The companies announced Tuesday that PYX Health, a social health platform, has acquired Healthy Food Company Farmboxrx. S2G Investments and TT Capital Partners invested $47.5 million in investments to drive the acquisition.
Based in Tucson, Arizona, PYX Health partnered with the Health Program to support members struggling for loneliness. Members receive unlimited calls to seek companionship and provide resources for physical, social and mental health needs. They also have access to mobile apps with understanding chatbots, self-guided health activities, interactive activities and reminders of medications.
Meanwhile, Boston-based FarmboxRX contracts with payers (mainly Medicaid and Medicare plans) to deliver boxes, cooking kits, educational materials and food pantry to patients’ doors.
The terms of the transaction are not disclosed. However, getting FarmBoxRX will help Pyx Health solve food insecurity, a challenge that many of its members struggle.
“By providing fresh food to our members, PYX Health seeks to build meaningful trust relationships. Research shows that members who trust health care systems are more likely to develop healthy habits, such as preventive care, can improve their health. “These healthy habits can reduce the frequency of much-needed expensive and unnecessary access to the emergency room, which is a win-win situation for health programs and their members.” ”
FarmBoxRx also recently launched a platform called Drivers Health, which helps address social determinants of health and provides data to return health plans for members’ needs. Jordan said the platform would be a “valuable allegory of automated development development for our own continuous interactive platform and omnichannel member experience.”
According to Farmboxrx CEO Ashley Tyrner-Dolce, Pyx Health isn’t the first company to buy FarmBoxRX. The company was created by Tyrner-Dolce, who relied on food stamps and Medicaid, which made her particularly interested in finding the right partners to carry out the company’s mission: “Empowering individuals to live the healthiest life by meeting unmet social needs with their own health,” she said.
“I’ve received many offers from companies for sale over the years, but no one feels right now – until now,” she said in an email. “Pyx Health shares our mission at our core to make it the ideal organization that builds the foundation for our creation.”
Tyrner-Dolce said she will remain “closely involved” to support the acquisition but will play a consulting role, while Jordan will serve as CEO of the merged company. She added that Tyrner-Dolce plans to continue food policy efforts.
She said that when selling FarmBoxRX to PYX Health, Tyrner-Dolce’s goal was to expand its collective impact.
“By bringing together FarmBoxRX’s expertise to address non-medical drivers such as food insecurity, and PYX Health’s innovative approach to dealing with loneliness and supporting mental health, we will be able to attract more people, deepen member engagement, and promote stronger health conditions, especially among vulnerable groups,” she said. “It’s not just about expanding our reach; it’s about expanding and enhancing the support we provide to address the full drivers of social health.”
Photo: Andreypopov, Getty Images
