MedImpact Healthcare Systems, an independent health solutions, technology, and pharmacy benefit management provider now in its 35th year, has announced the acquisition of Elixir Solutions, a company specializing in pharmacy benefits and services.
According to MedImpact's website, the company collaborates with health plans to offer integrated programs that reduce costs, streamline operations, and enhance the member experience. The firm provides home delivery services, monitors for adverse drug reactions following a mouth swab from a member, and maintains a Quality Performance Management Program to inform members and groups about gaps in care, medication adherence, and safety issues.
"The market is asking for an alternative provider that combines innovative care solutions and connective technology without sacrificing clinical capabilities, scale, and reliability. This acquisition is the next step in offering connected care solutions to make care more personal, predictive, portable, and affordable for our clients and their members. MedImpact looks forward to continued investment and expansion to offer clients an ecosystem of flexible connected health solutions," said Fred Howe, chairman and CEO of MedImpact in the Feb. 1 news release announcing the acquisition.
In its own news release on Feb. 1, Rite Aid confirmed completion of the sale. According to this announcement, MedImpact purchased Elixir Solutions for approximately $576.5 million.
"We are pleased to finalize the sale of Elixir marking another important milestone in our transformation to strengthen our long-term financial position. We believe this transaction is a great outcome for Rite Aid and our stakeholders including our Elixir colleagues and the customers clients and members they serve. Importantly this divestiture will better position Rite Aid for long-term success as we continue to evolve our portfolio to focus on healthcare products services and solutions that are core to our future," Stein stated.
Before this acquisition by MedImpact Healthcare Systems Inc., Elixir was a fully owned subsidiary of Rite Aid Corporation providing pharmacy benefit management (PBM) services, Medicare-approved prescription drug plans, and specialty pharmacy services among others. In 2023, Elixir achieved 20 consecutive years of URAC accreditation for PBM, as stated in the company's October 11, 2023 news release. Its re-accreditation is effective through 2026.
The Utilization Review Accreditation Commission (URAC), was established in 1990 and formulated the first utilization review standards in 1991. According to the URAC website, in 2007, URAC announced the first PBM accreditation - a process that typically takes about six months to complete from application to decision.