EXHIBIT 99.1


                                              Financial Contact: Joel Kimbrough
                                                                   901.385.3621
                                       Investor Relations Contact: Kerry Finney
                                                                   901.381.7442


For Immediate Release

ACCREDO HEALTH COMPLETES ACQUISITION OF HEMOPHILIA RESOURCES OF
AMERICA, INC.

MEMPHIS, TN, July 21, 2004 - Accredo Health, Incorporated (NASDAQ: ACDO)
announced today that its wholly owned subsidiary, Hemophilia Health Services,
Inc. (HHS), has acquired 100% of the outstanding stock of privately-held HRA
Holding Corporation and its wholly owned subsidiary, Hemophilia Resources of
America, Inc. ("HRA"). HRA, a leading full service provider of hemophilia
coagulation products and services for adults and children living with
hemophilia and von Willebrand disease, has pharmacy locations in Pine Brook,
NJ, Dalton, GA, Greensboro, NC, and Liberty Township, OH, serving patients in
30 states.

"The transaction, which was contingent on receiving all necessary regulatory
approvals including Federal Trade Commission approval under Hart-Scott-Rodino
Act (HSR), closed today," stated Accredo Health Chairman and CEO, David D.
Stevens. "We look forward to adding HRA and its talented workforce to the
Accredo family. This merger further evidences our continued commitment to
providing quality products and services to the hemophilia community. We
continue to expand and strengthen our position as the leading provider of
service to patients, their physicians, and their payors," said Mr. Stevens.

The Company is in the process of amending and expanding its Senior Credit
Facility to a total of $550 million from the existing $325 million facility. As
part of this amendment, the Company will expand its Revolving Credit line from
the present $125 million facility with a remaining 3 year maturity to a $175
million revolver with a 5 year maturity and issue $375 million of Term B Notes
with a 7 year maturity. The new Term B notes will refinance the existing Term A
and Term B notes outstanding. Upon completion of the amendment process, the
Company expects to expense approximately $4.5 million of unamortized debt
issuance costs associated with the existing credit facility as a one-time
non-cash charge in the September 2004 quarter. This charge was not included in
the Company's previously issued earnings per share estimates.

Accredo Health, Incorporated provides specialized pharmacy and related services
relating to the treatment of patients with certain costly, chronic diseases.
The Company's services include collection of timely drug utilization and
patient compliance information, patient education and monitoring through the
use of written materials and telephonic consultation, reimbursement expertise
and overnight drug delivery.

In addition to historical information, certain of the statements in the
preceding paragraphs, particularly those anticipating future financial
performance, business prospects and growth and operating strategies constitute
forward-looking statements within the meaning of the "safe harbor" provisions
of the Private Securities Litigation Reform Act of 1995. Such statements may be
identified by words such as anticipate, believe,



estimate, expect, intend, predict, hope or similar expressions. Such
statements, which include estimated financial information or results and the
quoted comments of Mr. Stevens above, are based on management's current
expectations and are subject to a number of factors and uncertainties which
could cause actual results to differ materially from those described in the
forward-looking statements, including, without limitation, the loss of a
biopharmaceutical relationship, our inability to sell existing products,
difficulties integrating acquisitions, the impact of pharmaceutical industry
regulation, the difficulty of predicting FDA and other regulatory authority
approvals, the regulatory environment and changes in healthcare policies and
structure, acceptance and demand for new pharmaceutical products and new
therapies, the impact of competitive products and pricing, the ability to
obtain products from suppliers, reliance on strategic alliances, the ability to
expand through joint ventures and acquisitions, the ability to maintain pricing
arrangements with suppliers that preserve margins, the need for and ability to
obtain additional capital, the seasonality and variability of operating
results, the Company's ability to implement its strategies and achieve its
objectives and the risks and uncertainties described in reports filed by
Accredo with the Securities and Exchange Commission under the Securities
Exchange Act of 1934, as amended, including without limitation, cautionary
statements under the heading "Risk Factors" made in Accredo's Annual Report on
Form 10-K for its year ended June 30, 2003 and its most recent 10-Q.


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