepathRx will look to accelerate its comprehensive pharmacy services to the hospital market, other risk-bearing providers, and payer partners.

“Since its founding in 2019, CarepathRx has experienced strong growth and has built a comprehensive portfolio of pharmacy service solutions, partnering with over 600 hospital systems, 450 payers, and other risk-bearing provider partners to dispense over 8 million prescriptions annually. We believe we remain the only independent company partnering with health systems delivering specialty pharmacy and infusion pharmacy management services, as well as polypharmacy discharge and transitions of care services for the chronically ill. We also believe that the sale of BioPlus will allow CarepathRx to materially accelerate our investment in CHSS and ExactCare, dramatically broadening our impact on the healthcare market,” said Mr. Figueroa.

The transaction is subject to the expiration or termination of applicable waiting periods under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, and other customary closing conditions and is expected to close by the end of the first quarter of 2023.

Centerview Partners acted as lead financial advisor and Cantor Fitzgerald is also acting as financial advisor to CarepathRx and Nautic. Kirkland & Ellis, LLP acted as legal advisor to CarepathRx and Nautic.

About CarepathRx
CarepathRx seeks to transform pharmacy care delivery for health systems and hospitals by delivering improved patient outcomes that drive clinical, quality, and financial results. Through industry leading, comprehensive, end-to-end hospital pharmacy care delivery model, CarepathRx works to turn hospital pharmacy into an active care management strategy and revenue generator while providing support across the patient’s complete healthcare journey. The company takes an enterprise approach, providing a powerful combination of technology, market-leading clinical pharmacy services, and wrap-around services that aim to optimize pharmacy performance for fully integrated pharmacy operations, expanded healthcare services, improved ambulatory access, minimized clinical variation and new health system revenue streams. Today, CarepathRx serves more than 20 health systems and 600 hospitals, with more than 2,000 employees nationwide. For more information about CarepathRx, visit www.carepathrxllc.com.

About Nautic
Nautic Partners, LLC (“Nautic”) is a middle-market private equity firm that focuses on three industries: healthcare, industrials, and services. Nautic has completed over 150 platform transactions throughout its 35-plus year history. Nautic’s strategy is to partner with management teams to accelerate the growth trajectory of its portfolio companies via add-on acquisitions, targeted operating initiatives, and increased management team depth. For more information, please visit www.nautic.com.

BioPlus Awarded Two 2021 Aster Awards for Excellence in Healthcare Marketing

June 18, 2021BioPlus Specialty Pharmacy, a national provider of specialty pharmacy services and a CarepathRx company, was recently awarded two honors at the 2021 Aster Awards, a competition that recognizes excellence in healthcare advertising and communication.

BioPlus earned Gold Level recognition in the new Aster Awards category: Crisis Management (COVID-19). This award honors BioPlus for high-quality, timely, and relevant marketing communications to physician offices throughout the pandemic. In addition, BioPlus placed at the Silver Level in the Social Media category.

An industry staple for more than 20 years, the Aster Awards are judged by a diverse panel of industry experts to determine winning entries. Judging criteria included creativity, layout and design, functionality, message effectiveness, production quality, and overall appeal and execution.

“During these unprecedented times of COVID, this year’s competition was one of the most creative to date,” said Melinda Lucas, Aster Awards Program Coordinator. “There were many agencies and organizations that stepped up and offered incredible communications that were both informative and creative. We’ve all had COVID touch our lives and are looking forward to a much brighter future together.”

About CarepathRx
CarepathRx is transforming pharmacy care delivery for health systems and hospitals, delivering improved patient outcomes that drive clinical, quality, and financial results. Through the industry’s most comprehensive, end-to-end hospital pharmacy care delivery model, CarepathRx is turning hospital pharmacy into an active care management strategy and revenue generator while providing support across the patient’s complete healthcare journey. The company takes an enterprise approach, providing a powerful combination of technology, market-leading clinical pharmacy services, and wrap-around services that optimize pharmacy performance across the enterprise for fully integrated pharmacy operations, expanded healthcare services, improved ambulatory access, minimized clinical variation and new health system revenue streams. Today, CarepathRx serves more than 15 health systems and 600 hospitals, with more than 1,500 employees nationwide. For more information about CarepathRx, visit www.carepathrxllc.com.

