BioScrip Named National Competitive Acquisition Program (CAP) Vendor for Medicare Part B.ELMSFORD, N.Y. -- BioScrip, Inc. (Nasdaq: BIOS) announced today that it has been selected by Centers for Medicare and Medicaid Services The Centers for Medicare and Medicaid Services (CMS), previously known as the Health Care Financing Administration (HCFA), is a federal agency within the United States Department of Health and Human Services (DHHS) that administers the Medicare program and (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. ) as the national vendor for the initial phase of the new Competitive Acquisition Program (CAP) for certain Part B drugs and biologicals commencing July 1, 2006. Under this new program, participating physicians will obtain Medicare Part B-covered drugs and biologicals from BioScrip and administer them to the beneficiary, rather than purchasing them from distributors and being reimbursed by Medicare. BioScrip will be responsible for billing Medicare for the drug, collecting the coinsurance A provision of an insurance policy that provides that the insurance company and the insured will apportion between them any loss covered by the policy according to a fixed percentage of the value for which the property, or the person, is insured. from the beneficiary, and other administrative tasks. The CAP, which was mandated by the Medicare Modernization Act of 2003 (MMA (Microcomputer Managers Association, Inc.) A membership organization with chapters throughout the U.S. that was devoted to educating personnel responsible for personal computers. It disbanded in 1996. Mma - A fast Mathematica-like system, in Allegro CL by R. Fateman, 1991. ), will allow participating physicians to continue to be paid for the costs of administering the drugs. The Company was selected in a competitive bidding Competitive bidding A securities offering process in which securities firms submit competing bids to the issuer for the securities the issuer wishes to sell. competitive bidding 1. process to provide more than 180 drugs to physicians' offices. BioScrip had to qualify for the CAP based not only on the price the bidders offered Medicare for each drug, but also their experience in providing Part B drugs to physicians' offices; their ability to meet CAP's strict processing, packaging, and shipping requirements; their commitment to customer service to physicians and beneficiaries; and their financial and administrative capability. As indicated in the CAP final rule, the payment rates for the CAP drugs are based on the median of the bid price of several qualified bidders. However, qualified bidders who were offered contracts were not obligated ob·li·gate tr.v. ob·li·gat·ed, ob·li·gat·ing, ob·li·gates 1. To bind, compel, or constrain by a social, legal, or moral tie. See Synonyms at force. 2. To cause to be grateful or indebted; oblige. to sign those contracts. Later this spring, physicians will be able to elect to participate in CAP for the period July 1, 2006 through December 31, 2006. Additional information about the election process will be announced shortly on the CMS website and may be accessed through the Company's website at www.bioscrip.com. Executive Chairman, Richard H. Friedman commented, "We are pleased to have been chosen by CMS as a CAP vendor and to aid the government in its efforts to reduce Medicare drug expenditures and improve patient care. We view this as a great opportunity to further assist physicians in their efforts to optimize patient outcomes and lessen their increasing administrative burdens." About BioScrip, Inc. BioScrip provides comprehensive pharmaceutical care solutions. We partner with healthcare payors, pharmaceutical manufacturers, government agencies, physicians, and patients to deliver cost effective programs that enhance the quality of patient life. We focus our products and services in two core areas: Specialty medication distribution and clinical management services, both nationally and community-based, and 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. Our specialty medication distribution capabilities include condition-specific clinical management programs tailored to improve the care of individuals with complex health conditions such as HIV/AIDS HIV/AIDS Human Immunodeficiency Virus/Acquired Immune Deficiency Syndrome , Cancer, Infusion IVIG IVIG Intravenous immunoglobulin, see there , Hepatitis C Hepatitis C Definition Hepatitis C is a form of liver inflammation that causes primarily a long-lasting (chronic) disease. Acute (newly developed) hepatitis C is rarely observed as the early disease is generally quite mild. , 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. , Multiple Sclerosis, and Transplantation. Our complete pharmacy benefit management programs include customized benefit plan design, pharmacy network management and sophisticated reporting capabilities that deliver improved clinical and economic outcomes. In addition, we have 34 locations including community and infusion pharmacies in major metropolitan markets across the U.S., providing nationwide access and clinical management capabilities in a high-touch community-based environment. Forward Looking Statements This press release may contain statements which constitute forward looking statements within the meaning 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, including statements regarding the intent, belief or current expectations of the Company, its directors, or its officers with respect to the future operating performance of the Company and our success with respect to the integration and consolidation. Investors are cautioned that any such forward looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those in the forward looking statements as a result of various factors. Important factors that could cause such differences are described in the Company's periodic filings with the Securities and Exchange Commission. |
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