AdvancePCS Comments on CMS Proposal Regarding Rx Discount Cards for Medicare Beneficiaries.Business Editors, Health & Medical Writers IRVING, Texas--(BW HealthWire)--March 1, 2002 AdvancePCS (Nasdaq: ADVP), the nation's leading health improvement company, Friday commented on the Notice of Proposed Rule Making issued Thursday by the Centers for Medicare Medicare, national health insurance program in the United States for persons aged 65 and over and the disabled. It was established in 1965 with passage of the Social Security Amendments and is now run by the Centers for Medicare and Medicaid Services. & Medicaid Medicaid, national health insurance program in the United States for low-income persons; established in 1965 with passage of the Social Security Amendments and now run by the Centers for Medicare and Medicaid Services. Services (CMS (1) See content management system and color management system. (2) (Conversational Monitor System) Software that provides interactive communications for IBM's VM operating system. ) regarding a Medicare endorsement of private prescription A private prescription is a United Kingdom Medical term that refers to a prescription funded by the patient, rather than the National Health Service. Unlike NHS prescriptions, a private prescription can be written on any piece of paper and a doctor may also write their own drug discount cards. "As one of the largest and oldest providers of prescription discount cards for Americans without prescription coverage, we view the Administration's new proposal as a positive step forward in helping seniors to better afford their medications," said David D. Halbert, chairman and chief executive officer of AdvancePCS. "Our own programs have shown that discount cards serve a valuable role in the marketplace by providing needed relief from the high cost of drugs. "A Medicare-endorsed discount card program should allow more people to benefit from the savings and safety features that discount cards provide," Halbert added. "We look forward to reviewing and carefully analyzing the proposal in order to assess what role there may be for AdvancePCS. "We agree with CMS that a Medicare-endorsed drug card is not intended to be a substitute for a funded drug benefit," said Halbert. "We share the expectation that the Administration's program would be a first step towards drug coverage for Medicare beneficiaries. We look forward to working with the Administration to develop a program that will provide the most value to older Americans." About AdvancePCS AdvancePCS (www.advancepcs.com) is the nation's largest independent provider of health improvement services, touching the lives of more than 75 million health plan members and managing more than $21 billion in annual prescription drug prescription drug Prescription medication Pharmacology An FDA-approved drug which must, by federal law or regulation, be dispensed only pursuant to a prescription–eg, finished dose form and active ingredients subject to the provisos of the Federal Food, Drug, spending. AdvancePCS offers health plans a wide range of health improvement products and services designed to improve the quality of care delivered to health plan members and manage costs. The company's capabilities include integrated mail service and retail pharmacy pharmacy, art of compounding and dispensing drugs and medication. The term is also applied to an establishment used for such purposes. Until modern times medication was prepared and dispensed by the physician himself. In the 18th cent. networks, innovative clinical services, customized disease management programs, specialty pharmacy, clinical trials and outcomes research, information management, prescription drug services for the uninsured, and online health information for consumers. AdvancePCS clients include Blue Cross and Blue Shield Blue Shield A US not-for-profit health care insurer that is a reimbursement intermediary for physicians. Cf Blue Cross. organizations, insurance companies and HMOs, Fortune 500 employers, Taft-Hartley groups, state and local governments, and other health plan sponsors. AdvancePCS is ranked by Fortune magazine as one of America's 100 fastest-growing public companies, and is included on the Forbes Platinum 400 list of best big companies. Forward-Looking Statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. Any statements included in this press release that are not historical facts and that concern predictions of economic performance and management's plans and objectives constitute forward-looking statements under the safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. provision of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. These statements involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. We do not undertake any obligation to provide updates to such forward-looking statements. Factors that would cause or contribute to such differences include, but are not limited to, changes in the health care industry or the economy in general, competition, acquisitions, changes in the legislative or regulatory environment, and other factors detailed in AdvancePCS' Securities and Exchange Commission filings. |
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