TAMPA, Fla., Feb. 13, 2012 /PRNewswire/ -- Comprehensive Care Corporation ("CompCare" or the "Company") (OTCBB: CHCR) today announced that it has launched its innovative new pharmacy management program designed to substantially lower prescription drug costs in California.
"This is an innovative initiative, which has provided us with the ability, in almost every case, to materially lower the costs of prescription drugs for our clients. An example, outside of California, is noteworthy. One of our HMO clients is at risk for its member's prescription drugs and spends approximately $300 million annually. After analyzing the drug spend, CompCare offered to go at full risk for the identical drugs for only $270 million. If the client accepts this proposal, it would totally eliminate the client's drug cost risk, providing the client an immediate $30 million savings to its bottom line over its previous year drug spend," said Clark A. Marcus, Chairman and CEO.
"We are able to provide savings because of our affiliation with a major retailer, affording us significantly lower prices," Mr. Marcus explained. "In California, at CompCare's sole cost and expense, we will conduct a detailed analysis of any potential client's pharmacy costs over any selected 90-day period. Based on this analysis, the Company generally finds that it is able to offer the potential client a drug cost savings of up to 10 percent. We believe we can save California companies millions of dollars in prescription drug costs, an important goal in very difficult economic times, but especially important now. In California, CompCare gets paid for this service out of the savings the client realizes – there is no fee. Both in and out of California, the Company has received an overwhelmingly positive response to this initiative," said Mr. Marcus.
CompCare was established in 1969, and it provides behavioral health, substance abuse and psychotropic pharmacy management services 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, including but not limited to our ability to achieve profitability and the trend of our operating results towards profitability, 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 the company's control that may cause actual results to differ materially from stated expectations. These risk factors include, among others, 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 and existing business, our ability to expand and manage our provider network, the profitability, if any, of our recently acquired or previously existing capitated contracts, the costs incurred in seeking new contracts, the loss or termination of any existing contract, increases or variations in cost of care, seasonality, the Company'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.
E & E Communications
SOURCE Comprehensive Care Corporation