Wellpartner Closes Acquisition of 340B SMART and 340B LINK Solutions from Comprehensive Pharmacy Services (CPS)

News provided by

Apr 03, 2017, 12:06 ET

NEW YORK, PORTLAND, Ore., and LEXINGTON, Ky., April 3, 2017 /PRNewswire/ -- Wellpartner, Inc., (http://www.wellpartner.com) a leading provider of pharmacy services, today announced that it has closed its acquisition of 340B SMART and 340B SMARTLINK solutions from Comprehensive Pharmacy Services (CPS). The acquisition of the next generation split-billing and retail pharmacy gateway solutions, from CPS builds on Wellpartner's strong heritage as a provider of industry-leading 340B solutions, enabling complete, end-to-end Program optimization to Covered Entities and their pharmacies. This divestiture will allow CPS to prioritize its resources and services to focus on its 340B Audit and Consulting business to provide clients with best-in-class support designed to help them prepare for HRSA audits.

340B SMART is currently supporting numerous Covered Entities' internal pharmacies for split billing, ensuring both 340B compliance and the efficient management of pharmaceutical purchases. 340B SMARTLINK enables a pharmacy chain to effectively participate in 340B programs by insuring financial insight and control across all participating stores.

Said Jim Love, CEO, of Wellpartner, "Optimizing 340B program value of our covered entity clients continues to be a top priority at Wellpartner. This strategic acquisition of 340B SMART and 340B SMARTLINK greatly enhances Wellpartner's 340B Program portfolio, enabling us to provide our customers with end-to-end solutions to manage, monitor, and optimize their 340B programs to drive program value. Wellpartner's vision for near term product enhancements include functionality for clients to have the ability to view and analyze their pharmaceutical purchases by clinic, facility and system, enabling the optimization of one of their largest and most important expense categories. In addition, we are gaining strong talent from CPS to build on our record of service excellence and successful collaboration with our clients."

Upon completion of the agreement, Calvin Johnson, CEO of Comprehensive Pharmacy Services remarked, "CPS recognizes the tremendous value that 340B SMART and Wellpartner bring to the marketplace. This strategic agreement between the two companies leverages the unique strengths of both organizations to the benefit of 340B clients."

340B SMART was designed by pharmacists, for pharmacists to help meet compliance, usability, savings, and revenue expectations. It provides covered entities the ability to automatically split and track replenishment orders for eligible medications into multiple accounts (340B, GPO, WAC). Fully compatible with all EMR systems, and able to interact with both a CDM and NDC platforms, 340B SMART enables minimal oversight requirements while providing easy access to critical information through a robust reporting engine. It also provides the ability to track dispensing of all 340B medications to qualified patients from all qualified sites, ensuring accurate and compliant processes and uncovering missed savings opportunities, including minimizing the more expensive WAC spend. A virtual inventory platform maintains precise levels of 340B medications and eliminates manual procedures. Drug purchases are managed and directed to the correct wholesaler accounts, ensuring program compliance. The software supports maximized savings for 340B covered entities without an increase in infrastructure, personnel, and equipment.

340B SMART:

Simplifies inventory management and optimizes pharmaceutical usage with line-of-sight to all 340B accumulations and replenishment activity
Maintains precise levels of 340B medications in virtual inventory to avoid over-replenishment of inventory and higher carrying costs
Minimizes WAC purchases by maintaining precise levels of 340B medications in virtual inventory to optimize 340B accumulation and replenishment
Ensures accurate and compliant processes, while uncovering missed opportunities
Integrates across all contract pharmacy stores managing dispensing fee allocations and replenishment
Provides flexible reporting of detailed accumulations, replenishment, and store-level activities, along with rolled-up enterprise insights

340B SMART and SMARTLINK will be integrated seamlessly with Wellpartner's CLARITY web portal resulting in an end-to-end view of all the information and analytic tools necessary for covered entities to optimize their 340B Programs. Clients will have a completely transparent view into the claims qualification of both their in-house and contracted pharmacies, maintaining consistent oversight and superior 340B qualification methodologies.

About Wellpartner

Wellpartner is a leading provider of pharmacy services. We offer industry leading 340B products and services, and also offer provider and patient centric specialty pharmacy services via our URAC accredited pharmacies. Our services are finely tuned toward optimizing our clients' 340B programs through; industry leading compliance and account management, the unique ability to unlock specialty prescriptions from exclusive networks, access to over 60,000 pharmacies, and easy to implement data interfaces. Our goals align with our clients', as we work together to stretch scarce Federal resources as far as possible, reaching more eligible patients and providing more comprehensive services. Today, hundreds of covered entities, ranging from large disproportionate share hospitals to small clinics, trust Wellpartner to optimize their 340B programs and serve their patients.

About Comprehensive Pharmacy Services

Founded 45 years ago, and employing over 2,000 pharmacy professionals, Comprehensive Pharmacy Services is the nation's oldest and largest provider of pharmacy support services to more than 600 hospitals and healthcare facilities pharmacies. CPS helps hospital pharmacists tackle complex problems such as medication therapy management, medication reconciliation, hyper-inflated drug costs, standardization, centralized distribution, retail pharmacies, compliance, 340B programs and much more, leading to increased quality, reduced admissions and lower costs. For more information, visit www.cpspharm.com.

CONTACT: Marion Howard 212.547.5088 [email protected]

SOURCE Wellpartner