Business Services Industry
CVS Drops Healthcare Management Alternatives "HMA" Health Plan
Business Wire, August 5, 1998
WOONSOCKET, R.I.--(BW HealthWire)--Aug. 5, 1998--CVS Corporation (NYSE:CVS) announced today that it will no longer be able to fill prescriptions for members of Healthcare Management Alternatives "HMA" Health Plan effective August 7. The prescription benefit for HMA Health Plan is managed by Eagle Managed Care.
The contract covers more than 75,000 Medical Assistance recipients in the Philadelphia area. Consumers who wish to continue to fill prescriptions at CVS/pharmacy have the option of switching to other area plans, including Health Partners and Oxford Health Plan.
"We are extremely concerned for the Medical Assistance recipients affected by this change," said Fred McGrail, CVS Director of Corporate Communications. "This is the second Medicaid program in Philadelphia we have been forced to exit in recent months solely due to the inappropriate level of reimbursement."
"Although the shift to managed care in Philadelphia was intended to improve accessibility, continuity and the quality of health care," said McGrail, "continued reductions in provider reimbursement have clearly compromised those objectives as it relates to pharmacy."
CVS/pharmacy operates over 4,000 stores in 24 states and the District of Columbia with expected annual revenues of more than $15 billion.
CONTACT: CVS Corporation
Fred McGrail, 401/765-1500
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