MedImpact Demonstrates Commitment to High Standards of Transparency
Posted on: Wednesday, 10 August 2005, 12:00 CDT
MedImpact, the nation's largest pharmacy benefit management (PBM) company that does not sell drugs, today announced it has been certified to provide PBM services to members of HR Policy Association's Pharmaceutical Purchasing Coalition, a group comprised of 52 employers representing 5 million lives with a 2003 drug spend of more than $3.7 billion. MedImpact achieved certification by demonstrating its ability and commitment to support and administer a fully transparent PBM model, as established by the Coalition.
"Since our inception in 1989, MedImpact has embraced transparency, not because of regulation or litigation, but because we believe it is the right thing to do for our clients and for the consumers we serve," said Dale Brown, senior vice president for MedImpact. "MedImpact met the Coalition's extraordinarily high standards for transparency without making any changes to our policies, our processes, our practices, or our accounting methods. It's the way MedImpact does business."
The Coalition's model - detailed in a platform called Transparency in Pharmaceutical Purchasing Solutions or TIPPS - stipulates everything from full price transparency and pass-through of acquisition price for brand and generic drugs at both retail and mail order, to complete pass-through of all pharmaceutical manufacturer revenues and rights to full audit.
MedImpact has always believed that clients and consumers have the right to know the details of their drug benefits both clinically and financially. Driven by this philosophy, MedImpact collaborates with organizations that embrace these same tenents of transparency, such as the Center for Health Transformation; HR Policy Association's Pharmaceutical Purchasing Coalition; and AmeriPharm, added to the MedImpact mail order network to service the Coalition for acquisition based pricing.
"We believe transparency fosters an environment of trust and openness and provides a very tangible way to ensure that the goals of the PBM and the payor are aligned," said Brown. "MedImpact is honored to be recognized for its transparent business model and to have earned certification from the Coalition. We look forward to providing PBM services to Coalition members."
About MedImpact Healthcare Systems, Inc.
MedImpact Healthcare Systems, Inc., based in San Diego, California, was founded in 1989. The company currently services 27 million members nationwide with clients that include Fortune 500 employer corporations, unions, managed care organizations, insurance carriers, third-party administrators, as well as local, state and federal employee programs. MedImpact bases its success on delivering products and services that provide choice and that are designed to lower overall client cost while increasing member satisfaction and quality of care.
About HR Policy Association
HR Policy Association is a public policy advocacy organization representing the senior human resource executives of over 250 leading employers doing business in the United States. Collectively, its members employ over 12 percent of the U.S. private sector workforce or some 19 million Americans. Due to extreme concern over the state of our nation's health care system, HR Policy formed the Health Care Policy Roundtable to address the deficiencies in our nation's health care system in 2003.
About AmeriPharm
AmeriPharm is a national provider of mail order pharmacy and other health care related services. Based in Sioux Falls, South Dakota, the company's focus is to exemplify an environment of full disclosure and transparency in pharmacy health care management by collaborating with PBMs, managed care organizations and payors that share these same philosophies. For more information about AmeriPharm, please visit www.ameripharminc.com.
About the Center for Health Transformation
Located in Washington, DC and founded by Newt Gingrich, the Center for Health Transformation is dedicated to the creation of a 21st Century Intelligent Health System in which knowledge saves lives and saves money for all Americans. It is an intelligent health system where the individual is at the center of care, success is measured by better outcomes at lower cost, and all stakeholders including healthcare providers and consumers take full advantage of existing technologies.
Source: Business Wire
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