PORTLAND, Ore. and ROCKVILLE, Md., March
19, 2012 /PRNewswire/ -- Regence Rx, Inc. and Catalyst
Health Solutions, Inc., (NASDAQ: CHSI) today announced an agreement
that establishes Catalyst Rx as the exclusive provider of pharmacy
benefit management (PBM) services for Regence Rx. The agreement is
expected to be effective May 1, 2012
and the initial term runs through December
31, 2017 with a four-year optional extension. Through this
agreement, Regence Rx will carve out its operational functions, and
transfer related people, technology, and internal client service
assets to Catalyst for them to manage and operate. Regence Rx will
continue to provide clinical and contracting support to its
customers.
Catalyst Rx is a full-service PBM that serves more than 18
million lives in the United States
and Puerto Rico. This agreement
will allow Regence Rx to leverage the scale and expertise of
Catalyst Rx, one of the country's fastest growing PBMs, and its
national provider network as the two organizations partner to
deliver more efficient pharmacy benefit programs and better
clinical outcomes for clients and individuals throughout the
Pacific Northwest and Intermountain State Regions. Regence Rx
currently provides PBM services for more than 1.2 million members
of Regence Health Plans and provides related services to over 7.7
million members from other Blue Cross and Blue Shield and Medicaid
plans.
"We are excited about the opportunity to partner with Regence Rx
to deliver PBM services to their clients and members," said
Catalyst Health Solutions President and Chief Operating Officer
Rick Bates. "Through this
collaboration, Catalyst will work with Regence Rx to establish a
pharmacy Center of Excellence in the Northwest that will help us
serve an even greater number of employers, individuals and
communities throughout the region."
"By joining forces, our companies will be able to fulfill our
mutual goal of supporting an economically sustainable health care
system," said President of Direct Health Solutions for Cambia
Health Solutions, Inc., John W.
Morgan. "Additionally, as we leverage Catalyst's national
provider network and contracting capabilities, investments in
product development, and expanded sales and marketing resources,
Regence Rx will be in a position to improve our efficiency, deliver
enhanced service to our clients and leverage new opportunities to
grow our business."
Under the terms of the agreement, Catalyst will retain Regence
Rx staff and provide Regence Rx with a full complement of PBM
services, including: claims adjudication, member services, network
administration, rebate contracting, mail and specialty drug
management, data reporting and analytics, as well as client service
and sales support.
Christopher Price of Broad Creek
Partners, LLC was the strategic advisor to Regence Rx.
About Catalyst Health Solutions, Inc.
(www.chsi.com):
Catalyst Health Solutions, Inc., the fastest growing national
PBM in the U.S., 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 (PBM) serving more than 18
million lives in the United States
and Puerto Rico; HospiScript
Services, LLC, one of the largest providers of PBM services to the
hospice industry; FutureScripts, LLC, a full-service PBM serving
approximately one million lives in the mid-Atlantic region; and a
fully integrated prescription mail service facility. The Company's
clients include self-insured employers, including state and local
governments, managed care organizations, unions, hospices,
third-party administrators and individuals.
About Regence Rx, Inc.
The mission of Regence Rx is to ensure that members have
affordable coverage for prescription medications. The company is
distinguished by its focus on clinical evidence to build its
formulary, and its focus on lowest net costs has helped reduce the
cost of prescription medications for Regence Rx and their members.
Regence Rx currently provides PBM services for more than 1.2
million members of Regence Health Plans. In addition, over 7.7
million members from other Blue Cross and Blue Shield and Medicaid
plans trust Regence Rx to provide clinical and contracting support.
Regence Rx, Inc. is part of the Cambia Health Solutions family of
companies.
Forward-Looking Statements
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, 2011, 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.
Catalyst Media Contact:
Christopher T. Burns
Senior Vice President, Marketing
240.268.9666
cburns@chsi.com
Catalyst Investor Relations Contact:
Tim Pearson
Chief Financial Officer
301.548.2900
investorrelations@chsi.com
Regence Rx Media Contact:
Samantha Meese
503.225.4871
samantha.meese@cambiahealth.com
SOURCE Catalyst Health Solutions, Inc.; Regence Rx, Inc.