Comprehensive Care Corporation Announces Pharmacy Savings Consulting Agreement with HMC HealthWorks
Combination is Designed to Further Reduce Health Care Costs by Lowering Pharmacy Claims Expense and Increasing Attention to Wellness
TAMPA, Fla., April 23, 2013 /PRNewswire/ -- Comprehensive Care Corporation ("CompCare" or the "Company") (OTC BB; CHCR), a leading behavioral health, substance abuse and pharmacy management provider for employers, Taft-Hartley health and welfare Funds, and managed care companies announced today that it has entered into a formal consulting agreement with HMC HealthWorks (HMC). Under the terms of the agreement, HMC will provide strategic consulting support for CompCare's "at-risk" Pharmacy Savings Program, focusing on its integration with care management and wellness programs.
CompCare guarantees that its 'at-risk' Pharmacy Savings Program will reduce its clients pharmacy costs by 10% or more. This guarantee is backed by a surety-issued Performance Bond for the full amount of the targeted savings. These savings result from a newly designed pharmacy cost containment delivery program that immediately lowers the overall pharmacy costs. However, the program will not restrict access to needed medications and, in fact, is expected to promote greater medication adherence. The goal is to improve the overall health of CompCare's client's members.
"Contracting with HMC led by its founder, Dr. Janis DiMonaco, is a significant step for the Company in furthering, for CompCare's clients, a wellness program. Dr. DiMonaco is one of this nation's leading healthcare industry talents, specializing in integrated pharmacy, behavioral health, condition management, prevention and wellness programs. Her input to the Company will be invaluable in helping the Company enhance its Pharmacy Savings Program by designing programs specifically aimed at chronic conditions, prevention and wellness. Specializing in Taft Hartley and employer self-funded health plans, Dr. DiMonaco has a proven success record of attentiveness and customized services that has earned her the respect of union and employer trustees throughout the country. We are honored Dr. DiMonaco has agreed to assist us in moving our pharmacy program forward and encouraging wellness in the workplace," said Clark A. Marcus, CompCare CEO.
"I've known Clark Marcus, the CompCare CEO, for some time and have evaluated CompCare's pharmacy program. CompCare shares our view that improving the health status of individuals through well-designed, effective care management and wellness programs is the most effective way to contain health care costs while promoting improved health status. We are delighted that CompCare recognizes the role of pharmacy in early identification of chronic disease, the impact of mental health and the value of wellness and prevention programs" said Dr. Janis DiMonaco, HMC Founder and CEO. "We look forward to a long and productive relationship with CompCare as we move forward with this endeavor," added Dr. DiMonaco.
About HMC HealthWorks
HMC HealthWorks is a premier provider of integrated pharmacy health management, chronic condition management, health education and wellness programs. HMC HealthWorks takes the time to understand that each organization's culture and needs are unique and suggest programs that are customized to fit within the organizations needs and objectives. Privately held, HMC HealthWorks is based in Jupiter, Florida, with locations across the US. To learn more about HMC HealthWorks please visit: www.hmchealthworks.com or call (413) 263-6683.
Established in 1969, CompCare provides behavioral health, substance abuse and pharmacy management services for employers, Taft-Hartley health and welfare Funds, and managed care companies throughout the United States. Headquartered in Tampa, Florida, CompCare focuses on personalized attention, flexibility, a commitment to high-quality services and innovative approaches that address both the specific needs of clients and changing healthcare industry demands. For more information, please call 813-288-4808 or visit our website at www.compcare.com
Except for statements of historical fact, the matters discussed in this press release are forward looking and made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements reflect numerous assumptions and involve a variety of risks and uncertainties, many of which are beyond CompCare's control that may cause actual results to differ materially from stated expectations. These risk factors include, among others, the ability of CompCare to maximize its market share with new pharmacy initiatives, the ability of CompCare's new pharmacy cost-savings program to guarantee a 10% or more reduction in pharmacy costs, the ability of CompCare's pharmacy program to promote greater medication adherence without restricting access to needed medications, the ability of CompCare's pharmacy cost-savings program to revolutionize the pharmacy sector of the healthcare industry, CompCare's ability to provide superior patient care while increasing its business and margins as a result of implementing its pharmacy cost-savings program, the ability to obtain a performance bond on satisfactory terms, the ability of CompCare and its staff to execute its business plan, the ability of CompCare to offer and sell any of its products at a profit, changes in local, regional, and national economic and political conditions, the effect of governmental regulation, competitive market conditions, varying trends in member pharmacy utilization, our ability to manage healthcare operating expenses, our ability to achieve expected results from new business, the profitability, if any, from capitated pharmacy contracts or other products, increases or variations in cost of care, seasonality, CompCare's ability to obtain additional financing, and additional risk factors as discussed in the reports filed by the company with the Securities and Exchange Commission, which are available on its website at www.sec.gov. Any forward- looking statement in this release speaks only as of the date on which it is made. CompCare assumes no obligation to update or revise any forward-looking statements.
E & E Communications
SOURCE Comprehensive Care Corporation
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