AdvancePCS Completes Acquisition of Accordant Health Services.Business Editors & Health/Medical Writers IRVING, Texas--(BUSINESS WIRE)--Nov. 4, 2002 AdvancePCS (Nasdaq:ADVP), the nation's leading health improvement company, today announced it has completed, effective Nov. 1, 2002, its previously announced acquisition of privately held Accordant Health Services health services Managed care The benefits covered under a health contract , a premier disease management company that focuses on helping patients with complex, chronic and progressive diseases. Accordant, which has headquarters in Greensboro, N.C., is now an AdvancePCS subsidiary offering disease management programs in 15 high-cost, niche disease states, including hemophilia, multiple sclerosis, cystic fibrosis cystic fibrosis (sĭs`tĭk fībrō`sĭs), inherited disorder of the exocrine glands (see gland), affecting children and young people; median survival is 25 years in females and 30 years in males. , rheumatoid arthritis rheumatoid arthritis Chronic, progressive autoimmune disease causing connective-tissue inflammation, mostly in synovial joints. It can occur at any age, is more common in women, and has an unpredictable course. , seizure disorders and Gaucher disease Gaucher Disease Definition Gaucher disease is a rare genetic disorder that results in accumulation of fatty molecules called cerebrosides. It can have serious effects on numerous body organs including the liver, spleen, bones and central nervous system. . "We are pleased with our clients' very positive response to our acquisition of Accordant," said David D. Halbert, AdvancePCS chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. . "We look forward to introducing our customers to Accordant and its industry-leading capabilities. The addition of Accordant enables us to offer an end-to-end solution (jargon) end-to-end solution - (E2ES) A term that suggests that the supplier of an application program or system will provide all the hardware and/or software components and resouces to meet the customer's requirement and no other supplier need be involved. Compare: turn-key solution. incorporating comprehensive disease management programs and the cost management advantages of our specialty pharmacy business, AdvancePCS SpecialtyRx." Steven K. Schelhammer, founder and president of Accordant, said the company will contribute significantly to AdvancePCS' health improvement model. "We are excited about the opportunities to expand AdvancePCS' capabilities into the management of rare, complex and expensive diseases with programs that lower overall health care costs," he said. AdvancePCS is the nation's largest independent provider of health improvement services, touching the lives of more than 75 million health plan members and managing approximately $28 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. 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. AdvancePCS earned the No. 2 spot on the Barron's 500 list of best performing companies. AdvancePCS is both a Fortune 500 and Fortune Global 500 company. |
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