Rite Aid is shedding more assets, disclosing plans for the “partial sale” of its Health Dialog business to Carenet Health, a provider of various patient engagement businesses.
In Health Dialog, Carenet will be adding a business that provides “personalized population health solutions.” Under the terms of the asset purchase agreement, Carenet will acquire Health Dialog’s “Nurse Advice Line, Chronic Care Management solution and Shared Decision-Making solution, along with client contracts associated with those services,” Rite Aid said in an announcement Wednesday.
Rite Aid, which filed for bankruptcy protection in October, has been restructuring and selling certain businesses. In January, Rite Aid disclosed the sale of its Elixir pharmacy benefit management (PBM) company to another PBM, MedImpact Healthcare Systems for $575 million.
Financial terms of the partial sale of Health Dialog weren’t disclosed. Rite Aid said Health Dialog’s “medication adherence management and medication therapy management solutions” are not included in the proposed transaction with Carenet. “Rite Aid is integrating these into the Company’s clinical offerings,” the company said in its press release.
“This transaction, combined with our recent divestiture of Elixir Solutions, underscores our commitment to aligning Rite Aid’s portfolio around the key healthcare products, services and solutions that are core to our future,” Rite Aid chief executive and chief restructuring officer Jeffrey S. Stein said. “As we move through the restructuring process, we are making important progress executing on our growth and profitability initiatives and implementing our go-forward business plan, focused on creating a portfolio of high-performing stores, a leaner supply chain and a more efficient operating model.”
