Comprehensive Care Corporation Announces Pharmacy Savings Management Agreement With Blasters, Drillers & Miners Union, Local No. 29, Laborers' International Union of North America (LIUNA)
TAMPA, Fla., March 19, 2013 /PRNewswire/ -- Comprehensive Care Corporation ("CompCare") (OTC BB: CHCR), a leading behavioral health, substance abuse and pharmacy management services provider for managed care companies throughout the U.S., today announced the signing of a Pharmacy Savings Management Agreement with Local No. 29 ("Local 29") of the Laborers' International Union of North America (LIUNA).
Based on a detailed analysis of Local 29's previous year's pharmacy spend, CompCare determined it could guarantee Local 29 meaningful savings for the coming year using CompCare's Pharmacy Savings Program. Under the Pharmacy Savings Management Agreement, CompCare has guaranteed Local 29 a minimum of a 10% savings and backed up its guarantee with a full performance bond to be issued by a nationally well-known and respected surety company.
Tom Russo, Business Manager of Local 29, stated, "The CompCare pharmacy savings program is simple, easily understandable, transparent, and seamless. Our analysis completely supports CompCare's claim to be able to save at least 10% off of Local 29's last year's pharmacy expenses. CompCare's support of its guarantee with a full performance bond, as well as providing the services of a nationally respected pharmacy benefits manager (PBM), was compelling enough for me to recommend that Local 29 switch from its existing program to CompCare's. Its innovative program brings measurable value to Local 29 and its members."
"CompCare's program design translates well to all of my labor associates as well as the fund's trustees. I expect many of them will quickly see the value of this new program," Mr. Russo added.
Clark A. Marcus, CompCare's Chairman and CEO, stated, "After working on this program design for almost two years, we are delighted that Local 29's analysis of the program convinced them, as it does us, that the program creates substantial savings off of its previous year's pharmacy spend while at the same time provides for a seamless transition from the customer's existing program to CompCare's. The performance bond component of the program gives our customers a substantial comfort level and the assurance that they will get exactly what they bargained for. We believe we have created a literal win-win situation for all participants with CompCare taking on the financial risk of the customer's pharmacy spend."
"With prescription drug prices rising almost twice as fast as the rate of inflation, we believe the CompCare Pharmacy Savings Program is exactly what labor and industry alike need to contain the rising costs of healthcare and, in particular, pharmacy spends. We also coupled our delivery program with a Wellness Program, as well as sophisticated analytics, to even further enhance our ability to bring even greater savings to our customers and their members. We anticipate the program with Local 29 to be fully capable of launch within the next sixty days," Mr. Marcus concluded.
About Laborers' International Union of North America (LIUNA)
LIUNA is the most progressive, aggressive and fastest-growing union of construction workers. Moreover, LIUNA is one of the most diverse and effective unions representing public service employees. LIUNA members are on the forefront of the construction industry, a sector that is a powerhouse of 12 million workers producing 5 percent of our countries' economic output. A half-million strong, we are united through collective bargaining agreements, which help us earn family-supporting pay, good benefits and the opportunity for advancement and better lives.
Established in 1969, CompCare provides behavioral health, substance abuse and pharmacy management services for 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 to behavioral health 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 reduction in pharmacy costs, the ability of CompCare's pharmacy cost-savings program to revolutionize the pharmacy sector of the healthcare industry, CompCare's ability to increase its business and margins as a result of implementing its pharmacy cost-savings program, CompCare's ability to obtain a performance bond on satisfactory terms, the ability of CompCare to launch the pharmacy savings management program for Local 29 of LIUNA within the next 60 days, 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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