CVS Announces It Will No Longer Participate in Midwest Health Plan; Company Takes a Stand against Plan's Unreasonably Low Reimbursement Rates.WOONSOCKET, R.I. -- CVS/pharmacy (NYSE NYSE See: New York Stock Exchange : CVS (1) (Concurrent Versions System) A version control system for Unix that was initially developed as a series of shell scripts in the mid-1980s. CVS maintains the changes between one source code version and another and stores all the changes in one file. ), America's largest retail pharmacy, announced today that it will no longer participate in the Midwest Health Plan pharmacy network, effective August 16, 2006. As of that date, CVS will stop filling prescriptions for members of Midwest Health Plan due to the Plan's inadequate pharmacy reimbursement rates. Midwest Health Plan is located in Dearborn, Michigan Dearborn is a city in the U.S. state of Michigan. It is located in the Detroit metropolitan area and Wayne County, and is the tenth largest city in the U.S. state of Michigan. As of the 2000 census, it had a population of 97,775. and provides services in Macomb, Oakland, Washtenaw and Wayne counties for more than 50,000 members. CVS has been in discussions with Midwest Health Plan's 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. company, 4-D, for several months regarding the Plan's unacceptable reimbursement rates. CVS management worked diligently to propose reimbursement solutions that take into account the costs associated with providing patients with quality pharmacy services. "While we sincerely regret any disruption this may cause our customers, we feel strongly that we cannot sacrifice the quality of our pharmacy services to meet the unreasonably low reimbursement rates implemented for this plan," said Tom Morrison Tom Morrison (or similar) is the name of several persons:
About CVS CVS is America's largest retail pharmacy, operating more than 6,100 retail and specialty pharmacy stores in 44 states and the District of Columbia District of Columbia, federal district (2000 pop. 572,059, a 5.7% decrease in population since the 1990 census), 69 sq mi (179 sq km), on the east bank of the Potomac River, coextensive with the city of Washington, D.C. (the capital of the United States). . With more than 40 years of dynamic growth in the retail pharmacy industry, CVS is committed to being the easiest pharmacy retailer for customers to use. CVS has created innovative approaches to serve the healthcare needs of all customers through its CVS/pharmacy stores; its online pharmacy, CVS.com; and its pharmacy benefit management, mail order and specialty pharmacy subsidiary, PharmaCare. General information about CVS is available through the Investor Relations Investor relations The process by which the corporation communicates with its investors. portion of the Company's website, at http://investor.cvs.com, as well as through the pressroom portion of the Company's website, at www.cvs.com/pressroom. |
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