CarepathRx and UPMC Announce Landmark Partnership
CarepathRx, a leader in pharmacy and medication management solutions for vulnerable and chronically ill patients, announced today a partnership with UPMC’s Chartwell subsidiary that will expand patient access to innovative specialty pharmacy and home infusion services. Under the landmark agreement, CarepathRx will acquire the management services organization responsible for the operational and strategic management of Chartwell while UPMC becomes a strategic investor in CarepathRx.
Founded in 2019 by seasoned health care executive John Figueroa and middle market private equity firm Nautic Partners LLC, CarepathRx has rapidly become a leader in delivering comprehensive pharmacy solutions to patients undergoing complicated medication therapies. By focusing on the most vulnerable patients, CarepathRx is seeking to break down the barriers of typical pharmacy care and medication management. Its suite of solutions caters to patients undergoing specialty and infusion therapies, often for a variety of chronic conditions. CarepathRx works closely with partners across the health care spectrum—including health systems, community physicians, home health agencies and payors. Today, CarepathRx delivers its services to more than 600 hospitals across the country.
This new partnership expands CarepathRx’s specialty and home infusion capabilities. “Our partnership with UPMC and Chartwell is an important step for CarepathRx. We set out to create a new approach to pharmacy care in the market—one that is centered on the patient and that works collaboratively with both the provider and the payor of health care,” said Figueroa, chief executive officer of CarepathRx. “We welcome the team at Chartwell to the CarepathRx family and are thrilled to partner with UPMC to help us achieve our mission.”
Health systems across the country continue to actively create capabilities to deliver a coordinated and consumer-friendly health care experience for patients. “Health systems with integrated pharmacy capabilities put themselves in a position to expand access to health care services, improve clinical and patient outcomes and generate new revenue streams—all through enhanced pharmacy operations,” said Randy Hyun, chief operating officer of CarepathRx. “We are committed to helping health systems transform their pharmacy operations by becoming an integral component of managing their patients’ health care relationships.”
As one of the most progressive, integrated health systems in the country, UPMC continues to invent and invest in new models of care delivery. “Health systems nationwide are looking for new ways of delivering care beyond the walls of the hospital to drive better clinical outcomes at lower costs,” said Leslie Davis, senior vice president of UPMC and executive vice president and chief operating officer of the Health Services Division. “Chartwell’s agreement with CarepathRx will allow other health systems to benefit from the pharmacy model that UPMC has created, while delivering even better care and service for our patients and Health Plan members.”
The transaction is expected to close within 30 days, and terms were not disclosed. Cantor Fitzgerald & Co. served as financial advisor to Chartwell in the formation of the management services organization and partnership with CarepathRx.