TAMPA, Fla., Feb. 13, 2012 /PRNewswire/ -- Comprehensive
Care Corporation ("CompCare" or the "Company") (OTCBB: CHCR) today
announced that it has launched its innovative new pharmacy
management program designed to substantially lower prescription
drug costs in California.
"This is an innovative initiative, which has provided us with
the ability, in almost every case, to materially lower the costs of
prescription drugs for our clients. An example, outside of
California, is noteworthy.
One of our HMO clients is at risk for its member's prescription
drugs and spends approximately $300
million annually. After analyzing the drug spend,
CompCare offered to go at full risk for the identical drugs for
only $270 million. If the
client accepts this proposal, it would totally eliminate the
client's drug cost risk, providing the client an immediate
$30 million savings to its bottom
line over its previous year drug spend," said Clark A. Marcus, Chairman and CEO.
"We are able to provide savings because of our affiliation with
a major retailer, affording us significantly lower prices," Mr.
Marcus explained. "In California, at CompCare's sole cost and
expense, we will conduct a detailed analysis of any potential
client's pharmacy costs over any selected 90-day period.
Based on this analysis, the Company generally finds that it is able
to offer the potential client a drug cost savings of up to 10
percent. We believe we can save California companies millions of dollars in
prescription drug costs, an important goal in very difficult
economic times, but especially important now. In California,
CompCare gets paid for this service out of the savings the client
realizes – there is no fee. Both in and out of California, the Company has received an
overwhelmingly positive response to this initiative," said Mr.
Marcus.
CompCare was established in 1969, and it provides behavioral
health, substance abuse and psychotropic pharmacy management
services throughout the United
States. Headquartered in Tampa,
Florida, CompCare focuses on personalized attention,
flexibility, a commitment to high-quality services and innovative
approaches to behavioral health that address both the specific
needs of clients and changing healthcare industry demands. For more
information, please call 813-288-4808 or visit our website at
www.compcare.com .
Forward-Looking Statements
Except for statements of historical fact, the matters
discussed in this press release, including but not limited to our
ability to achieve profitability and the trend of our operating
results towards profitability, are forward looking and made
pursuant to the Safe Harbor provisions of the Private Securities
Litigation Reform Act of 1995. These forward-looking statements
reflect numerous assumptions and involve a variety of risks and
uncertainties, many of which are beyond the company's control that
may cause actual results to differ materially from stated
expectations. These risk factors include, among others, changes in
local, regional, and national economic and political conditions,
the effect of governmental regulation, competitive market
conditions, varying trends in member utilization, our ability to
manage healthcare operating expenses, our ability to achieve
expected results from new and existing business, our ability to
expand and manage our provider network, the profitability, if
any, of our recently acquired or previously existing capitated
contracts, the costs incurred in seeking new contracts, the loss or
termination of any existing contract, increases or variations in
cost of care, seasonality, the Company's ability to obtain
additional financing and additional risk factors as discussed in
the reports filed by the Company with the Securities and Exchange
Commission, which are available on its website at
www.sec.gov.
Investor Contacts:
Paul Knopick
E & E Communications
pknopick@eandecommunications.com
949.707.5365
SOURCE Comprehensive Care Corporation