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2004 2003200220012000 |
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Delta Capital Leads Purchase of
Comprehensive Pharmacy Services MEMPHIS, TN (May 1, 2000) - Delta Capital Management, LLC, a Memphis-based venture capital firm, recently led a group of investors in the acquisition of Comprehensive Pharmacy Services, Inc., (CPS) from ServiceMaster's Pharmacy Management Division. CPS, headquartered in Memphis, operates in 35 states and provides pharmacy management in acute care and psychiatric hospitals. Their largest hospital client is Arrowhead Regional Medical Center, an 800-bed facility in San Bernardino County, CA. The company also covers 140 corrections facilities with 150,000 inmates, including the entire state of Alabama with 21,000 inmates. The Shelby County (TN) Jail and the Shelby County Corrections Center also utilize the company's services. The federal prison system is expected to open itself up for private contract pharmacy services for the first time next year and CPS plans to pursue the opportunity. Lou Bradley, CPS president, said, "As the single largest pharmacy in the nation serving corrections facilities, we are well positioned to do just that. It is a good business to pursue; the Supreme Court has said that only inmates have a Constitutional right to health care." Prisoner prescriptions are faxed to pharmacies in Oklahoma City or Memphis and sent back via next-day delivery. The Oklahoma pharmacy employs 110 and it is the single largest FedEx customer in the state. There are 18 employees in the Memphis pharmacy and much of the company's growth is expected here. The attraction of outsourcing pharmacy is similar for prisons and hospitals - narrow expertise that can bring about cost controls. Sales people can present the concept, but administrators often do not act until there is a real problem. "Hospitals call us when they have a need," Bradley noted. "Usually it's cost containment, but it could be that their pharmacist quit or their pharmacy was given a poor accreditation score." One of the focal points in CPS' cost control strategy is pharmacist involvement with the medical staff in an educational role by explaining alternatives to doctors. Pharmacists can also use the company's proprietary software to analyze utilization patterns and look for excessive costs. Hospital clients will often seek only an evaluation and strategy from CPS while others want to outsource their pharmacy completely. Contact: David Latham Delta Capital Management LLC 901-755-0949 Lou Bradley Comprehensive Pharmacy Services 901-748-0470 |
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