HIP Health Plan of New York Awards Pharmacy Benefit Contract to Medco
Posted on: Monday, 14 January 2008, 09:00 CST
NEW YORK and FRANKLIN LAKES, N.J., Jan. 14 /PRNewswire-FirstCall/ -- HIP Health Plan (HIP), consisting of HIP Health Plan of New York, ConnectiCare and Vytra Health Plans, today announced it has awarded its mail-order pharmacy services contract to Medco Health Solutions, Inc. , effective today.
"HIP is dedicated to providing its members with world-class care at the most reasonable and affordable cost. Working with Medco, our members will gain access to award-winning customer service and convenient mail-order pharmacies, and also will have access to Medco's advanced pharmacy services to deliver improved clinical and financial outcomes for our clients and members," said Dr. Dan Dragalin, Chief Medical Officer, HIP.
Added Medco Chairman and CEO David B. Snow Jr.: "Medco appreciates the opportunity to serve HIP members, who now will have access to Medco's advanced mail service pharmacies to improve member health and reduce costs. Through Medco's outstanding pharmacy staff, we will provide HIP members with unmatched mail-service turnaround times, superior pharmacy practice standards to ensure patient safety, and 24 by 7 access to a pharmacist when specific guidance about a medication is needed."
Medco is also in discussions with Group Health Incorporated (GHI), a HIP affiliate company, to provide pharmacy services for its members.
About HIP
HIP Health Plan of New York is among the largest health plans in New York. HIP offers a broad array of managed care products and services, including HMO, PPO, EPO, POS and ASO plans. HIP's provider network, including subsidiaries, comprises nearly 43,000 providers in over 72,000 locations in New York, Connecticut and Massachusetts. In 2006, Group Health, Inc. (GHI) and HIP affiliated under parent company EmblemHealth. The combined membership of HIP and GHI totals more than four million individuals with nearly 92,000 physicians and other providers in more than 142,000 locations. HIP's Web site, hipusa.com, is available in English, Spanish, Chinese and Korean.
About Medco
Medco Health Solutions, Inc., is the nation's leading pharmacy benefit manager based on its 2006 total net revenues of more than $42 billion. Medco's prescription drug benefit programs, covering one in five Americans, are designed to drive down the cost of pharmacy healthcare for private and public employers, health plans, labor unions and government agencies of all sizes, and for individuals served by the Medicare Part D Prescription Drug Program. Medco, the world's most advanced pharmacy(TM), has created Medco Therapeutic Resource Centers(R) that are staffed with hundreds of specialist pharmacists who are trained and certified in specific chronic and complex conditions and have expertise in the associated medications. With the 2007 acquisition of Liberty Medical, Medco is the nation's largest diabetes pharmacy care practice based on covered lives. Medco is the largest specialty pharmacy based on net revenues with the 2005 acquisition of Accredo Health Group, Inc. Medco is also the highest-ranked independent pharmacy benefit manager on the 2007 Fortune 500 list. On the Net: http://www.medco.com/.
This press release contains "forward-looking statements" as that term is defined in the Private Securities Litigation Reform Act of 1995. These statements involve risks and uncertainties that may cause results to differ materially from those set forth in the statements. No forward-looking statement can be guaranteed, and actual results may differ materially from those projected. We undertake no obligation to publicly update any forward- looking statement, whether as a result of new information, future events, or otherwise. Forward-looking statements in this press release should be evaluated together with the risks and uncertainties that affect our business, particularly those mentioned in the Risk Factors section of the Company's Annual Report on Form 10-K and Quarterly Reports on Form 10-Q filed with the Securities and Exchange Commission.
Medco Health Solutions, Inc.
CONTACT: Investors: Valerie Haertel, +1-201-269-5781,valerie_haertel@medco.com; or Media: Jennifer Luddy, +1-201-269-6402,jennifer_luddy@medco.com, both of Medco
Web site: http://www.medco.com/http://www.hipusa.com/
Source: PRNewswire-FirstCall
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