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Access MediQuip Appoints Former Priority Healthcare CEO to Chairman of the Board
Date:1/12/2009

Health Care Company Also Appoints Industry Veteran Steve Shulman to Board

HOUSTON, Jan. 12 /PRNewswire/ -- Access MediQuip, LLC, the nation's first and largest provider of outsourced medical implantable device management solutions to the health care industry, announced today that its board of directors has appointed board member Steve Cosler to chairman. The company announced the appointment following its second consecutive year of revenue growth exceeding 40 percent.

Mr. Cosler, 53, is the former president and CEO of Priority Healthcare Corporation, a specialty pharmacy company acquired by Express Scripts in 2005. He currently serves as an operating partner with Water Street Healthcare Partners, a leading private equity firm focused exclusively on the health care industry and a majority investor in Access MediQuip. Since partnering with Water Street, Access MediQuip has expanded its services to health care facilities, device manufacturers and payers throughout the United States to double its sales over the past three years.

"Steve has been a key contributor to Access MediQuip's tremendous growth," said Jim Connelly, the former chairman of Access MediQuip and a partner with Water Street. "His expertise in specialty health care services has helped Access MediQuip successfully expand its business to help manufacturers, payers and providers effectively manage implantable medical devices and ultimately benefit the patients who need them. Steve will continue to work closely with the management team to shape the company's strategic direction and identify new ways to drive greater value for customers in the future."

Access MediQuip also announced that Steve Shulman, the chairman and former CEO of Magellan Health Services, Inc. (NASDAQ: MGLN), a leading specialty health care management organization, will join its board of directors. A 30-year industry veteran, Mr. Shulman, 56, has held leadership positions with the nation's largest managed care plans including Prudential Healthcare, CIGNA and Kaiser Permanente. He also founded and served as chairman and CEO of Internet Healthcare Group (IHCG), and co-founded Value Health, Inc, which was later bought by Columbia/HCA.

"Steve Shulman is another strong addition to the impressive team of executives who serve on our board," said Connelly. "His years of experience, both as a health plan executive and as a provider of health services, will be extremely beneficial to Access MediQuip as the company continues to build on its leadership position in the medical device industry."

Founded in 1997, Access MediQuip specializes in insurance authorization, inventory management, equipment procurement and claims processing for medical implantable devices such as orthopedic and spinal implants. The company's services minimize the financial risk associated with implantable device costs and help increase their accessibility to patients. Over the past 10 years, Access MediQuip has built the largest database of claims information for implantable medical devices to provide device manufacturers, providers and payers with the first available data on implantable device costs and utilization rates across the country.

About Access MediQuip

Access MediQuip is the nation's first and largest provider of outsourced implantable device management solutions. The company works with thousands of manufacturers, payors and providers to manage the acquisition, financing, delivery and reimbursement of implantable devices such as orthopedic and spinal implants, and implantable drug pumps. Founded in 1997, the company is headquartered in Houston and employs approximately 150 associates. For more information, please visit www.accessmediquip.com.

About Water Street Healthcare Partners

Water Street Healthcare Partners is a leading private equity firm focused exclusively on health care. With more than $1 billion of capital under management, Water Street is one of the most active investors in the health care industry. The firm has a strong track record of building market-leadership companies across key growth sectors in health care. It has partnered with some of the world's leading health care companies on its investments including: Johnson & Johnson, Medtronic and Smith & Nephew. Water Street's team is comprised of industry executives and private equity professionals with decades of experience investing in and operating global health care businesses. The firm is headquartered in Chicago. For more information about Water Street, visit www.wshp.com.


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SOURCE Access MediQuip
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