Major Expansion Targets Additional Locations in North Carolina, Florida and Georgia
ATLANTA – April 1, 2011 – Guardian Pharmacy, LLC, one of the largest institutional pharmacy companies in the U.S., announced that Southern Pharmacy Services of North Carolina has joined the Guardian family. In addition to Southern Pharmacy locations in Pink Hill and Kernersville, Guardian’s expansion initiative includes two startup pharmacies in Atlanta, Georgia, and Crestview, Florida.
The combined Guardian entity will include more than 35,000 long-term care patients and fifteen pharmacies across eight states. This strategic expansion is expected to boost Guardian’s 2011 revenue well beyond $200 million, more than 30 percent over 2010 revenue.
The addition of these new locations enables Guardian and its partner pharmacies to seamlessly serve the needs of specialty patients in assisted living and skilled nursing facilities, behavioral health group homes, Hospice and correctional institutions throughout the Southeast market.
Fred Burke, CEO and co-founder of Guardian Pharmacy, said “We are thrilled to have the opportunity to partner with Southern Pharmacy Services’ owners, Chad and Marybeth Terry. The longstanding reputation of their pharmacies and emphasis on clients, employees and community mirrors our core business beliefs.”
Unique Entrepreneurial Business Model Secret to Success
Since its inception in 2004, Guardian Pharmacy has enjoyed substantial year over year growth in large part due to a unique business model that enables Guardian partners to enjoy a significant ownership stake and exercise local autonomy over their pharmacies.
The company partners with entrepreneurs who have industry expertise and want to start their own business or join Guardian with an established pharmacy.
Guardian’s philosophy ensures that each pharmacy operates as an independent local business providing service tailored to the needs of local market clients. The goal is to build a sustainable business enterprise where the entrepreneurs/partners can expand their focus on superior customer service while taking advantage of financial and administrative support from Guardian to accelerate topline growth and improved profitability.
Partnership with Southern Pharmacy Services is a Win-Win
According to Marybeth Terry of Southern Pharmacy Services, “It was the Guardian business model that attracted us to this relationship. We believe that this partnership will enable us to focus on what we do best – ensuring that our clients’ and patients’ specialized needs are met with care and consideration. In turn, Guardian provides us with a Corporate Support Center that assists with day-to-day business operations – from payroll to rebate management – as well as the intensely complex revenue cycle that can be so time-consuming.”
Georgia and Florida Pharmacies Round Out Geographic Footprint
Two new “greenfield” startups, Guardian Pharmacy of Atlanta and Guardian Pharmacy of NW Florida, are examples of the company’s commitment to partnering with industry entrepreneurs looking to start their own business.
According to Robert Dunn, president of Guardian Pharmacy of NW Florida, “Guardian provides the perfect opportunity for me to leverage my 12 years of experience in this niche field, enabling me to run a business and do something that is rewarding to me without assuming all of the risk.”
Matt Hopp, president of the new Atlanta pharmacy agrees, “There’s no doubt it takes an expert team to understand the complexities of the healthcare industry. I was looking for a partner who really knew and understood the market and could help reduce my execution risk when building my business.”
Both operations are scheduled to be fully operational by May.
About Guardian
Guardian Pharmacy, LLC, headquartered in Atlanta, Ga., is one of the nation’s largest institutional pharmacy companies and ranks among Georgia’s fastest growing privately held companies. Guardian’s pharmacies focus on providing outstanding client service and patient care to long-term care facilities including assisted living, skilled nursing, behavioral health group homes, hospice, and correctional institutions. Founded in 2004, Guardian has experienced 46% compounded annual growth rate since inception, which the company attributes to its unique Local-Autonomy business model. Pharmacy operators participate in local ownership and benefit from Guardian’s extensive experience in high-growth, multiple-location, and specialty pharmacies leading to greater capacity for growth and improved operating margins. For additional information, visit www.guardianpharmacy.com.
CONTACT:
Beth McKenna, Cookerly Public Relations, 404-816-2037, beth@cookerly.com