HARTFORD, Conn., Oct. 14, 2021 (GLOBE NEWSWIRE) — At present, CareCentrix, Inc. — the main, impartial home-centered platform that coordinates care to the house for well being plans, sufferers, and suppliers — introduced that Walgreens Boots Alliance (Nasdaq: WBA) has made a majority funding within the firm.
The funding advances Walgreens capabilities in post-acute and residential care, in help of its launch at present of Walgreens Well being, the corporate’s customer-centric, technology-enabled care mannequin powered by a nationally scaled, domestically delivered healthcare platform.
Walgreens Well being will create a greater expertise for customers, enhance well being outcomes and decrease prices by leveraging Walgreens strengths and property, together with trusted shopper relationships and neighborhood presence, nationwide scale, care groups and partnerships with payors and suppliers throughout the nation.
“In help of the launch of Walgreens Well being, we proceed to make strategic investments in pharmacy and healthcare options that may enhance care coordination and well being outcomes, whereas decreasing general prices,” mentioned Roz Brewer, CEO, Walgreens Boots Alliance. “CareCentrix’s suite of residence care options will advance our capabilities on this necessary phase for healthcare supply, to assist deal with the wants of individuals residing with advanced or persistent circumstances within the residence.”
Submit-acute care, particularly care that’s delivered within the residence, represents one of many quickest rising alternatives in healthcare. Caring for sufferers from the hospital to the house represents greater than $75 billion in annual healthcare prices for payers, suppliers, and sufferers, and that whole is rising quickly within the wake of the COVID-19 pandemic.
“COVID-19 has made it clear that offering care within the residence and neighborhood is the way forward for not solely post-acute care, however healthcare extra broadly. Certainly, the house is the final undeveloped frontier in American healthcare and important to reversing spiraling prices and middling well being outcomes,” mentioned John Driscoll, CEO of CareCentrix. “Collectively, Walgreens and CareCentrix will be capable of associate with a variety of payers to assist take care of sufferers from the hospital to the house in a extra customized, engaged, and efficient means.”
CareCentrix presents the suite of providers wanted, on an built-in foundation, to help rising residence care fashions, together with care transitions, residence nursing, sturdy medical gear, residence infusion, and in-home palliative care. Success is pushed by a relentless concentrate on operational excellence, a nationwide residence supplier community, and enabled by HomeBridge, a machine studying, proprietary analytics-driven care coordination platform that develops hyper-personalized care plans. By managing the journey to the house and care within the residence and offering customized care, CareCentrix helps sufferers keep away from pointless care, keep engaged of their care, and revel in higher well being outcomes.
“CareCentrix is reworking the post-acute journey from hospital to residence to help value-based care, decrease prices, and enhance outcomes and member expertise. We’re excited in regards to the alternative earlier than us to construct business main, home-focused care options,” mentioned Laizer Kornwasser, President and Chief Working Officer of CareCentrix.
CareCentrix manages take care of 19 million members by roughly 7,400 supplier places, and empowers extra folks to reside, heal, and age at residence. By partnering with well being plans and well being methods, CareCentrix has diminished whole price of take care of members by 20 %, together with a larger than 11 % discount in emergency division utilization and a 23 % discount in expert nursing prices.
This funding offers Walgreens Boots Alliance majority possession of CareCentrix, investing $330 million for 55 % of the corporate at an $800 million valuation, internet of debt, with the choice to amass the remaining fairness pursuits sooner or later. Following the completion of the funding, CareCentrix will proceed to function as an impartial firm beneath its present govt management.
The transaction is topic to the receipt of required regulatory clearances and approvals and different customary closing circumstances and is anticipated to shut by the tip of WBA’s second quarter of FY2022.
Citi acted as monetary advisor for CareCentrix, Inc., and Cleary Gottlieb Steen & Hamilton LLP acted as lead authorized advisor.
About CareCentrix
CareCentrix is the chief in health-at-home options and is dedicated to creating the house the middle of care. Managing take care of 19 million members by a community of roughly 7,400 supplier places, CareCentrix focuses on bringing members residence to deliver prices down. By drawing on insights from proprietary analytics, and connecting end-to-end medical, social and caregiver providers, CareCentrix eliminates pointless hospital readmissions, closes gaps in care, reduces fragmentation in care, and in the end, helps extra folks reside, heal, and age at residence. CareCentrix has been named one in every of FORTUNE’s Greatest Workplaces for Growing older Companies. The corporate has additionally earned quite a few Prime Workplaces distinctions from Prime Workplaces USA, the Hartford Courant, and the Tampa Bay Occasions, demonstrating its dedication to a optimistic tradition that develops leaders of tomorrow. For extra info, please go to www.carecentrix.com.
About Walgreens Boots Alliance
Walgreens Boots Alliance (Nasdaq: WBA) is a world chief in retail pharmacy, impacting tens of millions of lives day-after-day by dishing out medicines, and offering accessible, high-quality care. With greater than 170 years of trusted healthcare heritage and innovation in neighborhood pharmacy, the corporate is assembly clients’ and sufferers’ wants by its handy retail places, digital platforms and well being and sweetness merchandise.
WBA has a presence in additional than 9 nations, employs greater than 315,000 folks and has greater than 13,000 shops within the U.S., Europe and Latin America.
WBA’s goal is to encourage extra joyful lives by higher well being. The corporate is pleased with its contributions to wholesome communities, a wholesome planet, an inclusive office and a sustainable market. WBA is a Participant of the United Nations World Compact and adheres to its principles-based method to accountable enterprise.
Extra firm info is out there at www.walgreensbootsalliance.com.
Courtney Lamie
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