CVS 2005 Annual Report Download - page 17

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5
PharmaCare’s Complete Solution
✛
15
When it comes time for FORTUNE 500®
companies to review their prescription benefit
plans, CVS’ PharmaCare subsidiary is showing
up on a lot of short lists these days. That’s
because the nation’s fourth-largest pharmacy
benefits manager (PBM) offers payors a
comprehensive, cost-effective solution that’s
very competitive. PharmaCare won important
new business in 2005, including a major
contract for the State of Connecticut covering
190,000 lives. In addition to its traditional mail
order business, PharmaCare’s network of 51
specialty pharmacies and a state-of-the-art
specialty mail facility provide prescriptions and
counseling for patients with complex medical
needs. As for “overall service and performance,”
the Pharmacy Benefit Management Institute
recently ranked PharmaCare No. 1 in its annual
Customer Satisfaction Report for the fifth
consecutive year.
The launch of the Medicare Part D prescription
drug benefit provides a significant growth
opportunity for PharmaCare. Universal American
Financial Corp. has tapped PharmaCare to
provide a full array of PBM services on an
exclusive basis for its Medicare plans.
PharmaCare is responsible for claims
processing, network contracting, formulary
management, disease management, mail order,
and specialty pharmacy services.