CVS Health Signs Five-Year Agreement with Anthem, Inc. to Provide Services to Support IngenioRx
WOONSOCKET, R.I., Oct. 18, 2017 /PRNewswire/ -- CVS Health (NYSE: CVS) announced a five-year agreement with Anthem, Inc. (NYSE: ANTM) to provide services to support IngenioRx, a new pharmacy benefit manager (PBM) announced today by Anthem. As part of the agreement, CVS Caremark will manage certain services for IngenioRx, including claims processing and prescription fulfillment. In addition, CVS Health's bundled suite of assets, including CVS Pharmacy and MinuteClinic, allow the company to apply its expertise in patient messaging and engagement at the point-of-sale to support IngenioRx, broadening the scope of clinical services offered at the pharmacy counter to drive better outcomes. The new agreement, which goes into effect on January 1, 2020, runs through December 31, 2024.
"We believe that this agreement further validates the important role that CVS Health's integrated and innovative pharmacy care model plays in today's health care system and we look forward to working with Anthem and IngenioRx to provide services to help ensure coordinated, holistic care for their PBM members," said Larry Merlo, President and Chief Executive Officer, CVS Health. "At CVS Health, we truly are the front door of health care, with nearly 5 million Americans walking into a CVS Pharmacy every day. Given our presence in the community, our pharmacists and nurse practitioners are able to engage in face-to-face personalized counseling and clinically-effective interventions that will enable us to help improve health outcomes and lower overall health care costs for Anthem and its members."
CVS Health expects to incur implementation costs related to the transition of members, as is typical of any large, multi-year contract. These costs are expected to be immaterial to 2017 results.
About CVS Health
CVS Health is a pharmacy innovation company helping people on their path to better health. Through its 9,700 retail locations, more than 1,100 walk-in medical clinics, a leading pharmacy benefits manager with nearly 90 million plan members, a dedicated senior pharmacy care business serving more than one million patients per year, expanding specialty pharmacy services, and a leading stand-alone Medicare Part D prescription drug plan, the company enables people, businesses and communities to manage health in more affordable and effective ways. This unique integrated model increases access to quality care, delivers better health outcomes and lowers overall health care costs. Find more information about how CVS Health is shaping the future of health at https://www.cvshealth.com.
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