SAN JUAN, Puerto Rico,
Sept. 4, 2018 /PRNewswire/
-- Triple-S Management Corporation (NYSE: GTS), today
announced that its managed care subsidiary, Triple-S Salud, Inc.,
on its behalf and on behalf of its Medicare Advantage subsidiary,
Triple-S Advantage, Inc. ("Triple-S" or the "Company"), has entered
into a three-year agreement with Abarca Health, LLC, a leading
pharmacy benefits manager (PBM) in Puerto
Rico, to consolidate the management of its prescription drug
benefit programs for its Commercial and Medicare business
lines. The agreement with Abarca is effective January 1, 2019.
Abarca currently serves as Triple-S's Medicare Advantage
PBM. The current collaboration between Triple-S and Abarca
has been essential to achieving a five-star rating in the Part D
component of Triple-S's HMO product each of the past two years, and
contributing to the HMO product's overall four-star
rating.
Under the new agreement:
- Abarca will provide prescription drug claim processing,
pharmacy network management, and support or delivery of clinical
programs for Triple-S Commercial and Medicare Advantage
members.
- The agreement will benefit approximately 568,000 Triple-S
members, representing close to $600
million in annual drug spending.
- The collaboration is expected to improve Triple-S's care
management and create operational efficiencies, ultimately reducing
expenses and generating long-term value for both customers and
shareholders.
"After a thorough selection process, we chose to expand our
current relationship with Abarca based on their outstanding track
record of providing Triple-S with excellent pharmacy benefits and
customer service," said Madeline Hernández-Urquiza, President of
Triple-S. "In an environment where new drugs are constantly
entering the market and price fluctuations are ever-present, our
agreement with Abarca allows for a true partnership. We
expect to further leverage their innovative technology to deliver
continuous high-quality care focused on safety and clinical
outcomes, while utilizing rigorous analytics to improve pharmacy
and medical management. In the end, our customers should
benefit from better integration and coordination of pharmacy
services, which should result in an improved overall experience,
while we more efficiently manage expenses."
"We have been working side-by-side with Triple-S for the past
six years and have accomplished incredible things together,
including five-star ratings in Medicare Part D for the past two
years," said Jason Borschow, Chief
Executive Officer of Abarca. "As we deepen our partnership with
Triple-S, we look forward to deploying game-changing improvements
to the customer experience for Triple-S members, providers, and
other key stakeholders. We're just getting started."
About Triple-S Management Corporation
Triple-S Management Corporation is an independent licensee of
the Blue Cross Blue Shield Association. It is one of the leading
players in the managed care industry in Puerto Rico. Triple-S Management has the
exclusive right to use the Blue Cross Blue Shield name and mark
throughout Puerto Rico, the
U.S. Virgin Islands, and
Costa Rica. With more than 55
years of experience in the industry, Triple-S Management offers a
broad portfolio of managed care and related products in the
Commercial, Medicare Advantage, and Medicaid markets under the Blue
Cross Blue Shield marks. It also provides non-Blue Cross Blue
Shield branded life and property and casualty insurance in
Puerto Rico. For more information
about Triple-S Management, visit www.triplesmanagement.com or
contact investorrelations@ssspr.com.
About Abarca
Abarca has extensive experience, mostly in Puerto Rico, serving public and private sector
organizations, including: Medicare and Commercial Health Plans,
Self Insured Employers, State Medicaid Programs, and Large Insurers
and PBMs. Abarca is built on the belief that there is a
better way for people and companies to work together, connect with
each other, and make healthcare awesome for everyone. Abarca's
smarter platform, Darwin, was built from the ground up by Abarca to
be fully integrated and user friendly. With smarter technology and
a straightforward approach to business, Abarca provides a much
better experience and greater value for payers and consumers. For
nearly a decade, Abarca has helped many in our industry.
For additional information visit abarcahealth.com.
Forward-Looking Statements
This document contains forward-looking statements, as defined in
the Private Securities Litigation Reform Act of 1995.
Forward-looking statements include information about possible or
assumed future sales, results of operations, developments,
regulatory approvals or other circumstances. Sentences that include
"believe", "expect", "plan", "intend", "estimate", "anticipate",
"project", "may", "will", "shall", "should" and similar
expressions, whether in the positive or negative, are intended to
identify forward-looking statements.
All forward-looking statements in this news release reflect
management's current views about future events and are based on
assumptions and subject to risks and uncertainties. Consequently,
actual results may differ materially from those expressed here as a
result of various factors, including all the risks discussed and
identified in public filings with the U.S. Securities and Exchange
Commission (SEC).
FOR FURTHER
INFORMATION:
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|
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AT THE
COMPANY:
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INVESTOR
RELATIONS:
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Juan José
Román-Jiménez
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Mr. Garrett
Edson
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EVP and Chief
Financial Officer
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ICR
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(787)
749-4949
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(787)
792-6488
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SOURCE Triple-S Management Corporation