Custom Health, a provider of a technology-enabled medication management and managed care solution, plans to go public.
The firm has entered into a definitive business combination agreement with Berenson Acquisition Corp. (BACA) that will result in Custom Health becoming a publicly-listed company, the firms said in a Friday (Dec. 22) press release.
The partnership aims to revolutionize the healthcare industry by using technology to help patients take their medications on time, according to the release.
“Guessing with medication must stop,” Custom Health CEO Shane Bishop said in the release. “We have the expertise, technology and comprehensive data to help people who take medication achieve the best possible health outcome.”
Custom Health’s solution has a 98% medication adherence rate for its patients in the United States and Canada, the release said.
The company uses its proprietary software to integrate fully-automated owned and network pharmacies, at-home medication management solutions, real-time clinical oversight by pharmacist-led clinicians, and the collection of real-time, real-world data and insights, per the release.
This approach allows for the efficient creation and real-time maintenance of personalized care plans for patients, according to the release.
Additionally, the company supplements its organic growth by acquiring pharmacies near substantial poly-med patient populations, providing both medications and technology in one integrated offering, the release said.
The proposed business combination between Custom Health and BACA is expected to provide Custom Health with the necessary resources and platform to fuel organic growth and execute its add-on acquisition strategy, per the release.
Subject to approval from both BACA and Custom Health stockholders, the proposed transaction is expected to close in the second quarter of 2024, the release said.
“We believe that Custom Health will be a first-of-its-kind public company within the healthcare sector, utilizing a vertically-integrated business model that leverages proprietary technology at its owned and network pharmacies to manage the full cycle of a patient’s medication and care journey,” BACA Chief Financial Officer Amir Hegazy said in the release.
PYMNTS Intelligence found that 38% of U.S. patients use digital healthcare options to receive remote counseling, telemedicine or both.
As consumers increasingly prioritize their health, they are seeking out more in-person and remote healthcare services alike, according to “The Connected Economy™: The Trend Toward Digital Healthcare,” a PYMNTS and CareCredit collaboration.
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