NASHVILLE, Tenn., July 8 Nashville-based New Day Pharmacy is expected to see rapid growth after the infusion of $10.2 million in growth capital from a syndicate of institutional investors led by Council Ventures.
The investment will allow New Day to offer its revolutionary virtual "in-house pharmacy" services to any long-term care facility in the U.S. The "green-friendly" technologies allow nurses to safely dispense medications to patients within minutes -- a rarity in long-term care. The state-of-the-art tools, which include integrated information systems at no additional cost, are designed to decrease costs, reduce medication errors and waste, and improve patient care and safety. The company currently serves long-term care facilities in Florida, Indiana, Ohio and Tennessee.
"We are thrilled to be partnering with Council Ventures on a groundbreaking project that vastly improves the way long-term care patients receive their medications," said company President Dick Wager. "Council officials have already contributed an enormous amount of resources and experience to help take New Day to a new level."
Co-investors in New Day include the well-known healthcare services venture capital firm Clayton Associates, Council operating partners James M. Usdan and Linwood A. "Chip" Lacy Jr., and a Fortune 500 company strategic investor affiliated with one of Council Venture's limited partners.
Usdan, a veteran health care executive, will lead New Day Pharmacy as chairman and CEO. Dennis C. Bottorff, Council's managing general partner, and its operating partner, Lacy; and Matt King, Clayton Associates' managing director; have joined New Day's board.
"New Day Pharmacy's business model provides superior value proposition over its competition that is already resonating in the marketplace," said Bottorff. "The New Day system saves customers money, is safer for patients, and is easier for nurses to use. In short, it is on the 'right side of change' in health care."
Its "in-house pharmacy" features a virtual information data bank, a paperless admissions process, a time-sequenced packaging system, long-distance delivery of medications, and on-site medication dispensing units.
New Day Pharmacy is located at 5215 Linbar Drive in Nashville. For more information about New Day or its products and services, call (615) 515-4710 or (866) 395-9476, send an e-mail to [email protected]
, or visit http://www.newdaypharmacy.com.
SOURCE New Day Pharmacy