AdvancePCS First to Test Pharmacy Software in Preparation for HIPAA Deadline.Business Editors, Health & Medical Writers IRVING, Texas--(BW HealthWire)--May 21, 2002 AdvancePCS (Nasdaq: ADVP), the nation's leading health improvement company, is the first major 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. benefit manager to successfully test the enhanced vendor software that the nation's pharmacies require to complete claims transactions according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. standards set by the Health Insurance Portability and Accountability Act The Health Insurance Portability and Accountability Act (HIPAA) was enacted by the U.S. Congress in 1996. According to the Centers for Medicare and Medicaid Services (CMS) website, Title I of HIPAA protects health insurance coverage for workers and their families when . Completion of this milestone keeps AdvancePCS on schedule to continue serving its clients and their members with instantaneous in·stan·ta·ne·ous adj. 1. Occurring or completed without perceptible delay: Relief was instantaneous. 2. claims processing in the new, more stringent and onerous on·er·ous adj. 1. Troublesome or oppressive; burdensome. See Synonyms at burdensome. 2. Law Entailing obligations that exceed advantages. regulatory environment that HIPAA (Health Insurance Portability & Accountability Act of 1996, Public Law 104-191) Also known as the "Kennedy-Kassebaum Act," this U.S. law protects employees' health insurance coverage when they change or lose their jobs (Title I) and provides standards for patient health, imposes on the health care industry beginning in October. October marks the deadline when most health care organizations that maintain or transmit electronic health care-related information must comply with HIPAA regulations unless they apply for the one-year extension allowed under the Administrative Simplification Compliance Act, Pub. Law 107-105. Pharmacies are included in that category because they process and receive payment for drug claims and use computer software to transmit claims to pharmacy benefit managers, including AdvancePCS. "We have spent thousands of hours and millions of dollars upgrading and rewriting re·write v. re·wrote , re·writ·ten , re·writ·ing, re·writes v.tr. 1. To write again, especially in a different or improved form; revise. 2. proprietary software programs to continue doing business with our 59,000 pharmacy partners so that we can maintain high service levels for our 75 million members," said David D. Halbert, AdvancePCS chairman and chief executive officer. "Being the first to successfully test our systems with pharmacy software vendors is a demonstration of our commitment to leadership in our industry." In the event a pharmacy has applied for a one-year delay, AdvancePCS will continue to accommodate the current claim format for an extended period of time. 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 $27 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 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. AdvancePCS earned the number two spot on the Barron's 500 list of best performing companies. |
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