CareSource announces plans to 'reinvent' PBM model
CareSource distributed the following press release on April 9…
Today CareSource, a leading nonprofit multi-state health plan serving government sponsored programs, announced its intent to implement a new, integrated approach to administering pharmacy benefits and services.
“We believe the current PBM model has significant room for improvement,” said Erhardt Preitauer, President & CEO, CareSource. “CareSource saw an opportunity to reinvent the model with a focus on transparency, driving real value for stakeholders, building stronger partnerships with local pharmacies and controlling costs.”
The new approach, CareSource RxInnovations, will drive pharmacy savings for states by providing…
– Full price transparency validated by an independent third-party. States will have full visibility to where pharmacy dollars are being spent for their Medicaid beneficiaries
– Custom pharmacy network to provide the same access members have today while protecting independent pharmacies from volatility created by the traditional PBM model
– Value-based programs that drive increased quality, leveraging incentives to local pharmacists for their critical role in educating patients and preventing adverse drug events
– An integrated, industry-leading data platform driving real time opportunities to improve member health outcomes and lower costs
“This is the culmination of a year-long effort to address the major areas of opportunity in the current PBM model,” said Clayton Edwards, Senior Vice President, Pharmacy, CareSource. “We want to create something that better serves members through the integration of all clinical data – medical, behavioral, social and pharmacy. This will allow us to provide holistic care coordination, while also meeting the needs of our other key stakeholders – the states in which we do business and our pharmacy partners.”
CareSource’s contract with a new Pharmacy Innovation Partner, Express Scripts, will begin on January 1, 2020. CareSource will leverage Express Scripts’ claims management technology to power pharmacy innovation. CareSource’s current contract with CVS Caremark will expire at the end of 2019.
“We are proud to partner with CareSource, because they share our focus on transforming pharmacy for the people we serve,” said Tim Wentworth, President, Express Scripts. “With our patient-centered, clinical care focused model, we will accelerate CareSource’s innovative approach to pharmacy. We look forward to what our two organizations can do better together to improve care, expand choice and lower costs.”
CareSource members will continue receiving pharmacy services through CVS Caremark through the end of 2019. Once the transition to CareSource RxInnovations occurs in January 2020, members should expect no disruptions in receiving their prescriptions.
CareSource RxInnovations will continue fueling job growth for CareSource throughout the organization.
CareSource is a nonprofit, multi-state health plan recognized as a national leader in managed care. Founded in 1989, CareSource administers one of the nation’s largest Medicaid managed care plans and offers a lifetime of access to care through health insurance, including Medicaid, Health Insurance Marketplace, Medicare Advantage, and dual-eligible programs. Headquartered in Dayton, Ohio, CareSource serves nearly 2 million members in Georgia, Indiana, Kentucky, Ohio and West Virginia. CareSource understands the challenges consumers face navigating the health system and is transforming health care with industry-leading programs that improve the health and well-being of our members. For more information, visit www.caresource.com, follow @caresource on Twitter, or like CareSource on Facebook.