Financial terms of the agreement weren’t disclosed. Genoa said Wednesday that the addition of APS will extend its market reach into Mississippi, Tennessee, Arkansas and South Carolina.
Currently, Genoa provides pharmacy and telepsychiatry services through its more than 340 pharmacies inside community mental health centers in 44 states and the District of Columbia. The company serves over 550,000 people and fills more than 10 million prescriptions annually.
Genoa noted that its acquisition of APS joins two companies that specialize in behavioral health and addiction treatment and focus on solutions to improve medication adherence and patient care and rein in costs.
“Genoa and APS share a common mission of improving the lives of individuals living with mental illness, while providing solutions to our clinic partners who serve them,” Genoa chief executive officer John Figueroa said in a statement. “This addition allows us to combine our expertise and best practices to better serve consumers and our partner mental health centers. We look forward to bringing even more value and innovative solutions to our partners and consumers.”
Based in Southaven, Miss., APS serves more than 50,000 new patients and, like Genoa, provides high-touch care.
“Over the past seven years, APS has worked to build a team that is passionate about and committed to serving the unique needs of patients with mental illness, community mental health centers and behavioral health hospitals. During that time we’ve grown from caring for a few hundred patients in Mississippi to several thousand patients throughout the Mid-South and Southeast,” stated Mark Bradford, CEO of APS. “We’re pleased to be partnering with Genoa. Our core values are in alignment, and we share the same passion and commitment to patient care and client service. We’re particularly excited to know our employees, patients and clients will have access to more resources and cutting-edge technology than ever before.”
The acquisition of APS continues Genoa’s rapid expansion. In late September, Genoa opened its first pharmacy in New York and its 330th overall, which gave the Tukwila, Wash.-based company locations in 41 states and the District of Columbia. About a month earlier, Genoa acquired Advanced Care Pharmacy Services’ behavioral health and residential care services division. The deal brought Genoa 13 Advanced Care behavioral health pharmacies in Michigan and raised its pharmacy count in the state to 24.
Genoa reached 300 pharmacy locations last May after having opened 50 pharmacies in 2015. The company has estimated that 20 million people nationwide suffer from behavioral health problems.
Genoa also provides services beyond its physical footprint through Genoa Telepsychiatry, a service enabled by the acquisition of telepsychiatry provider 1DocWay in late 2015.