CarepathRx Now Offering Home Infusion Services at HonorHealth

MERCER ISLAND, Wash., June 4, 2021CarepathRx, a leader in pharmacy and medication management solutions, recently announced they will offer comprehensive home infusion services to HonorHealth, an Arizona-based nonprofit health system.

“We are excited to work with HonorHealth to expand patient access to home infusion therapies,” said Keith Crawford, Chief Strategy Officer at CarepathRx. “This multi-year agreement introduces a new and important service to the community. Home infusion is an attractive option for patients – it is safe, clinically effective, and helps improve a patients’ quality of life, all while containing health care costs.”

HonorHealth, headquartered in Scottsdale, Az., is a non-profit, local community healthcare system serving an area of 1.6 million people in the greater Phoenix area. The network encompasses six acute-care hospitals, an extensive medical group, outpatient surgery centers, a cancer care network, clinical research, medical education, a foundation, and community services with approximately 12,800 employees, 3,500 affiliated providers, and 3,100 volunteers.

“HonorHealth has a rich history of providing world-class healthcare services to our patients and exploring new and innovative ways to serve our community and meet its healthcare needs,” said Pamela Foster, Vice President – Care Coordination at HonorHealth. “We plan to work with CarepathRx to offer a full-suite of home and specialty infusion services, meeting the growing need for home infusion therapy options in our community.”

“Home infusion is a safe and effective way of receiving IV medications,” said Mark Mikhael, Chief Pharmacy Officer at ProHealth Solutions, a CarepathRx Healthcare Company. “A goal of our infusion program is to provide quality care in a safe environment so that patients can maintain their independent lifestyles.”

About CarepathRx
CarepathRx is transforming pharmacy care delivery for health systems and hospitals, delivering improved patient outcomes that drive clinical, quality, and financial results. Through the industry’s most comprehensive, end-to-end hospital pharmacy care delivery model, CarepathRx is turning hospital pharmacy into an active care management strategy and revenue generator while providing support across the patient’s complete healthcare journey. The company takes an enterprise approach, providing a powerful combination of technology, market-leading clinical pharmacy services, and wrap-around services that optimize pharmacy performance across the enterprise for fully integrated pharmacy operations, expanded healthcare services, improved ambulatory access, minimized clinical variation and new health system revenue streams. Today, CarepathRx serves more than 15 health systems and 600 hospitals, with more than 1,500 employees nationwide. For more information about CarepathRx, visit www.carepathrxllc.com.

CarepathRx and Allied Health Solutions, a WVU Medicine affiliate, announce Home Infusion Partnership

MERCER ISLAND, Wash., May 26, 2021CarepathRx, a leader in pharmacy and medication management solutions, announced a new home infusion pharmacy partnership with Allied Health Solutions, part of the West Virginia University health system: WVU Medicine. This multi-year agreement will expand patient access to home infusion therapies to include both acute and specialty infusion medications.

As the gateway to post-acute care, hospitals are ideally positioned to leverage existing resources to provide infusion services in the home, optimizing patient care and outcomes. “Our partnership with WVU Medicine expands clinical services beyond the hospital walls and offers a new and unique service to the community” said Keith Crawford, Chief Strategy Officer at CarepathRx. “Our turnkey home infusion program will help WVU Medicine build operational capabilities, achieve appropriate compliance, and accreditation, while providing comprehensive back-office and revenue cycle management.”

WVU Medicine, the academic medical system of West Virginia University, includes more than 20 hospitals and institutions across West Virginia, Maryland, Ohio, and Pennsylvania.

“Allied Health Solutions, a WVU Medicine company, is proud to partner with CarepathRx to deliver comprehensive infusion services to thousands of patients across our state and the nation,” said Louis Sokos, B.S. Pharm, MBA, Director of Specialty Pharmacy Services at Allied Health Solutions Specialty Pharmacy. “Delivering access to specialty and home infusion not only provides an invaluable addition to our health system, but also creates a cost-effective alternative to receiving treatment in a hospital or clinical setting—a net positive for our patients, their families, and their communities.”

“This is an exciting partnership, and we are proud to be working with WVU Medicine,” said Mark Mikhael, Chief Pharmacy Strategy Officer at CarepathRx Specialty Pharmacy and Infusion Solutions. “Improving the continuity of care for patients requiring infusion therapies will have a positive impact on patient care and help to reduce the cost associated with this type of medicine.”

