TAKE CARE HEALTH SYSTEMS, CONSHOHOCKEN-BASED LEADING CONVENIENT CARE COMPANY, ANNOUNCES SALE TO WALGREEN CO.
05.23.07
— New health care delivery model combines with nation's largest drugstore chain to create a nationwide footprint for high-quality, accessible health care —
CONSHOHOCKEN, PA, May 23, 2007 — Take Care Health Systems, one of the industry's leading convenient care companies, was purchased by Walgreen Co., Take Care Health Systems announced today. Take Care Health Systems will operate as a wholly-owned subsidiary of Walgreens, and will maintain its headquarters and management team in Conshohocken. Financial terms of the cash transaction were not disclosed.
The companies have aligned key priorities to focus on the national rollout of convenient care clinics, with more than 400 clinics planned by the end of 2008. Philadelphia locations also are planned for the future. The clinics, combined with the drugstore chain's nearly 5,700 pharmacies across the country, will form the core for the future rollout of a variety of patient-focused health care services. The companies will create a new model of how health care is provided in America.
Take Care Health Systems was co-founded locally in October 2004 by friends Hal Rosenbluth, past president and CEO of the $6 billion Philadelphia-based global travel company, Rosenbluth International, and Peter Miller, past president of a $3 billion pharmaceutical company and former worldwide president of a $400 million consumer health care company within Johnson & Johnson. Miller will continue in his role as President and CEO of Take Care Health Systems. Rosenbluth will remain as Chairman of Take Care Health Systems and he will take on the additional role of Senior Strategy Consultant, Healthcare at Walgreen Co.
Against the backdrop of federal, state and local attention to lower costs within the health care system, provide access to care and attend to the growing uninsured rates in the country, Take Care Health Systems has been instrumental in creating an industry focused on high-quality, affordable and convenient patient-first health care, with a goal of helping to close health care's socioeconomic divide and aiding in the solution of America's health care crisis. Take Care Health served as a leading force behind the launch of the Convenient Care Association, the industry's trade association, while helping to spearhead the formation of the industry's Quality and Safety Standards for Association members last year.
Take Care Health's vision is to combine best practices in medicine with patient-focused customer service to fill a critical need in America by providing convenient access to health care. Clinics are located inside national retail pharmacies and open seven days a week with no appointments necessary. Clinics are staffed by certified nurse practitioners who treat patients 18 months and older for common illnesses such as strep throat, ear and sinus infections, pink eye and poison ivy, and are able to prescribe for the ailments they treat. Take Care nurse practitioners also provide diagnostic testing, vaccinations and some physicals. Clinics accept the majority of health insurance plans, including Medicare and Medicaid; prices for cash payers average $59-$74.
"I am extraordinarily pleased for my colleagues who have built a remarkable company in a short period of time, for investors and shareholders of Take Care Health who trusted Peter and me and our vision to change health care, and for our nurse practitioners who consistently provide exemplary care for those in need," said Hal Rosenbluth, Chairman of Take Care Health Systems and Senior Strategy Consultant, Healthcare, Walgreen Co. "Walgreens shares in our mission to provide a health care solution for all individuals, and we are proud to formally join the Walgreens family today."
"Today represents the validation of a dream coming to life. When Hal and I developed this concept, we wanted to do �good' while doing good business. Embarking on this journey, many people thought it was impossible to create a system focused on realigning the interests of payers, providers and patients, while hiring an excellent and underutilized caregiver, the nurse practitioner, and recruiting substantial funds to deliver this goal," said Peter Miller, President and CEO of Take Care Health Systems. "Our colleagues and business partners have done so and more by rolling out 51 clinics in five markets and recruiting nearly 200 nurse practitioners who helped us build state-of-the art electronic medical record technology, professional, high-quality health care clinics and an overall system built upon the needs of the patient."
Integration of Care with the Medical Community
Take Care Health integrates with the traditional medical community toward a shared goal of providing patient-focused care with each encounter. Take Care nurse practitioners encourage all patients to have a "medical home," a medical provider they see routinely for on-going medical needs and routine exams. If a patient's condition falls outside of the clinic's scope of practice, the patient is referred back to their primary care provider for follow-on care. If a patient does not have a provider, nurse practitioners will offer a list of providers in the area accepting new patients. Take Care Nurse Practitioners collaborate with local physicians who are available for consultation at all times the practitioner is treating a patient.
The company uses nationally recognized, evidence-based clinical guidelines for treatment and electronic medical record technology allowing patients to take visit records to their other providers, ensuring continuity of care.
Health Care Focus in Pennsylvania
The health care crisis has largely been a topic of focus in Pennsylvania with Governor Rendell's recently unveiled "Prescription for Pennsylvania" plan that addresses cost reduction, increased access and a greater role for nurse practitioners in patient care. Rendell visited a Take Care Health Center in Irwin, Pa. earlier this year to discuss the role of the nurse practitioner and non-urgent settings for non-emergency care and to encourage services on evenings and weekends to reduce the exorbitant costs of emergency room visits.
Highmark covers visits to Take Care Health Clinics in Pittsburgh and Take Care Health expects broad insurance coverage in Philadelphia with the eventual launch of its clinics there.
"Take Care Health Systems emerged at a critical time in the industry, one that was in need of greater efficiencies across all spectrums to provide accessible, high-quality care to those in need," said Dr. David Nash, Professor and Chairman of the Department of Health Policy at Jefferson Medical College in Philadelphia and Chairman of the Take Care National Medical Advisory Board. "With a model delivering the right care at the right time while integrating seamlessly with the medical community, Take Care Health now has the ability to expand its national footprint, bringing this needed service to all individuals."
As a wholly-owned subsidiary of Walgreen Co., Take Care Health will continue to operate its 51 clinics in Chicago, Kansas City, Milwaukee, Pittsburgh and St. Louis.
Take Care Health has treated more than 140,000 patients since November 2005. Take Care Health follows quality and safety standards as outlined by the Convenient Care Association and is aligned with guidelines sent forth for retail clinics by the American Academy of Family Physicians and the American Medical Association.
About Walgreens
Walgreen Co. is the nation's largest drugstore chain with fiscal 2006 sales of $47.4 billion. The company operates 5,693 stores in 48 states and Puerto Rico, including 77 Happy Harry's stores in Delaware and surrounding states. Walgreens is expanding its patient-first health care services beyond traditional pharmacy through Walgreens Health Services, its managed care division, and Take Care Health Systems, a wholly-owned subsidiary that manages convenient care clinics in 51 drugstores. Walgreens Health Services assists pharmacy patients and prescription drug and medical plans through Walgreens Health Initiatives, Inc. (a pharmacy benefits manager), Walgreens Mail Service Inc., Walgreens Home Care Inc., and Walgreens Specialty Pharmacy.
About Take Care Health SystemsSM
Take Care Health Systems (www.takecarehealth.com)is a leading independent operator of convenient care clinics. Take Care Health combines best practices in medicine and the expertise and personal care of Take Care nurse practitioners to provide high-quality, accessible and affordable health care to all individuals. Take Care Health operates 50 health care clinics in Chicago, Kansas City, Milwaukee, Pittsburgh and St. Louis. Take Care Health uses nationally recognized clinical guidelines, industry standards set forth by the Convenient Care Association (www.convenientcareassociation.org)and an electronic medical record system to ensure the highest quality care. The company maintains a robust quality assurance program, including collaborating physician record review, peer review and compliance auditing.
Key Contacts:
Lauren Tierney
for Take Care Health Systems
484-351-3212
Michael Polzin
Walgreens Co.
847-914-2925