|CVS/pharmacy and Midwest Health Plan Reach Agreement to Keep CVS in Network|
WOONSOCKET, R.I.--(BUSINESS WIRE)--Aug. 7, 2006--CVS/pharmacy, America's largest retail pharmacy, announced today that it has reached an agreement with Midwest Health Plan that will enable CVS to continue filling prescriptions for Midwest Health Plan members.
Midwest Health Plan provides services in Macomb, Oakland, Washtenaw and Wayne counties, Michigan, for more than 50,000 members.
CVS/pharmacy had been in discussions with Midwest Health Plan's pharmacy benefit management company, 4-D, for several months regarding the Plan's unacceptable reimbursement rates. CVS worked diligently to negotiate reimbursement solutions that take into account the costs associated with providing patients with quality pharmacy services. With continued dialogue, both sides were able to reach an agreement.
"With Dr. Mark Saffer, President of Midwest Health Plan, joining the discussions, we were able to reach a mutually acceptable agreement," said Tom Morrison, Vice President of Managed Care at CVS/pharmacy. "I am pleased that we will be able to continue providing Midwest Health Plan members with the quality pharmacy services that they have come to expect at CVS/pharmacy."
CVS/pharmacy is a wholly owned subsidiary of CVS Corporation (NYSE:CVS) and is America's largest retail pharmacy. CVS/pharmacy is committed to serving the healthcare needs of all customers by being the easiest pharmacy for customers to use, both in its stores and online at CVS.com. 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.
CONTACT: CVS/pharmacy Media contact: Mike DeAngelis, 401-770-2645 or Investor Relations contact: Nancy R. Christal, 914-722-4704 SOURCE: CVS/pharmacy