UPMC And CarePathRx Form Partnership In $400 Million Deal
University of Pittsburgh Medical Center (UPMC) sells Chartwell pharmacy business unit
Chartwell is a unique specialty pharmacy organization
UPMC is selling their home infusion and specialty pharmacy company, Chartwell, to CarePathRx for about $400 million. As part of the deal, it is also committed to being a strategic investor in CarePathRx which is private equity owned.
Chartwell, located in Oakdale, Pennsylvania (a community near Pittsburgh), provides pharmacy and medication management support care in several states:
- New York
- South Carolina
- West Virginia
Founded in 1991, Chartwell operates as a limited partnership between:
- Butler Health System
- Heritage Valley Health System
- Washington Health System
CarePathRx seeks to escalate its clinical and commercial growth trajectory
Founded in 2019 and owned by the Providence, Rhode Island private equity firm Nautic Partners, CarePathRx is located in Mercer Island, Washington. Like Chartwell, it has a specialized business model. They provide care for an array of patients that stem from health systems, home health agencies, medical group practices and various payors. Its particular focus on working with health system clients has positioned it to provide services for 15 of them that include 600 hospitals nationally.
CarePathRx and Nautic Partners gain a significant asset by acquiring the Chartwell organization plus engage with a notable business partner with substantial resources in UPMC. Healthcare private equity has not been on the sidelines during the pandemic; it has been active across healthcare provider organization sectors during the pandemic in health systems as well as numerous medical specialties include fertility and gynecology , oncology and urology plus others. Nautic recently acquired one of the largest dialysis providers in the nation, American Renal, in October for about $850 million.
For UPMC, their continued relationship with CarePathRx helps them sustain their specialty pharmacy capabilities to improve care and control costs. Moving forward, they gain income from the sale of Chartwell plus the investment opportunity in CarePathRx could be extra lucrative if Nautic grows the organization and sells it to another PBM, managed care organization or specialty pharmacy.
UPMC is a medical research, patient care innovator and business enterprise
As a globally-respected healthcare provider organization, UPMC is a leading health system with multiple medical and business units. UPMC operates about 40 hospitals, 700 physician practice and outpatient sites plus its own 3.8 million-member managed care plan. Based in Pittsburgh, Pennsylvania, it employs more than 90,000 staff members.
UPMC is an esteemed academic healthcare and patient care leader that is highly ranked for its educational curriculum and quality of care. On the commercial side, in addition to its UPMC health insurance plan, it has numerous other initiatives underway including a strategic partnership with Amazon and the Pittsburgh Health Data Alliance (PHDA)and its own healthcare venture funding enterprise.
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