Catalyst Rx to serve as exclusive provider of pharmacy benefits for Regence Rx; will establish Pharmacy Center of Excellence in Pacific Northwest
PORTLAND, OR and ROCKVILLE, MD Mar 19, 2012 - 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.
SOURCE: Catalyst Health Solutions, Inc.
Regence Rx, Inc.
Catalyst Investor Relations Contact:
Tim Pearson
Chief Financial Officer
301.548.2900
investorrelations@chsi.com
distributed by | This press release was issued by Catalyst Health Solutions Inc. and was initially posted at http://phx.corporate-ir.net/phoenix.zhtml?c=96579&p=irol-newsArticle&ID=1674178&highlight= . It was distributed, unedited and unaltered, by noodls on 2012-03-20 00:37:07 AM. The issuer is solely responsible for the accuracy of the information contained therein. |