Formation of Provider Network Holdings Unites Altus Biologics, Remedy GPO, Cornerstone Specialty Network, and Health Coalition to Empower Specialty Providers and Supply Chain Stakeholders

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Apr 10, 2024, 10:00 ET

PEARLAND, Texas, April 10, 2024 /PRNewswire/ -- The formation of Provider Network Holdings ("PNH") was announced today through the partnership and combination of Altus Biologics ("Altus"), Remedy GPO ("Remedy"), Cornerstone Specialty Network ("Cornerstone"), and Health Coalition Inc. ("Health Coalition"). The combination enables the new platform to reach a broader network of specialty providers across community-based oncology, neurology, rheumatology, gastroenterology, allergy, immunology, pulmonary, and infectious disease practices. These four innovative and market leading organizations are committed to the mission of supporting independent specialty practices and providers throughout the country with technology, tools and services for specialty and biologic drug purchasing, supply chain, revenue cycle management, education, and research. Together, the combined organization will support over 1,500 physicians across 41 states.

Altus is a leading provider of comprehensive supply chain services for biologic and specialty medication management, as well as in-office infusion management services. Remedy operates a group purchasing organization and offers value-added services that are responsive to both specialty providers and pharmaceutical partners' needs. Cornerstone is the largest independent community oncology network, delivering aggregated value-based offerings, educational resources, research, and data services. Health Coalition is a specialty and biologic pharmaceutical distributor with value-added capabilities serving manufacturers and providers. Together with the backing of Waud Capital Partners ("WCP"), a healthcare-focused private equity firm, PNH will offer a continuum of essential and differentiated products and solutions for a variety of specialty and biologic drug needs. PNH will also serve as a value-add partner to pharmaceutical manufacturers and wholesalers, while also working to build a broader suite of supply chain services and improve provider engagement.

David Lowenberg, Chairman of PNH and WCP Operating Partner, expressed enthusiasm about the combination of Altus, Remedy, Cornerstone, and Health Coalition within PNH. He commented, "We are pleased to unite these four highly valuable organizations, aligning our commitment to bolster value-added performance and enhance efficiency. This confluence of tailored offerings for the distinctive challenges faced by physician practices and providers creates an end-to-end solutions provider for the specialty and biologic drug market."

The formation of PNH extends the breadth of ways each organization can service clients while also providing a meaningful opportunity to enter adjacent therapeutic areas in the $300B+ specialty medication market.

"We built Cornerstone to empower practices with the advantages of scale while protecting their independence and fuel meaningful customer engagement for our manufacturer partners," said Joel Schaedler, CEO of Cornerstone, who will continue leading the business as part of PNH. "I am excited to thoughtfully expand the relevant portfolio of services we can offer to our diversified, purpose-built network as part of Provider Network Holdings."

Walter Shikany III, President of Health Coalition, commented, "Health Coalition partners with specialty pharmaceutical manufacturers to educate, distribute, and service an expansive and decentralized network of providers requiring a high-touch approach. We are thrilled for this next chapter in Health Coalition's over 35 years of finding the best solutions for the unique challenges each practice faces."

About Provider Network Holdings

Provider Network Holdings supports a deep network of over 1,500 provider partners across multiple physician specialties with a comprehensive suite of practice management, supply chain, group purchasing, and pharmaceutical solutions for specialty and biologic drug needs. Proprietary technology, data analytics, and unique clinical positioning enable Provider Network Holdings to create custom programs and breakthrough offerings that address the evolving landscape across specialty providers, pharmaceutical manufacturers, and wholesalers. To learn more, visit www.providernetworkholdings.com.

About Waud Capital Partners

Based in Chicago, Waud Capital Partners ("WCP") is a growth-oriented private equity firm with over 30 years of investing experience. WCP seeks to partner with experienced management teams to build market-leading companies within two industries: healthcare and software & technology. Since its founding in 1993, WCP has successfully completed more than 460 investments, including platform companies and follow-on opportunities. For additional information on WCP, please visit www.waudcapital.com.

Provider Network Holdings Contact:
[email protected]

WCP Investment Professional Contact:
Tim Cremieux, Principal
[email protected]

WCP Business Development Contact:
Phil Olson, Partner
[email protected]

WCP Investor Relations Contact:
Matt Albers, Partner
[email protected]

SOURCE Waud Capital Partners