Jason Costa, President and CEO of Horizon Pharmacy
A pharmacy that serves Thrive Behavioral Health and other behavioral health organizations across Rhode Island has secured a $400,000 loan to expand its prescription services.
Horizon Pharmacy, a Warwick-based leader in long-term care pharmacy services, will use the financing from the Rhode Island Foundation’s Impact Investing program to increase capacity and deepen partnerships with community organizations.
“The infusion of capital will enable us to expand our offerings, accelerate ambitious multistate growth plans, and deepen partnerships with community organizations,” said Horizon Pharmacy CEO Jason Dana Costa. “At the heart of this expansion is a commitment to supporting nearly 1,000 individuals with free or subsidized care through a unique collaborative network.”
This marks Horizon Pharmacy’s second Impact Investing loan from the Rhode Island Foundation. The program provides capital to nonprofit organizations at favorable interest rates and terms for projects that yield direct impact in one of the foundation’s community priority areas.
The first investment helped the company increase annual prescription volume from 95,000 to 113,000 and doubled the number of clients receiving subsidized care.
“By aligning a portion of our investment portfolio with our mission, our assets can continue to grow while supporting larger scale or different kinds of projects than we normally do through our grant programs,” said David N. Cicilline, Rhode Island Foundation president and CEO.
Founded in 2014, Horizon Pharmacy provides closed-door long-term care pharmacy services, specializing in packaged medication for patients with complex care needs. The pharmacy is owned by Community Care Alliance, Thrive Behavioral Health and Newport Mental Health.
Dawn Allen, Thrive Behavioral Health interim CEO and chief of staff, said the technology investment will help expand prescription services for Rhode Islanders living with substance use or mental health disorders.
“Horizon’s expert staff deeply understands the unique challenges faced by clients with complex medication needs, and we’ve seen strong improvements in medication adherence when clients use Horizon’s simplified packaging to manage their care,” Allen said.
Costa said the funding represents a significant milestone in expanding access to innovative pharmacy care and behavioral health services throughout Rhode Island and beyond.