HealthEdge Completes Carve-Out of POC Network Technologies
SANTA ANA, CALIFORNIA — May 2, 2008 – HealthEdge Investment Partners, LLC (“HealthEdge”) and its portfolio company DS Holdings, Inc. d/b/a Dispensing Solutions, Inc. (“DSI”) announced today that it has completed the carve-out of DSI’s technology division into a separate business that operates under the name POC Network Technologies, Inc. (“PNT”).
Headquartered in Santa Ana, California, DSI is a pharmaceutical business specializing in the repackaging of pharmaceuticals for the physician and government markets. HealthEdge completed its majority buyout of DSI in September 2006. The new technology company, PNT, will be led by DSI founder Richard Wolpow and Jack Guinan. HealthEdge Advisory Board Member Dennis Drislane, who also serves on DSI’s Board, will serve as Chairman of PNT. The Company was established to provide for the administration of drug and vaccines benefits delivered at the point-of-care that are managed though an array of proprietary PNT web-based and back-office technologies.
Phillip S. Dingle, a Managing Partner of HealthEdge, said, “We are encouraged with the business prospects of PNT as a stand-alone entity. With a separate core business that focuses on specialized claims adjudication, and a distinct customer base, PNT is well-positioned to move in a different and opportunistic strategic direction, while still serving DSI’s technology needs. We believe we have enhanced our investment by separating the valuation of each entity.”
PNT Chief Executive Officer Richard Wolpow added, “We believe our business is responsive to a significant challenge in administering these specialized benefits. Certain vaccines administered in a physician’s office that were formerly covered under Medicare Part B are now covered by Medicare Part D. This new benefit created some interesting challenges for patients, Part D plans, and physicians. Most physicians do not have the ability to process pharmacy claims, nor do most health and prescription drug plans contract directly with physicians. As a consequence, all parties were faced with having to deal with processing cumbersome and costly paper claims. Our technology changes all of that.”
HealthEdge Investment Partners, LLC is an operating-oriented private equity firm founded in 2005 that focuses exclusively on the healthcare industry. HealthEdge seeks to achieve superior returns by investing in businesses that benefit from the knowledge, experience and network of relationships of its partners. HealthEdge’s partners have more than 100 years of combined operating experience in healthcare as CEOs and investors. For more information on HealthEdge, visit www.healthedgepartners.com.
About POC Network Technologies
POC Network Technologies (PNT) bridges the communication gap between patients, payors and point-of-care providers with eDispense®, its proprietary web-based portal. Leveraging PNT’s physician and payor networks as well as its back-office technology, eDispense supports a host of integrated solutions for the effective delivery, reimbursement and administration of products and services at the point-of-care. www.pocnetworktechnologies.com.
About Dispensing Solutions
Dispensing Solutions, Inc. is a pharmaceutical supply chain company that develops integrated technology and dispensing solutions designed to enable optimal patient care. Operating a state- of-the art pharmaceutical packaging facility, DSI is FDA registered and DEA licensed, providing prepackaged medications and web-based technology to the point of care.
For more information, please contact Phillip S. Dingle at HealthEdge Investment Partners at 813.490.7101, or Richard Wolpow at PNT at 949.632.6762.