Cornerstone Specialty Network (“Cornerstone,” “CSN,” or the “Company”) has closed a transaction with Provider Network Holdings (“PNH”), a portfolio company of Waud Capital Partners (“WCP”), a leading growth-oriented middle market private equity firm. Cornerstone is the largest independent community oncology network, delivering aggregated value-based offerings, educational resources, and research and data services. The Company delivers a comprehensive suite of services to both community-based oncology practices and pharmaceutical manufacturers to maximize provider and system efficiencies.
Cornerstone joins Altus Biologics (“Altus”), Remedy GPO (“Remedy”) and Health Coalition Inc. (“Health Coalition”) to form Provider Network Holdings. The combination enables the new platform to reach a broader network of specialty providers across community-based oncology, neurology, rheumatology, gastroenterology, allergy, immunology, pulmonary, and infectious disease practices. These four innovative and market leading organizations are committed to the mission of supporting independent specialty practices and providers throughout the country with technology, tools and services for specialty and biologic drug purchasing, supply chain, revenue cycle management, education, and research. Together, the combined organization will support over 1,500 physicians across 41 states. PNH will also serve as a value-add partner to pharmaceutical manufacturers and wholesalers, while also working to build a broader suite of supply chain services and improve provider engagement.
“This is a great outcome not only for Cornerstone, but also for the broader network of community-based oncology practices we work with. We’re very excited to partner with WCP and Provider Network Holdings in this next phase of growth. Our goal has always been to provide long-term, sustainable value to independent community-based specialty practices, and together with Provider Network Holdings, we will continue that mission. They got to know Cornerstone inside and out and led a structured process, allowing us to evaluate a number of high-quality partners. We always felt represented in the most competent, professional, and expert manner, and it was clear their primary concern was to achieve Cornerstone’s goals,” stated Joel Schaedler, CEO of Cornerstone.
Cornerstone also facilitates a suite of services geared towards helping community-based oncology practices thrive and remain independent. Such services include research initiatives focused on major medical symposia, educational courses for post-fellowship oncologists on how to succeed in operating a community oncology practice, and real estate support such as lease evaluation and new facility build-out assistance.
About Cornerstone Specialty Network
Founded in 2016, Cornerstone is the largest independent community oncology network aggregator that provides high value services for the oncology practice management sector. The Company delivers a comprehensive suite of services to both community-based oncology practices and pharmaceutical manufacturers to maximize provider and system efficiencies. For more information, visit https://www.cornerstoneoncology.com/.
About Provider Network Holdings
Provider Network Holdings supports a deep network of over 1,500 provider partners across multiple physician specialties with a comprehensive suite of practice management, supply chain, group purchasing, and pharmaceutical solutions for specialty and biologic drug needs. Proprietary technology, data analytics, and unique clinical positioning enable Provider Network Holdings to create custom programs and breakthrough offerings that address the evolving landscape across specialty providers, pharmaceutical manufacturers, and wholesalers. To learn more, visit https://providernetworkholdings.com/.
About Waud Capital Partners
Based in Chicago, Waud Capital is a growth-oriented private equity firm with over 30 years of investing experience. WCP seeks to partner with experienced management teams to build market-leading companies within two industries: healthcare and software & technology. Since its founding in 1993, WCP has successfully completed more than 460 investments, including platform companies and follow-on opportunities. For additional information on WCP, please visit www.waudcapital.com.
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