WellChoice Selected as Vendor for Prescription Drug Contract for the New York State Account
14 Settembre 2005 - 10:49PM
Business Wire
WellChoice, Inc. (NYSE: WC) announced today that its primary
operating subsidiary, Empire Blue Cross Blue Shield, was selected
to enter into negotiations regarding the Prescription Drug Contract
for the New York State Account for a three-year period commencing
January 1, 2006. This account, which is known as The Empire Plan,
is the health insurance plan for employees of New York State and
other public authorities, public benefit corporations, and
participating government employers. The Company currently provides
hospital-only coverage for The Empire Plan and as of June 30, 2005,
the New York State account covered approximately 998,000 members.
The Company will collaborate with Caremark Rx, Inc., in
administering the program. Services to be provided under the
prescription drug contract will include account management,
pharmacy member services, retail pharmacy network contracting and
management, mail pharmacy services, formulary management and
compliance, utilization management and pharmacy clinical policies
and programs, claims processing and payment of claims to
participating pharmacies. The Company expects to receive between
$1.3 and $1.5 billion in revenues in the first year of the
contract, a portion of which will be paid to Caremark for the
services they provide. "Having represented the State account for
over 50 years, we are pleased to have been selected by the State as
its vendor of choice to expand on the services we currently
provide," said Michael A. Stocker, M.D., president and CEO of
WellChoice. "We believe that this combination of two industry
leaders - WellChoice and Caremark - will help ensure the expertise
and knowledge needed to effectively manage this program." The final
award is contingent upon the successful contract negotiations
between the NYS Department of Civil Service and the Company as well
as approval by the Office of the NYS Comptroller. About WellChoice,
Inc. WellChoice, Inc. is the parent company of the largest health
insurer in the State of New York, based on PPO and HMO membership.
WellChoice, through its Empire Blue Cross Blue Shield subsidiaries,
has the exclusive right to use the Blue Cross and Blue Shield names
and marks in 10 downstate New York counties and one or both of
these names and marks in selected counties in upstate New York.
WellChoice offers a broad portfolio of products, including managed
care and traditional indemnity products, and has a broad customer
base including large group, middle-market and small group,
individual, and national accounts. Additional information on
WellChoice can be found at www.wellchoice.com. About Caremark Rx
Caremark Rx, Inc. is a leading pharmaceutical services company,
providing through its affiliates comprehensive drug benefit
services to over 2,000 health plan sponsors and their plan
participants throughout the U.S. Caremark's clients include
corporate health plans, managed care organizations, insurance
companies, unions, government agencies and other funded benefit
plans. The Company operates a national retail pharmacy network with
over 60,000 participating pharmacies, seven mail service
pharmacies, the industry's only FDA-regulated repackaging plant and
21 licensed specialty pharmacies for delivery of advanced
medications to individuals with chronic or genetic diseases and
disorders. Additional information about Caremark Rx is available on
the World Wide Web at www.caremarkrx.com. Cautionary Statement Some
of the information contained in this press release is
forward-looking, including statements relating to future financial
or business results. Forward-looking information is based on
management's estimates, assumptions and projections and is subject
to significant uncertainties and other factors, many of which are
beyond the company's control. Important risk factors could cause
future results to differ materially from those estimated by
management. Those risks and uncertainties include but are not
limited to: execution of the definitive agreement for the New York
State Account Prescription Drug Program, our ability to accurately
predict health care costs and to manage those costs through
underwriting criteria, quality initiatives and medical management;
product design and negotiation of favorable provider reimbursement
rates; our ability to maintain or increase our premium rates;
possible reductions in enrollment in our products or changes in
membership including the loss of either the New York City or the
New York State account; the regional concentration of our business
in the New York metropolitan area and the effects of economic
downturns in that region or generally; future bio-terrorist
activity or other potential public health epidemics; the impact of
health care reform and other regulatory matters; and the outcome of
litigation. For a more detailed discussion of these and other
important factors that may materially affect WellChoice, please see
WellChoice's filings with the Securities and Exchange Commission,
including the discussion of risk factors and historical results of
operations and financial condition in its Annual Report on Form
10-K for the year ended December 31, 2004 and its Quarterly Report
on Form 10-Q for the three months ended March 31, 2005 and for the
three months ended June 30, 2005.
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