Third Wave Recovery Systems (TWRX) acquires SRX, a leader in pharmaceutical rebate management services for the skilled nursing and long-term care industry
DELRAY BEACH, Fla. and NEW YORK, Sept. 14, 2022 /PRNewswire/ -- Third Wave Recovery Systems, LLC (TWRX) is pleased to announce its acquisition of SRX, LLC (SRX), a leader in pharmaceutical rebate management services for the skilled nursing and long-term care (LTC) industry. In conjunction with the acquisition, TWRX has appointed a new leadership team, led by CEO Ed Lagerstrom, former President of UnitedHealthcare Networks, and received a growth equity investment from WindRose Health Investors.
As experts with a broad background in skilled nursing and LTC, SRX has helped operators collect tens of millions of rebate dollars. SRX’s technology allows nursing homes and long-term care facilities to receive the lowest net cost on drug spend and, through a suite of proprietary reporting tools, identify discrepancies and improve efficiencies. The SRX team is comprised of dedicated professionals with extensive backgrounds in skilled nursing, LTC, pharmacy, analytics, and IT, who have supported the success of the business since its founding.
Scott Taylor, former CEO of SRX and newly appointed COO of TWRX, expressed his excitement over the acquisition, “This partnership between SRX and TWRX is going to revolutionize the rebate and prescription drug cost management industry. As a leading innovator in the healthcare sector, WindRose’s and TWRX’s investment is a recognition of SRX’s world-class technology, tools, and capabilities, but most importantly, our team of dedicated experts. Together, we will drive even more value, allowing us to serve new industry verticals and leverage our technology to truly impact drug costs across the healthcare industry.”
With Ed Lagerstrom’s deep domain knowledge, SRX’s technology platform, and TWRX’s extensive network of healthcare industry relationships, the combined entity is equipped with the team, capital, technology, and relationships to drive significant growth for the company and reduce costs for its customers. “I’m pleased to have the opportunity to collaborate with talented healthcare executives on a disruptive business model. TWRX is positioned as a market leader, predicated on transparency and compliance in an industry that has been historically opaque,” said Ed Lagerstrom, newly appointed CEO at TWRX.
Following the close of the acquisition, Eric Moskow, M.D., will continue to lead TWRX as its Chairman. “TWRX’s mission has always been to establish strong industry relationships to understand what’s really affecting outcomes and cost in the market,” said Dr. Moskow, Chairman of TWRX. “As we meticulously considered our long-term strategic options, we determined that SRX and TWRX were natural partners. We are all building an integrated experience that supports a more transparent and genuine approach to pharmaceutical rebate management services and I look forward to executing on our shared vision for the future.”
TWRX is a rapidly expanding pharmaceutical rebate manager offering market-differentiated services to LTC facilities, hospitals, oncology practices, and other specialty provider groups. The TWRX platform that leverages advanced technology, analytics, and nationwide industry contracts to assess and reduce the net-cost of its client’s drug spend.
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SOURCE Third Wave Recovery Systems, LLC