Innovaccer has completed the acquisition of Pharmacy Quality Solutions, a company focused on Pharmacy-Payer performance technology. This strategic move reinforces Innovaccer’s commitment to accelerating value-based care across the healthcare ecosystem and have the largest distribution of providers and pharmacy networks combined.
PQS covers 95% of all community pharmacies and 10 of the Top 10 Pharmacy chains by store count including national chains and independent pharmacy groups. In addition, it covers up to 60 million lives, representing 9 out of every 10 Medicare lives and partners with 5 of the Top 6 Medicare Advantage health plans.
This marks Innovaccer’s second acquisition in 3 months.
“We are excited to work with the PQS team to create an ecosystem approach of accelerating Value-Based Care, with data and AI” said Abhinav Shashank, cofounder and CEO, Innovaccer. “The possibilities that this acquisition brings to Innovaccer and our valued stakeholders pave a new area of growth. The acquisition not only expands our capabilities and expertise in improving patient outcomes, establishing clinical data exchange in payers and now by adding the PQS pharmacy solutions, we have created a connected ecosystem of payer, provider and pharmacy.”
Innovaccer is committed to ensuring a seamless transition for PQS and its employees. PQS will continue to work with its existing organizational structure to ensure business continuity for customers and minimize disruptions.
“Over the last year, we’ve had an opportunity to meet the amazing team at Innovaccer and learn the story of their success and what they are trying to achieve in the global healthcare landscape, which inspires us at PQS, Todd Sega, PharmD, CEO, PQS. “We look forward to working with the Innovaccer team to reinforce our core capabilities further help drive our next phase of growth and unlock the potential for improved patient outcomes from payer, provider and pharmacy collaboration.”
The Pharmacy Quality Solutions platform is designed to deliver quality insights and guidance necessary to support efforts to optimize the quality of medication management for Medicare, Medicaid and commercial populations. This acquisition solidifies Innovaccer’s position in the market and strengthens its pharmacy network, providing opportunities for cross-selling into complementary payors and pharmacies, while creating the industry’s largest clinical connectivity between prescribers and community pharmacies.