Todd Delano, CEO of ServRx, Inc., has made a direct management buyout of majority ownership in the company and a related company, Worker Compensation Rx Solutions, Inc. (WCRx). Both firms are located in Scottsdale, Arizona. Delano, a co-founder of the company, bought the shares of his fellow co-founder, Dr. Randall S. Prust, M.D. Gemino Healthcare Finance provided senior secured financing for the friendly buyout and will be providing credit to fund future growth by ServRx.
Dr. Prust, who will continue his corporate involvement as a minority shareholder, co-founded the company in 2009. He noted that the companies have grown from “small niche pharmaceutical billing businesses into high-growth companies doing business in all 50 U.S. states.”
Delano’s goal is to grow ServRx into a national industry leader. ServRx was founded by veterans of the pharmacy claims processing industry. The company’s growth has been due in large part to its use of sophisticated information technology systems and prompt processing of claims.