Innovaccer Announces Acquisition of Pharmacy Quality Solutions to Accelerate Value-Based Care in Pharmacy Settings

San Francisco, CA. and Durham, NC, March 12, 2024– Today, Innovaccer, a leading healthcare technology company, has announced the completion of its acquisition of Pharmacy Quality Solutions (PQS), a leader in pharmacy-payer performance technology. This strategic move reinforces Innovaccer’s commitment to accelerating value-based care across the healthcare ecosystem with the largest distribution of providers and pharmacy network 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 nine out of every 10 Medicare lives, and partners with five of the top six Medicare Advantage health plans.

This marks Innovaccer’s second acquisition in three 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, but also establishes clinical data exchange with payers and now with pharmacy solutions with PQS, creating 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,” said Todd Sega, PharmD, CEO, PQS. “We look forward to working with the Innovaccer team to reinforce our core capabilities and further help drive our next phase of growth and unlock the potential for improved patient outcomes from payer, provider, and pharmacy collaboration.”

PQS is a healthcare quality improvement company that connects healthcare payers and providers to standardize measurement and reporting on key medication use quality measures and value-based reimbursement programs focused on medication adherence, treatment outcomes, and patient safety. The 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 payers and pharmacies, while creating the industry's largest clinical connectivity between prescribers and community pharmacies.

About Innovaccer

Innovaccer is the data platform that accelerates care innovation through innovative AI technologies. Innovaccer’s AI-powered healthcare platform unifies patient data across systems and care settings and empowers healthcare organizations with scalable, modern applications that improve clinical, financial, operational, and experiential outcomes. Innovaccer’s EHR-agnostic solutions have been deployed across more than 1,600 hospitals and clinics in the US, enabling care delivery transformation for more than 96,000 clinicians, and helping providers work collaboratively with payers and life sciences companies. Innovaccer has helped its customers unify health records for more than 54 million people and generate over $1.5 billion in cumulative cost savings. The Innovaccer platform is an industry-leading data and analytics platform, the Best in KLAS CRM solution, and the #1 rated population health technology platform by Black Book. For more information, please visit innovaccer.com.

About Pharmacy Quality Solutions

PQS aligns healthcare payers and pharmacies to achieve their shared goals of better patient outcomes and healthcare quality performance. As a neutral, trusted intermediary supporting the evolution of value-based care, PQS facilitates nationwide pharmacy-based care through our partners and the EQUIPP® platform. Utilizing deep clinical pharmacy knowledge and over a decade of performance management experience, we help clients develop strategies, implement quality improvement programs, and optimize the quality of healthcare for their Medicare, Medicaid, and commercial populations. For more information on how PQS can support you, please visit www.pharmacyquality.com.