Baltimore, MD – Ameritox, the nation’s leader in pain medication monitoring, is proud to announce the acquisition of PRIUM, a leading provider of medical cost management services currently serving the Workers’ Compensation market.
“We are extremely excited about the opportunity to bring the unique capabilities of these two great companies together,” said Ameritox CEO Scott Walton. “Employers are increasingly aware and concerned about the quality-of-life issues and financial ramifications that the epidemic of prescription drug abuse and misuse is having on their employees, particularly the injured worker. Just as Ameritox pioneered the market for prescription drug monitoring, PRIUM has pioneered a unique set of services on the medical management side of the equation.”
Ameritox’s mission is to help improve clinical care for patients while at the same time preventing the human tragedy associated with the misuse, abuse and diversion of prescription drugs. Similarly, PRIUM is focused on helping to reduce inappropriate use of prescription medications in the Workers’ Compensation market, where more than 20% of claims include a prescription for narcotics such as pain medications.
“The proper use of prescription medication is central to each of our missions,” said Michael Gavin, President of PRIUM. “By combining our expertise we can each have a greater impact on quality clinical care. PRIUM is an outstanding fit for Ameritox’s expanding business portfolio and we look forward to broadening our services.”
Both companies will continue to function as separate entities. Aiding the acquisition, Katten Muchin Rosenman provided legal advice to Ameritox. For PRIUM, SunTrust Robinson Humphrey acted as exclusive financial advisor and Nelson Mullins Riley & Scarborough LLP provided legal counsel.