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Water Street Healthcare Partners Invests in Pillr Health

In a move that underscores the growing importance of optimized pharmacy operations in the healthcare sector, Water Street Healthcare Partners has announced a strategic investment in Pillr Health, a provider renowned for its software and tech-enabled services designed to streamline pharmacy functions for healthcare delivery organizations.

According to Skip Devanny, CEO of Pillr Health, this collaboration marks a pivotal evolution in the company’s mission to empower healthcare providers with state-of-the-art technology solutions. Devanny emphasized the need for operational excellence driven by integrity, outstanding service, and continuous innovation. With Water Street's substantial industry expertise, resources, and capital, Pillr Health aims to accelerate the development of new solutions that will enhance clinical care while capturing economic value.

Pillr Health specializes in optimizing pharmacy operations specifically to aid hospitals and health systems, especially under the 340B federal outpatient drug pricing program. This program is instrumental in providing significant cost savings for providers who serve vulnerable populations. Through its comprehensive integrated platform of software, analytics, and advisory services, Pillr Health effectively streamlines workflows, bolsters regulatory compliance, and enhances the performance of pharmacy programs. As a testament to its efficacy, Pillr Health currently serves over 300 hospitals and health systems across the United States, furthering its mission by introducing new products that empower clients to establish their own outpatient retail and specialty pharmacy services.

Max Mishkin, a partner at Water Street, remarked on Pillr Health's role as a critical partner for hospitals striving to maximize their pharmacy capabilities in what is becoming an increasingly intricate healthcare environment. He expressed enthusiasm for collaborating with Pillr’s leadership to expand its differentiated technology platform and enhance its national footprint through both organic investments and strategic acquisitions that present complementary strengths and growth potential.

Patrick Teyro, principal at Water Street, noted the significance of Pillr's pharmacy expertise and innovative offerings, which are crucial for enabling healthcare providers to broaden their services while operating on tight budgets—ultimately delivering superior clinical care. He expressed pride in the collaboration with Skip and his dedicated team to forward their aspirations of becoming leaders in the hospital pharmacy enablement sector.

The management team at Pillr Health, under the leadership of Devanny, will continue to steer the company during this new chapter of investment and growth. The financial particulars of this investment have not been disclosed, although Cantor Fitzgerald served as an advisor to Water Street in the transaction.

About Pillr Health

Pillr Health is committed to transforming the healthcare landscape with cutting-edge solutions that enhance operational efficiency, optimize resources, and improve patient outcomes. The company excels in managing the 340B program, helping hospitals and health systems maximize their performance within the federal outpatient drug pricing program, which offers discounts for underserved, low-income, and vulnerable patients. Based in Boca Raton, Florida, Pillr Health supports over 300 healthcare organizations nationwide with its comprehensive array of software, analytics, and managed pharmacy services.

About Water Street Healthcare Partners

Water Street Healthcare Partners is a strategic investment firm focused on building leading businesses across three critical healthcare sectors: medical products and diagnostics, pharmaceuticals and life sciences, and healthcare services. With a track record of over 165 investments and acquisitions leading to the creation of more than 48 companies, Water Street is dedicated to enhancing patient care, fostering innovation, and driving a more efficient healthcare system. The Chicago-based team combines extensive experience in healthcare with investment acumen, working collaboratively with management teams to help them achieve their growth objectives. For more details, visit waterstreet.com.