Catamaran Announces $60 Million in Contracts with State of Indiana Medicaid
LISLE, IL, Oct. 23, 2012 /PRNewswire/ - Catamaran (NASDAQ: CTRX, TSX: CCT), a leading provider of technology and pharmacy benefit management (PBM) services, today announced it has been awarded HCIT contracts to provide implementation, adjudication, and certain PBM services to the State of Indiana's Medicaid program. The contracts are for a total of six years, not including two one-year options, and total approximately $60 million over the initial six-year term.
Under the terms of the agreement, Catamaran will provide a flexible and customized suite of PBM services, including implementation, claims processing, clinical and technical call center services, electronic prescribing, federal and supplemental rebate administration, pharmacy audits, specialty medication management, and enhanced Coordination of Benefits, among others. Catamaran's operational services will commence on April 1, 2013, supporting the State of Indiana's one million Medicaid members with an annual drug spend of approximately $800 million.
"Catamaran is building incredible momentum around creating tailored, innovative PBM solutions for state governments seeking to reduce healthcare costs, simplify the delivery of medicine and improve the health of their beneficiaries," said Mark Thierer, Chairman and CEO of Catamaran. "As a consultative partner to the State of Indiana, Catamaran will provide services and technology solutions to streamline the program and avoid the costly events that the right medicine or intervention can deter."
To support the program's comprehensive requirements, Catamaran will open a dedicated office and call center in Indianapolis in November 2012, housing Catamaran pharmacists, technicians and other essential staff.
"Catamaran was considered the best choice for meeting our Medicaid Pharmacy Benefit program requirements. Their use of flexible technology, program analytics and a clear, expedient transition plan are examples of the expertise we were looking for in a vendor," said Patricia Casanova, Director, Office of Medicaid Policy and Planning. "The State of Indiana and its diverse Medicaid membership will benefit from Catamaran's professional staff and customized Pharmacy Benefit Management technology and solutions."
The State of Indiana fills approximately 12.5 million fee-for-service pharmacy claims annually. Catamaran is partnering with minority business firm BCForward, and woman owned business firm Critical Skills, Inc. as subcontractors on the contract to support the State of Indiana's commitment to diversity.
Catamaran, the industry's fastest-growing pharmacy benefits manager, helps organizations and the communities they serve take control of prescription drug costs. Managing more than 200 million prescriptions each year on behalf of 25 million members, our flexible, holistic solutions improve patient care and empower individuals to take charge of their health. Processing one in every five prescription claims in the U.S., Catamaran's skill and scale deliver compelling financial results and sustainable improvement in the overall health of members. Catamaran is headquartered in Lisle, Ill. with multiple locations in the U.S. and Canada. For more information, please visit www.catamaranRx.com.