Brazos Private Equity Partners’ portfolio company Healthcare Solutions has acquired Modern Medical, a pharmacy management and specialty health services company serving the workers’ compensation market.
The investment is Healthcare Solutions’ third add-on acquisition. Terms of the transaction have not been disclosed.
Healthcare Solutions is the parent company of Cypress Care, Procura Management and ScripNet. The company completed the acquisition of Modern Medical on 13 September.
“We are excited about completing this strategic add-on acquisition,” says Jeff Fronterhouse, co-founding partner and co-chief executive of Brazos. “Consistent with our initial investment thesis, the containment of medical costs within the workers’ compensation and auto liability markets is of critical importance to payors. Healthcare Solutions is uniquely positioned to serve this growing need and the addition of Modern Medical further strengthens the company’s pharmacy and specialty product offerings, which will further contribute to the strong growth of the company going forward. We look forward to working with David George and his team to continue to grow and strengthen Healthcare Solutions.”
Healthcare Solutions, through organic growth and strategic acquisitions, has evolved from a workers’ compensation pharmacy management company to a market leader in the provision of product and service offerings across the entire medical spectrum in both the workers’ compensation and auto insurance markets. Serving the largest buyers in these markets, the company also provides specialty healthcare services, including durable medical equipment and supplies, prosthetics and orthotics, diagnostic imaging, physical medicine, and transportation and language services, as well as managed care products including PPO networks, medical bill review and case management.
“The acquisition of Modern Medical further strengthens Healthcare Solutions’ capabilities in the management and delivery of pharmacy and specialty healthcare services to an increasingly broad array of customer segments,” said David A. George, chief executive of Healthcare Solutions. “The addition of Modern Medical, with its strong cultural values and long-standing reputation for superior customer service, enhances the company’s capabilities to develop and expand its innovative solutions within both the workers’ compensation and auto markets and reinforces the company’s unique position as the premier technology-based platform company serving these markets.”