Genoa, a QoL Healthcare Company, a leading behavioral health specialty pharmacy company, has acquired the behavioral health and residential care services division of Advanced Care Pharmacy Services, including 13 of its pharmacies in Michigan. Genoa is a portfolio company of Advent International. In November 2015, Genoa acquired 1DocWay, the nation’s largest outpatient telepsychiatry provider, for an undisclosed price.
Advanced Care Pharmacy Services is a privately-held Alabama-based provider of specialized pharmacy services for a variety of care settings. Genoa’s purchase, which did not disclose a price, increases its number of Michigan-based pharmacies to 24, and 325 nationally. Most of which are located on-site within community mental health centers.
This announcement follows a recent study that cited higher rates of medication adherence and lower rates of behavioral health-related hospitalizations and ER visits among patients in community mental health centers who used Genoa on-site pharmacies, compared with community pharmacies.
This transaction marks the seventh specialty pharmacy acquisition of 2016.
Great update on Genoa! I’m glad to see a company growing that is showing positive health outcomes for mental health patients. I work as a consultant pharmacist in a lot of psychiatric care facilities and none of them have this type of pharmacy/patient service. I hope this trend continues to grow!