|Bluegrass Family Health Selects PharmaCare to Administer Prescription Benefits; Four-Year Contract Adds 50,000 Lives to One of the Nation's Largest PBMs|
LINCOLN, R.I.--(BUSINESS WIRE)--June 22, 2006--PharmaCare, one of the nation's largest pharmaceutical benefit managers (PBMs), announced today that it has been selected by Bluegrass Family Health, a community based not-for-profit health plan, to administer prescription drug benefits to more than 50,000 members throughout Kentucky.
Effective July 1, 2006, PharmaCare will provide BFH integrated pharmacy benefit management, specialty, and mail order services. BFH will also implement PharmaCare's suite of innovative patient-centric programs designed to empower members to take a more active role in their care, including DURNow, a daily review of prescriptions that alerts patients about potentially dangerous drug use, and Patient Alert, a program designed to educate members about cost-effective generic and preferred alternatives to their brand-name medications.
According to Joseph Vennari, Director of Pharmacy Services at BFH, these offerings were central to the company's selection of PharmaCare. "PharmaCare's patient-centric programs give us more effective ways to target our members with timely interventions, communicate with them about important drug information, and help us lower their out of pocket costs."
BFH previously worked with a PBM and a specialty provider but initiated the search for a PBM last year who could meet all of the company's prescription benefits needs. During the four-month review process, BFH considered six companies, and PharmaCare emerged as the clear choice. "What it came down to was PharmaCare's innovation, value and clinical expertise," said Vennari.
Another key reason BFH chose PharmaCare is the PBM's customer focus. "BFH is a very customer oriented organization," said Vennari. "We really act as an advocate for the member, respond quickly to their needs, and are accessible company-wide. We felt PharmaCare shared a similar business philosophy and would make an excellent fit."
"We're proud BFH has chosen to partner with us," said Greg Weishar, President and CEO of PharmaCare. "By offering operational advances like better integration of specialty pharmacy services and real-time reporting, we'll be able to help BFH perform more efficiently. But what was most important to BFH is our nationally recognized customer service. Our complementary cultures will ensure the member always comes first and that will be a key to our joint success."
PharmaCare is a wholly-owned subsidiary of CVS Corporation (NYSE:CVS). Founded on the principles of value, trust and integrity, PharmaCare is one of the largest pharmaceutical benefit managers in the country. The company helps large employers, managed care organizations, insurance companies, unions and government agencies provide safe, cost effective prescription drug coverage for millions of Americans. PharmaCare's comprehensive offerings include fully integrated, state-of-the art mail-service, one of the nation's largest specialty pharmacies with a unique model that includes specialty mail services as well as 52 retail/clinic pharmacy locations, and a network of more than 56,800 pharmacies in all 50 states, and in nearly every city. Additional information on PharmaCare can be found at www.pharmacare.com.
CVS is America's largest retail pharmacy, operating more than 6,100 retail and specialty pharmacy stores in 44 states and the District of Columbia. With more than 40 years of dynamic growth in the retail pharmacy industry, CVS is committed to being the easiest pharmacy retailer for customers to use. CVS has created innovative approaches to serve the healthcare needs of all customers through its CVS/pharmacy stores; its online pharmacy, CVS.com; and its pharmacy benefit management, mail order and specialty pharmacy subsidiary, PharmaCare. General information about CVS is available through the Investor Relations portion of the Company's website, at http://investor.cvs.com, as well as through the pressroom portion of the Company's website, at www.cvs.com/pressroom.
About Bluegrass Family Health, Inc.
BFH Family Health is a Kentucky-based group health plan serving over 300,000 members throughout Kentucky. With headquarters in Lexington and a Louisville sales office, BFH provides employer group insurance with a wide array of products to meet the needs of the marketplace. BFH was created to provide access to exceptional medical care, affordable and flexible health plans, and personal service. The company supports a consumer directed approach to health care through their Bluegrass Consumer Choice product. For additional information on BFH, visit www.BGFH.com.
CONTACT: PharmaCare Management Services, Inc.