We are excited to build on the relationships we have formed with Link·age and its members over the last 12 years, and we look forward to taking both that relationship and our company to a higher level.
Cincinnati, Ohio (PRWEB) January 08, 2013
Skilled Care Pharmacy, Inc. (“Skilled Care”), a leading institutional pharmacy focused on senior living providers located in Mason, OH, is pleased to announce the formation of a partnership with, and an investment by, Link·age Ventures, Inc. (“Link·age”), a private equity firm focused on investing in leading companies that provide products, services and technology to the aging marketplace.
The transaction, which was agreed to on December 31, 2012, enables Link·age to own a significant equity position in Skilled Care and to partner with Skilled Care in growing and guiding the company to future success. The infusion of long-term capital by Link·age will be used to position the company for growth and to accelerate the adoption of new technologies, such as remote dispensing.
The goal of the partners is to triple current company revenues over the next five years. Larry Galluzzo, who formed the company in 1981, will remain as CEO of Skilled Care. Mr. Galluzzo also retains majority equity ownership of the company. Nancy Mlinarik will remain as Vice President, and will retain an ownership interest in the company.
In addition to the equity investment, Link·age and Skilled Care are working together to provide continuing superior customer service to all of the clients of Skilled Care. The two companies are also working together to build new “value add” programs that will allow customers of Skilled Care to enjoy continued success in the changing healthcare environment.
According to Mr. Galluzzo, “We are excited to build on the relationships we have formed with Link·age and its members over the last 12 years, and we look forward to taking both that relationship and our company to a higher level.”
Scott Collins, CEO of Link·age, added, “We believe that Skilled Care represents a truly unique opportunity for Link·age and our members. The pharmacy services that our members receive are a critical component of their ability to provide high-quality cost-effective care for their residents. Having a strong partnership, such as ours, with Skilled Care can only bode well for improving the already high level of service our members can provide to their residents.”
John Hopper, Managing Director of Link·age Ventures, stated, “Working with Larry and his team to create a relationship that makes sense for all parties and then making it come to fruition has been very rewarding. We feel very confident that the combination of Link·age, our members and Skilled Care will be unique and unbeatable in the marketplace.”
For more information on Skilled Care, visit http://www.SkilledCare.com.
For more information on Link·age and Link·age Ventures, visit http://www.LinkageConnect.com.
Link·age was created by a group of not-for-profit senior living providers in the mid 1990s to address opportunities in managed care. Over the years, the organization evolved into a provider of cost-containment solutions, as well as a platform for shared investment opportunities among the founding members. Today, Link·age is comprised of more than 600 senior living communities and over 300,000 residents. We connect our members and thought leaders in the aging space to a broad range of resources to ensure their ongoing success and sustainability.
Link·age Ventures is a subsidiary of Link·age, and is an investment firm interested in investing in financially viable companies that provide products, services or technology to the aging marketplace. Link·age Ventures is a “hybrid” firm, in that it will invest in traditional venture capital opportunities and more established companies that fit its investment criteria. Link·age Ventures looks to invest in companies that understand and can leverage the Link·age network of 600 senior living communities and more than 300,000 residents to grow their organizations.
ABOUT SKILLED CARE PHARMACY
Serving more than 10,000 patients in more than 100 facilities, Skilled Care Pharmacy offers all of the services of their larger competitors with an unmatched level of customer service. Each facility that they partner with is assigned a dedicated account manager, whose sole focus is to make sure that the customer gets the services and advice that they need in the smoothest, most efficient way possible.
•Pharmacy Services - Skilled Care Pharmacy provides daily distribution of medications, delivered direct to each nursing station in unit of use packaging. An emergency drug supply is maintained at each facility to assist nurses with medication availability, and STAT orders are delivered 24/7 with an on-time delivery rate of 98%.
•Medication Management - Skilled Care’s medication delivery system allows them to operate with a 99.9% error-free rate, dispensing over 4,600 prescriptions daily. In addition, Skilled Care Pharmacy’s consultant pharmacists recommend the discontinuation of over six medications for every recommended addition, with a best in nation acceptance rate exceeding 90%.
•Consultant Pharmacists - In addition to individual pharmaceutical counseling with residents, Skilled Care Pharmacy offers training programs and materials to help residents better manage their medications.
•Billing, Facilities Consulting and Training - Skilled Care also provides dedicated billing representatives for billing related to Medicaid, Medicare Parts A, B and D, third-party and private insurance. Skilled Care’s experienced Clinical Education department helps facilities prepare for surveys by state agencies and consults on strategies for continuous performance improvement, clinical expertise, regulatory compliance, and leadership skills.