Catalyst Rx Announces PBM Contract Award by Wellmark Blue Cross & Blue Shield; Seven-Year Agreement to Cover More Than 1.2 Mi...
October 25 2010 - 9:00AM
Business Wire
Catalyst Rx, the pharmacy benefit management (PBM) subsidiary of
Catalyst Health Solutions, Inc. (NASDAQ: CHSI), announced the award
of a new service contract with Wellmark following a competitive bid
process. Wellmark does business as Wellmark Blue Cross and Blue
Shield of Iowa and its subsidiaries include Wellmark Blue Cross and
Blue Shield of South Dakota and Wellmark Health Plan of Iowa, Inc.
Wellmark Blue Cross and Blue Shield is an independent licensee of
the Blue Cross and Blue Shield Association. The new contract,
effective January 1, 2011, will cover approximately 1.2 million
members.
Catalyst Rx began administering pharmacy benefits for Wellmark
on July 1, 2006. "Wellmark's selection of Catalyst Rx reflects
continued success in our efforts to provide clients with heightened
performance accountability, transparency and innovative solutions
to managing prescription benefits," said David Blair, Chief
Executive Officer of Catalyst Health Solutions. "We appreciate the
opportunity to continue building on our collaborative partnership
to drive the most care- and cost-effective solutions.”
"Catalyst’s transparent pricing model and ability to deliver
customized programs have allowed us to deliver a high-quality
pharmacy benefit to members while effectively reducing our pharmacy
costs,” says Wellmark Pharmacy Director Matt Hosford, RPH.
“Leveraging our combined expertise, and our commitment to quality
and service excellence, we will provide greater value for our
customers.”
About Catalyst Health Solutions, Inc.
(www.chsi.com)
Catalyst Health Solutions, Inc. is built on strong, innovative
principles in the management of prescription drug benefits and
provides an unbiased, client-centered philosophy resulting in
industry-leading client retention rates. The Company's subsidiaries
include Catalyst Rx, a full-service pharmacy benefit manager
serving more than 7 million lives in the United States and Puerto
Rico; HospiScript Services, LLC, one of the largest providers of
pharmacy benefit management services to the hospice industry; and
Immediate Pharmaceutical Services, Inc., a fully-integrated
prescription mail service facility in Avon Lake, Ohio. The
Company's clients include self-insured employers, including state
and local governments, managed care organizations, unions,
hospices, third-party administrators and individuals.
About Wellmark Blue Cross and Blue Shield
(www.wellmark.com)
Wellmark Blue Cross and Blue Shield is a mutual insurance
company owned by its policyholders. Wellmark and its subsidiaries
provide health coverage to more than 2 million members in Iowa
and South Dakota. And through the Blue Cross Blue Shield
Association, Wellmark is part of a trusted national network that
covers more than 100 million people.
The Company has an innovative approach to improving the health
of its members and their communities. Wellmark offers flexible
benefit designs, competitive prices and is committed to working
with physicians, hospitals, customers, and other stakeholders to
transform the health care system in Iowa and South Dakota to slow
rising health care costs.
This press release may contain “forward-looking statements” as
defined in the Private Securities Litigation Reform Act of 1995.
These statements involve a number of risks and uncertainties that
might materially affect our results, particularly those risks
referred to in our Annual Report on Form 10-K for the year ended
December 31, 2009, and in our Quarterly Report on Form 10-Q for the
quarter ended June 30, 2010 under “Item 1A. Risk Factors.” Readers
are urged to carefully review and consider the various disclosures
made in our Annual Report on Form 10-K, our Forms 10-Q, and our
other filings with the Securities and Exchange Commission that
attempt to advise interested parties of the risks and uncertainties
that may affect our business. Catalyst Health Solutions, Inc. does
not undertake any obligation to update forward-looking statements,
whether as a result of new information, future events, or other
developments.
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