BALTIMORE, April 8 /PRNewswire-FirstCall/ -- NeighborCare, Inc. today announced it will offer Medco Health Solutions’ Medicare-approved Prescription Discount Card program to Medicare beneficiaries across the country. On March 25, the Centers for Medicare and Medicaid Services (CMS) selected Medco as one of 28 Medicare-approved sponsors to offer prescription discount drug cards to the more than 41 million Medicare beneficiaries nationwide.
“Combining NeighborCare’s senior care pharmacy expertise in both the retail and long-term care settings with Medco’s size and scale yields a powerful marketing solution for us, as well as a multitude of benefits for our customers,” said Bob Smith, Chief Operating Officer for NeighborCare. “NeighborCare is well positioned to offer this program to our existing customers. We have been serving this population for over 40 years and have a wealth of experience as a result.”
The NeighborCare and Medco Prescription Discount Card program will provide Medicare beneficiaries with access to discounts ranging up to 30 percent or more on virtually all branded and generic prescription medications on the list of drugs CMS has approved as eligible for coverage. In addition, NeighborCare and Medco will provide access to clinical expertise and innovative programs, such as Medco’s mail order pharmacy, which provides the convenience of home delivery, and may offer additional cost-savings, drug utilization review (DUR), which helps reduce medication errors, generic drug substitution programs to ensure members have access to lower cost generics, when clinically appropriate, and around-the-clock access to Medco’s Customer Care Center for specific questions.
The NeighborCare and Medco Prescription Discount Card will be available for an annual fee of $25. Registration for the card will begin on May 3; both NeighborCare and Medco will have related information on their websites at this time. Medicare beneficiaries can enroll by mail, through Medco and NeighborCare’s toll-free hotline, or online at http://www.medco.com/. Additional information about Medicare-approved discount drug cards is available from CMS by calling 1-800-MEDICARE or visiting http://www.medicare.gov/.
About NeighborCare, Inc.
NeighborCare, Inc. is one of the nation’s leading institutional pharmacy providers serving long-term care and skilled nursing facilities, specialty hospitals, assisted and independent living communities, and other assorted group settings. The Company also provides infusion therapy services, home medical equipment, respiratory therapy services, community- based retail pharmacies, and group purchasing. In total, the Company’s operations span the nation, providing pharmaceutical services in 32 states and the District of Columbia.
Visit our website at http://www.neighborcare.com/.
Statements made in this release, our website and in our other public filings and releases, which are not historical facts contain “forward-looking” statements (as defined in the Private Securities Litigation Reform Act of 1995) that involve risks and uncertainties and are subject to change at any time. These forward-looking statements may include, but are not limited to, statements containing words such as “anticipate,” “believe,” “plan,” “estimate,” “expect,” “intend,” “may,” “target” and similar expressions. Such forward-looking statements include, without limitation, statements regarding the effect of the spin-off on our operations, expected changes in reimbursement rates and inflationary increases in state Medicaid rates. Factors that could cause actual results to differ materially include, but are not limited to, the following: costs, changes in the reimbursement rates or methods of payment from Medicare or Medicaid, or the implementation of other measures to reduce reimbursement for our services; changes in pharmacy legislation and payment formulas; the expiration of enactments providing for additional government funding; efforts of third party payors to control costs; the impact of federal and state regulations; changes in payor mix and payment methodologies; further consolidation of managed care organizations and other third party payors; competition in our business; an increase in insurance costs and potential liability for losses not covered by, or in excess of, our insurance; competition for qualified staff in the healthcare industry; our ability to control operating costs, and generate sufficient cash flow to meet operational and financial requirements; an economic downturn or changes in the laws affecting our business in those markets in which we operate; and that there can be no assurance that the spin-off transaction will increase shareholder value.
The forward-looking statements involve known and unknown risks, uncertainties and other factors that are, in some cases, beyond our control. We caution investors that any forward-looking statements made by us are not guarantees of future performance. We disclaim any obligation to update any such factors or to announce publicly the results of any revisions to any of the forward-looking statements to reflect future events or developments.
About Medco
Medco Health Solutions, Inc., a leading pharmacy benefit manager with the nation’s largest mail order pharmacy operations, assists its customers to moderate the cost and enhance the quality of prescription drug benefits provided to members nationwide. Its customers include private- and public- sector employers and healthcare organizations. Medco Health is traded on the New York Stock Exchange under the symbol MHS. On the Net: http://www.medco.com/.
This press release contains “forward-looking statements” as that term is defined in the Private Securities Litigation Reform Act of 1995. These statements involve risks and uncertainties which may cause results to differ materially from those set forth in the statements. No forward-looking statement can be guaranteed, and actual results may differ materially from those projected. We undertake no obligation to publicly update any forward- looking statement, whether as a result of new information, future events, or otherwise. Forward-looking statements in this presentation should be evaluated together with the risks and uncertainties that affect our business, particularly those mentioned in the Risk Factors section of the Company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission.
NeighborCare, Inc.
CONTACT: Crista Stark, Media, +1-410-528-7456, or Tania Almond,Investors, +1-410-528-7555, both of NeighborCare; or Jennifer Leone of Medco,+1-201-269-6402, jennifer_leone@medco.com
Web site: http://www.medco.com/
Web site: http://www.neighborcare.com/
