Comprehensive Care Corporation Signs Agreement With WellDyneRx as Part of CompCare's New Pharmacy Savings Center Program
TAMPA, Fla., Sept. 17, 2012 /PRNewswire/ -- Comprehensive Care Corporation ("CompCare" or the "Company") (OTC BB: CHCR), which provides behavioral health, substance abuse and pharmacy management services, is pleased to announce that it has signed an agreement with WellDyneRx, one of the most prominent pharmacy benefit management companies in the nation, to implement CompCare's newly designed Pharmacy Savings Center Program.
CompCare currently manages, on an "at-risk" basis, the prescription drug benefit of a number of its clients' health plans. Under its existing program, CompCare receives a fixed fee, per member per month, in exchange for CompCare assuming the financial risk of paying for the client's members' prescription drugs as well as performing ancillary pharmacy management services.
"Over the past year, the Company has been developing an enhanced pharmacy program which would not only expand its pharmacy management services, but also provide us with the ability to guarantee to our clients a pharmacy spend of approximately 10% less than the client spent the previous year," said Clark A. Marcus, Chairman and CEO. "We have now secured certain relationships that allow CompCare to enter into 'at-risk' pharmacy contracts with clients offering per member per month pharmacy costs for our services that are at least 10% lower then the client's previous year's spend. Most importantly, we can guarantee those savings."
"We anticipate that our Pharmacy Savings Center Program will become an integral part of CompCare's and its clients' future profit-planning endeavors," Mr. Marcus added.
WellDyneRx, a key component of the Pharmacy Savings Center Program, is a national pharmacy benefits management company that serves its health plan members through a retail network of more than 60,000 pharmacies nationwide. Its personalized care management program and attention to specialty drug therapy at considerable cost savings epitomizes the quality program that CompCare has designed for its clients.
"CompCare has created an innovative pharmacy delivery program that we believe could revolutionize this segment of the healthcare industry," said Damien Lamendola, President and CEO of WellDyneRx. "Soaring drug costs and an aging population have created a spiraling financial epidemic in the healthcare industry which will continue to absorb an increasing amount of our nation's annual healthcare spend. It was critical for someone in the industry to create and implement measures to bring these costs in line with the obvious future needs of our population. We were excited to learn of CompCare's design achievement and even more excited to be able to associate with them in their Pharmacy Savings Center Program – it simply works."
About WellDyne, Inc.:
WellDyne, Inc. has been in the health services business for over 17 years. WellDyne is the umbrella company that oversees its four divisions: WellDyneRx, US Specialty Care, NetCard Systems and WellCard. Through these four divisions, WellDyne provides a range of health services including Pharmacy Benefit Management, Mail Order Pharmacy, Specialty Drug Fulfillment and online access to a broad range of information on health, disease, pharmaceuticals and wellness.
Established in 1969, CompCare provides behavioral health, substance abuse and pharmacy management services for managed care companies throughout the United States and Puerto Rico. 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 Pharmacy Savings Center program to reduce prescription drug costs by up to 10%; 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 utilization, our ability to manage healthcare operating expenses, our ability to achieve expected results from new business, the profitability, if any, of our capitated contracts or other products, increases or variations in cost of care, seasonality, CompCare's ability to obtain additional financing, increased outsourcing of behavioral health services, 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