Clarest Health Company Profile
Background
Overview
Clarest Health, established in 2007 as ProCare LTC, is a Virginia-based provider specializing in personalized medication management services for long-term care (LTC) and skilled nursing facilities (SNFs). The company rebranded to Clarest Health in 2022 to reflect its expanded mission and technological advancements. Clarest Health partners with healthcare organizations across the continuum of care, offering comprehensive pharmacy services designed to simplify medication management complexities. With a team of over 2,200 employees, Clarest Health serves more than 1,300 LTC facility locations, impacting over 407,475 patients.
Mission and Vision
Clarest Health is dedicated to advancing patient health at every step by providing personalized medication management solutions. The company's mission is to make medication a source of healing, not confusion, by delivering tailored medication management services at scale. Their vision emphasizes embracing modern technology and personalized medication data analytics to support both professional care providers and home-based caregivers.
Key Strategic Focus
Core Objectives
Clarest Health aims to enhance medication adherence and safety for patients and providers across various care settings. The company focuses on integrating advanced technology with clinical expertise to deliver better clinical and business outcomes. Their strategic initiatives include expanding service capabilities, improving medication management processes, and fostering partnerships to enhance patient care.
Areas of Specialization
Clarest Health specializes in personalized medication management, offering services such as medication therapy management (MTM), medication adherence solutions, and comprehensive pharmacy services for LTC and SNFs. The company also provides in-home medication support and seamless transitions of care to ensure holistic patient health management.
Key Technologies Utilized
The company leverages advanced technologies, including data-driven medication management platforms and predictive analytics, to optimize medication regimens and improve patient outcomes. Their proprietary technology, MTMPath, is an advanced MTM technology platform designed to identify and resolve medication-related problems across patient populations.
Primary Markets Targeted
Clarest Health primarily targets the long-term care and post-acute care markets, focusing on LTC facilities, SNFs, assisted living communities, and home-based care settings. The company also collaborates with healthcare providers, payers, and caregivers to enhance medication management across the continuum of care.
Financials and Funding
Funding History
Clarest Health has undergone significant growth through strategic acquisitions and investments. In September 2022, the company acquired CSS Health, a provider of medication adherence solutions. In October 2022, Clarest Health acquired Integrity Pharmacy, a "pharmacy at home" service. In January 2024, Clarest Health expanded its capabilities by acquiring Remedi SeniorCare, a long-term and post-acute care pharmacy services provider.
Total Funds Raised
Specific details regarding the total funds raised by Clarest Health are not publicly disclosed.
Recent Funding Rounds
The company has not publicly announced recent funding rounds.
Notable Investors
Clarest Health is a portfolio company of Sverica Capital Management, a private equity firm.
Utilization of Capital
The capital raised has been utilized for strategic acquisitions, technological advancements, and expanding service capabilities to enhance medication management and patient care.
Pipeline Development
Key Pipeline Candidates
Clarest Health's pipeline includes the integration of acquired technologies and services, such as the PAXIT® medication management system from Remedi SeniorCare and the MTMPath platform from CSS Health, to enhance medication adherence and patient outcomes.
Stages of Development
The company is in the process of integrating these technologies into its existing services to provide comprehensive medication management solutions.
Target Conditions
Clarest Health focuses on improving medication adherence and safety for patients across various conditions, particularly in the long-term and post-acute care settings.
Anticipated Milestones
The company anticipates achieving enhanced medication management capabilities and improved patient outcomes through the successful integration of these technologies.
Technological Platform and Innovation
Proprietary Technologies
- MTMPath: An advanced medication therapy management platform designed to identify and resolve medication-related problems across patient populations.
- PAXIT®: A proprietary medication management system from Remedi SeniorCare, offering a 24-hour unit-dose medication system to improve accuracy, efficiency, and safety in long-term care settings.
Significant Scientific Methods
Clarest Health employs data-driven medication management and predictive analytics to optimize medication regimens and improve patient outcomes.
AI-Driven Capabilities
The company utilizes advanced technology platforms that incorporate predictive analytics to enhance medication adherence and patient care.
Leadership Team
Key Executives
- Hammad Shah: Chief Executive Officer (CEO)
- Tom McCormick: Chief Commercial Officer (CCO)
- Stephanie Englert: Director, Clinical Development
Professional Backgrounds and Contributions
- Hammad Shah: As CEO, Shah leads Clarest Health's strategic direction and oversees the integration of acquired technologies and services to enhance medication management.
- Tom McCormick: As CCO, McCormick is responsible for driving commercial strategies and partnerships to expand Clarest Health's market presence.
- Stephanie Englert: As Director of Clinical Development, Englert oversees the clinical aspects of Clarest Health's services, ensuring evidence-based practices and optimal patient outcomes.
Leadership Changes
Recent Appointments
Specific details regarding recent leadership changes or appointments within Clarest Health are not publicly disclosed.
Competitor Profile
Market Insights and Dynamics
The U.S. market for pharmacy care for the post-acute patient population is valued at $5.7 billion, with the U.S. prescription fill market for medically complex patients at $115 billion.
Competitor Analysis
Clarest Health operates in a competitive landscape with several key players:
- Remedi SeniorCare: A provider of long-term and post-acute care pharmacy services, known for its proprietary medication management system, PAXIT®.
- CSS Health: Offers medication adherence solutions, including the Medicine-On-Time compliance packaging and Clinical Support Services for health plans.
- Integrity Pharmacy: Provides "pharmacy at home" services, delivering personalized medication management directly to patients' homes.
Strategic Collaborations and Partnerships
Clarest Health has strengthened its market position through strategic acquisitions:
- Acquisition of Remedi SeniorCare: Enhanced capabilities in long-term and post-acute care pharmacy services.
- Acquisition of CSS Health: Integrated medication adherence solutions and technology platforms.
- Acquisition of Integrity Pharmacy: Expanded "pharmacy at home" services to reach patients directly in their homes.
Operational Insights
Clarest Health differentiates itself through its comprehensive, patient-centered approach to medication management, integrating advanced technology with clinical expertise to improve patient outcomes and reduce healthcare costs.
Strategic Opportunities and Future Directions
Clarest Health is well-positioned to lead in personalized medication management by leveraging its expanded service offerings and technological capabilities. The company aims to fill existing gaps in medication care for the aging population through technology-based medication optimization and fulfillment.
