AdvancePCS Wins New Multi-Year Contract with Health Care Service Corp.Health/Medical Writers IRVING, Texas--(BW HealthWire)--June 21, 2001 Agreement Adds 2 Million New Members From 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. of Illinois and Renews Existing Business AdvancePCS (Nasdaq: ADVP), the nation's leading health improvement company, Thursday announced it has signed an agreement to provide pharmacy benefit management A Pharmacy Benefit Manager (PBM) is a third party administrator of prescription drug programs. They are primarily responsible for processing and paying prescription drug claims. services to more than 3 million plan members of Chicago-based Health Care Service Corp. The multi-year service contract, which is effective Jan. 1, 2002, includes 2 million new lives with Blue Cross and Blue Shield of Illinois as well as renewals with current clients Blue Cross and Blue Shield of Texas and Blue Cross and Blue Shield of New Mexico New Mexico, state in the SW United States. At its northwestern corner are the so-called Four Corners, where Colorado, New Mexico, Arizona, and Utah meet at right angles; New Mexico is also bordered by Oklahoma (NE), Texas (E, S), and Mexico (S). . "AdvancePCS is pleased to be expanding its relationship with the Health Care Service Corp. family of Blue Cross organizations, especially considering our long history with Blue Cross and Blue Shield of Texas," said David D. Halbert, AdvancePCS chairman and chief executive officer. "The Texas plan is one of our longest-term clients and has been a wonderful partner for many years. We're very glad to welcome Blue Cross and Blue Shield of Illinois as a new client and extend our innovative health improvement services to the entire membership base of Health Care Service Corp." Blue Cross and Blue Shield of Illinois is the oldest and largest health insurance company in Illinois, with a six-decade tradition of providing high-quality, affordable health care plans that meet the needs of employers and families. The Blues plans in Illinois and Texas are divisions of Health Care Service Corp. The New Mexico plan is expected to become a division of HCSC HCSC Higher Command and Staff Course (educational Course run at the Joint Services Command & Staff College, Shrivenham, UK) HCSC Here Comes Santa Claus upon closing of HCSC's acquisition of the New Mexico business. "We chose AdvancePCS because of its superior reputation for outstanding customer service and for its innovative programs that will help members and accounts control costs while preserving member choice and flexibility," said Michael Seibold, president and chief operating officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. of Blue Cross and Blue Shield of Illinois. "Pharmacy costs continue to be a primary driver in health care cost escalation es·ca·late v. es·ca·lat·ed, es·ca·lat·ing, es·ca·lates v.tr. To increase, enlarge, or intensify: escalated the hostilities in the Persian Gulf. v.intr. ," Seibold added. "This contract is part of our ongoing effort at HCSC to manage pharmacy use effectively while preserving member choice. This is a crucial part of our long-range planning." AdvancePCS will provide fully integrated retail pharmacy network management services, formulary formulary /for·mu·lary/ (for´mu-lar?e) a collection of recipes, formulas, and prescriptions. National Formulary see under N. for·mu·lar·y n. management and comprehensive clinical programs to the three plans. The company also will provide mail order pharmacy services for the Texas and New Mexico plan members. About AdvancePCS AdvancePCS (www.advancepcsrx.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 annually in 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. The company offers health plans a wide range of health improvement products and services designed to improve the quality of care delivered to health plan members. 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, and prescription drug services for the uninsured. AdvancePCS clients include Blue Cross and Blue Shield organizations, insurance companies and HMOs, Fortune 500 employers, Taft-Hartley groups, state and local governments, and other health plan sponsors. AdvancePCS is an information technology leader and has developed several online health e-solutions, including www.AdvanceRx.com, one of the country's most comprehensive Internet pharmacies internet pharmacy Online A website that offers prescription drugs from the comfort of home Cons The IP or prescribing physician may not be qualified or licensed to prescribe drugs in all states. See Operation Cure-All, VIPPS. . The company's e-health portal, www.BuildingBetterHealth.com, helps people stay healthy by providing valuable information on health and wellness. 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. Factors that would cause or contribute to such differences include, but are not limited to, factors detailed in AdvancePCS' Securities and Exchange Commission filings. |
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