Combined Company Will Control Nearly $2B in US Hospital Drug Spend and Serve Over 700 Hospitals with broad pharmacy services across the continuum of care
Memphis, TN – Comprehensive Pharmacy Services (CPS), the nation’s largest hospital and health system pharmacy services provider, announced today its acquisition of Ohio-based Pharmacy Systems, Inc. (PSI), effective 9/01/17, further building the largest hospital pharmacy services entity of its kind in the nation. Together, the merged companies will control close to $2 Billion in U.S. drug spend, serve over 700 client facilities and be able to leverage their broad and complementary capabilities to help clients improve quality, reduce cost, and achieve better patient outcomes.
The merger, timed to pair with CPS’ Specialty Pharmacy Service Line launch, represents another strategic move by CPS as it expands to cover the continuum of care and to target increased control of drug spend. Hospitals and health system clients now have a full spectrum of solutions with expanded capabilities, services offerings, and best practices in one Pharmacy Services organization, serving health care systems in both their inpatient and ambulatory pharmacies.
“We’re excited about bringing our two companies together under one roof at the same time as our Specialty Pharmacy Solutions launch,” said Don Nickleson, Executive Chairman of the Board of Directors for CPS. “Our complementary skillsets and service lines allow us to leverage our capabilities and grow relationships with our respective client portfolios. With over 60,000 beds being serviced by CPS, we will have the scale to provide clients additional support and services that they have not had access to in the past, such as Specialty Pharmacy Services, to drive unprecedented value and improve quality and financial performance.”
Founded nearly half a century ago, PSI delivers pharmacy, supply chain, and rehabilitation services to healthcare organizations. As a leader in healthcare management services, PSI’s success has been driven by the success of their clients, the success of their team members and our ability to improve patient care. PSI optimizes how clients care for their patients by delivering quality and patient safety with high levels of customer and patient satisfaction.
“Joining forces with CPS is exciting and brings new people and capabilities to benefit our clients,” said Michael McCarrell, President, PSI. “Leveraging the strengths, expertise, and resources of both organizations positions our combined team as the national center of excellence for best practices in hospital pharmacy.”
About Comprehensive Pharmacy Services
Founded 45 years ago, and employing over 2,500 pharmacy professionals, Comprehensive Pharmacy Services is the nation’s oldest and largest provider of pharmacy support services to more than 700 hospitals and healthcare facilities pharmacies. CPS helps hospital pharmacists tackle complex problems such as hyper-inflated drug costs, medication reconciliation, specialty pharmacy, operational effectiveness and staffing efficiencies, centralized distribution, ambulatory/retail pharmacies, compliance, 340B programs and much more, leading to increased quality, reduced admissions and lower costs. For more information, visit www.cpspharm.com.