Provider Network Holdings appointed Keith Crawford as President this December, marking a significant leadership addition for the specialty pharmacy platform backed by Waud Capital Partners. The appointment arrives less than a year after PNH’s formation through the combination of four distinct healthcare businesses.
Platform Genesis and Foundational Architecture
PNH emerged through the 2024 integration of Altus Biologics, Remedy GPO, Cornerstone Specialty Network, and Health Coalition. The combined entity supports over 2,000 provider partners across 41 states, offering comprehensive practice management, supply chain solutions, and pharmaceutical services for specialty and biologic drug needs.
This integration approach reflects a deliberate method for healthcare platform development—one that prioritizes complementary capabilities over simple consolidation. Altus brings biologic medication management expertise, Remedy operates group purchasing infrastructure, Cornerstone delivers oncology network aggregation, and Health Coalition contributes 35 years of pharmaceutical distribution experience.
The Waud Capital Methodology
Reeve Waud founded Waud Capital Partners in 1993, establishing a healthcare investment approach centered on exceptional management teams and operational value creation. The firm’s track record demonstrates consistent execution across healthcare services platforms, with Acadia Healthcare serving as a defining case study.
Waud formed Acadia Healthcare in 2005 as a behavioral health startup, guiding the company through aggressive growth to a successful 2011 IPO. Acadia currently operates over 260 facilities across 40 states, and Waud continues serving as Chairman of its board—demonstrating the long-term partnership approach that characterizes his investment philosophy.
The firm manages approximately $4.6 billion in assets and has completed more than 500 investments since inception. Healthcare platforms under Waud Capital stewardship average 10+ add-on acquisitions during hold periods, with realized investments demonstrating average revenue growth exceeding 400%.
Crawford’s Operational Credentials
Crawford brings extensive specialty pharmacy and infusion services expertise to PNH. Most recently, he served as President of Specialty Pharmacy & Infusion Solutions at CarepathRx, overseeing operations serving more than 600 hospitals before the company’s acquisition by Evernorth Health Services, a Cigna subsidiary.
His career includes leadership roles at Solara Medical Supplies, Medical Specialty Distributors, and Coram Healthcare—building a comprehensive understanding of specialty pharmaceutical distribution, group purchasing organizations, and physician network relationships. This background aligns precisely with PNH’s multi-business platform structure.
Crawford’s appointment signals PNH’s transition from platform formation to active growth execution. The combination of Waud Capital’s investment resources, proven healthcare platform-building methodology, and Crawford’s operational expertise positions the company for expansion across specialty healthcare segments—following a blueprint successfully deployed at Acadia and other Waud Capital portfolio companies.