The home infusion services offered by WVU Medicine are expected to go live August 1, 2021.

About CarepathRx
CarepathRx is transforming pharmacy care delivery for health systems and hospitals, delivering improved patient outcomes that drive clinical, quality, and financial results. Through the industry’s most comprehensive, end-to-end hospital pharmacy care delivery model, CarepathRx is turning hospital pharmacy into an active care management strategy and revenue generator while providing support across the patient’s complete healthcare journey. The company takes an enterprise approach, providing a powerful combination of technology, market-leading clinical pharmacy services, and wrap-around services that optimize pharmacy performance across the enterprise for fully integrated pharmacy operations, expanded healthcare services, improved ambulatory access, minimized clinical variation and new health system revenue streams. Today, CarepathRx serves more than 15 health systems and 600 hospitals, with more than 1,500 employees nationwide. For more information about CarepathRx, visit www.carepathrxllc.com.

ExactCare Med Management Reduces Cost by 5 Percent for Patients with Complex Medical Needs

March 4, 2021 – ExactCare, a leading national medication management and pharmacy care provider and a CarepathRx company, today announced its comprehensive medication management solution has been proven to improve adherence, reduce health care utilization and generate total cost of care savings, according to a study conducted by RAND Corporation and recently published by the Journal of Managed Care + Specialty Pharmacy (JMCP).

The study, which reviewed medical and prescription drug encounter data of Medicare Advantage beneficiaries from one of the largest private insurers in the United States, examined the impact of ExactCare’s high-touch, multi-intervention approach for patients with complex medical needs. The study demonstrated the following:

  • Improved Medication Adherence. Statistically significant increases in adherence to statins and antihypertensive drugs
  • Decreases in Number and Length of Facility Admissions. Statistically significant decreases in skilled nursing facility (SNF) admission rates, SNF days, and inpatient days
  • Reductions in Total Cost of Care. Approximately $2,400 less in total cost of care per member per year, representing a 5 percent reduction in average costs

This study noted significant impact among patients with the most severe healthcare concerns.

“ExactCare’s unique approach to medication management was purposefully designed to serve people with chronic conditions,” said ExactCare President & CEO Dale Wollschleger, R.Ph. “For our patients, it is critical to provide a comprehensive approach that fully accounts for complex clinical issues as well as struggles with activities of daily living, as opposed to traditional pharmacy models that typically offer a single intervention focused on convenience. This study demonstrates that our robust services create better health outcomes for our patients and also address quality and cost objectives for healthcare organizations responsible for patient care.”

Read more at: www.exactcarepharmacy.com/blog-posts/exactcare-proven-to-reduce-total-cost-of-care-for-patients-with-complex-medical-needs.

About CarepathRx
CarepathRx is transforming pharmacy care delivery for health systems and hospitals, delivering improved patient outcomes that drive clinical, quality, and financial results. Through the industry’s most comprehensive, end-to-end hospital pharmacy care delivery model, CarepathRx is turning hospital pharmacy into an active care management strategy and revenue generator while providing support across the patient’s complete healthcare journey. The company takes an enterprise approach, providing a powerful combination of technology, market-leading clinical pharmacy services, and wrap-around services that optimize pharmacy performance across the enterprise for fully integrated pharmacy operations, expanded healthcare services, improved ambulatory access, minimized clinical variation and new health system revenue streams. Today, CarepathRx serves more than 15 health systems and 600 hospitals, with more than 1,500 employees nationwide. For more information about CarepathRx, visit www.carepathrxllc.com.

About ExactCare
ExactCare, a CarepathRx company, provides solutions to overcome medication-related and chronic care challenges for patients with complex, chronic medical needs. Founded in 2009, the company drives better health for patients and better clinical, quality and economic outcomes for the healthcare organizations that care for them—including payors, health systems and hospitals, home health organizations, primary care practices and other providers. ExactCare provides comprehensive long-term pharmacy care to patients in assisted and independent living facilities, throughout transitions of care, and in their homes—with a focus on improving patient adherence to prescribed medications and enabling safer, more effective medication regimens. ExactCare also provides a number of additional value-based solutions, including HEDIS Gap Closure Assistance and Medication Therapy Management (MTM) Programs. ExactCare is licensed to serve patients nationwide. For more information, visit www.exactcare.com.

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