Genoa, a portfolio company of Advent International, has acquired Advanced Care‘s behavioral health and residential care services division, which includes 13 pharmacies in Michigan. No financial terms were disclosed for a deal that is expected to close by early September.
Tukwila, WA, August 18th, 2016 – Genoa, a QoL Healthcare Company (Genoa), announced today the acquisition of the Behavioral Health and Residential Care Services division of Advanced Care, including 13 pharmacies in Michigan. This combination brings together two organizations dedicated to providing excellent service to individuals within the behavioral health and addiction treatment communities. Both companies have strong reputations for providing high-touch care and outstanding service to consumers, and true value to their partners.
It is anticipated that the transaction will close by early September.
Genoa is the nation’s leading behavioral health pharmacy and telepsychiatry company, integrating pharmacists into the care team to improve outcomes and reduce costs. The acquisition will raise the count of Genoa pharmacies in Michigan to 24, and over 325 nationally, most of which are located on-site within community mental health centers (CMHCs).
“The addition of the Advanced Care behavioral health pharmacies to Genoa brings together two providers of behavioral health pharmacy services into one organization committed to a common mission of serving those with mental illnesses and addictions,” said John Figueroa, Genoa’s chief executive officer. “We believe, as an expanded company, we will be able to better serve consumers and our partner mental health centers. We look forward to sharing best practices and building on our foundation to produce an even higher level of quality and care for the individuals we serve.”
“Our decision to partner with Genoa makes sense on a number of levels,” said Advanced Care CEO Grant Brown. “Our models of care, services, and values are aligned, and we believe this is an ideal way to continue providing the absolute highest level of care for thousands of people in Michigan living with mental illness.”
Bill Drake, Advanced Care’s president and chief operations officer added, “Our clients were served by the largest pharmacy provider for behavioral health in Michigan; now they are being served by the largest in the country!”
This announcement comes on the heels of the release of a study published earlier this week in the Journal of Managed Care & Specialty Pharmacy, citing higher rates of medication adherence and lower rates of behavioral health-related hospitalizations and emergency department visits among CMHC patients utilizing Genoa on-site pharmacies compared to community pharmacies. “This peer-reviewed study validates Genoa’s positive impact on patients’ lives and reflects our team’s commitment to working with our community mental health center partners to improve outcomes and reduce healthcare costs,” commented Figueroa. “The Advanced Care acquisition allows Genoa to expand our reach to help more of the over 40 million Americans with mental illness.”
About Genoa, a QoL Healthcare Company
Genoa has been serving the behavioral health community for over 15 years. The company provides pharmacy and telepsychiatry services to more than 500,000 individuals annually in 44 states and the District of Columbia, filling more than 10 million prescriptions per year. Genoa is the sixth largest drug chain in the United States with over 300 pharmacies located onsite within community mental health centers.
About Advanced Care
Advanced Care Pharmacy Services (ACPS) has been providing specialized pharmacy services in a variety of care settings for more than 25 years. The Advanced Care Pharmacy Services network of pharmacies provides comprehensive services to community mental health consumers and residential care patients across Michigan.