CareFirst Selects New Pharmacy Benefit Manager
CVS Caremark Will Provide Pharmacy and Other Services to 1.1 Million CareFirst Members
Baltimore, MD (April 29, 2013) - CareFirst BlueCross BlueShield (CareFirst) announced today that it has entered into a three-year agreement with CVS Caremark to provide pharmacy benefit and other related services to its commercial and Medicare Part D members. Beginning Jan. 1, 2014, all claims for CareFirst members with a pharmacy benefit will be processed through CVS Caremark.
“As Federal health reform begins to fully take effect, we are heading into a challenging environment in which meeting our members pharmacy needs – and doing so cost efficiently – is more important than ever,” said CareFirst President and CEO Chet Burrell. “We conducted a thorough and competitive process to identify the best possible pharmacy benefit partner. Through our new relationship with CVS Caremark, we expect to realize substantial savings in prescription drug costs that we will reflect in premiums to our subscribers. These savings are critical as we seek to keep coverage affordable in the face of many factors that continue to push health care costs upward.”
Under the terms of the agreement, CVS Caremark will provide a specialized account team to help support the integration of pharmacy data and information into key CareFirst initiatives. CareFirst’s Patient-Centered Medical Home and Total Care and Cost Improvement programs share a common goal of improving care quality while reducing or slowing the rise of care costs. Accurate and complete pharmacy claims information is essential to maximizing the value of these programs both for our members and accounts.
“We are pleased that CareFirst has selected CVS Caremark to manage the pharmacy benefit for their members starting in 2014,” said Jon Roberts, President of CVS Caremark’s pharmacy benefit management business. “We believe that CVS Caremark’s unique integrated model for pharmacy care will provide CareFirst members with innovative, cost-effective pharmacy benefit management services that also help improve health outcomes.”
In its 76th year of service, CareFirst, an independent licensee of the Blue Cross and Blue Shield Association, is a not-for-profit health care company which, through its affiliates and subsidiaries, offers a comprehensive portfolio of health insurance products and administrative services to 3.4 million individuals and groups in Maryland, the District of Columbia and Northern Virginia. In 2012, CareFirst contributed $57 million to community programs designed to increase the accessibility, affordability, safety and quality of health care throughout its market areas. To learn more about CareFirst BlueCross BlueShield, visit our website at www.carefirst.com or follow us on Twitter: http://twitter.com/CareFirst_News.
About CVS Caremark
CVS Caremark is dedicated to helping people on their path to better health as the largest integrated pharmacy company in the United States. As a pharmacy innovation company, CVS Caremark continually strives to develop new approaches to help improve health and lower costs.