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Comprehensive Care Corporation Announces It Backs Its Pharmacy Cost-Savings Program With A Surety Performance Bond
- Guarantees Prescription Drug Savings; First in Nation -
By: PR Newswire
Jan. 8, 2013 05:02 AM
TAMPA, Fla., Jan. 8, 2013 /PRNewswire/ -- Comprehensive Care Corporation ("CompCare") (OTC BB: CHCR), a leading behavioral health, substance abuse and psychotropic pharmacy management services provider for managed care companies throughout the U.S., today announced it will back its new "at-risk" Pharmacy Cost-Savings Program with fully guaranteed performance bonds.
The performance bonds will provide CompCare the ability to guarantee its clients the successful delivery of pharmacy benefits management services at a verifiable and mutually agreed upon per member per month cost savings.
"We believe that this innovative Pharmacy Cost-Savings Program will revolutionize this sector of the healthcare industry. We are especially pleased to announce that we are now willing to back each of our pharmacy benefits management service contracts with a performance bond, which willprovide the client with both an assurance of our performance at substantially lower costs from previous years' pharmacy spends and budget predictability," said Ramon Martinez, Senior Consultant to CompCare management.
Developed over the past one and a half years, CompCare is introducing an enhanced pharmacy program that does not require any changes to the client's current pharmacy plan design or formulary, thereby eliminating disruption to beneficiaries. Through arrangements with a network of selected pharmacy benefits managers, and the development by CompCare of cost-saving ancillary pharmacy programs, CompCare has constructed a pharmacy system that substantially reduces pharmacy costs to HMO's and self-insured's while, we believe, simultaneously delivering superior care to members and increasing CompCare's margins in its pharmacy benefits management division.
The pharmacy program enables CompCare to enter into "at-risk" pharmacy contracts with clients offering per member per month pharmacy costs substantially lower than their previous year's pharmacy spend. The financial backbone of the program will be a performance bond, which accompanies CompCare's promised delivery of services at the materially reduced per member per month cost – a financial win from all perspectives for CompCare's clients.
Supporting the pharmacy program even further, CompCare is in the process of hiring a sales team dedicated to the sale of this new program.
"Management is confident that this significant new dimension to CompCare's business will lead to substantially higher margins and increase business to both its behavioral health and 'at-risk' pharmacy benefits management divisions. We do not know of any other company in the country prepared to providea surety performance bond toits clients that guarantees delivery of the value and savings promised in providing pharmacy benefits management services," concluded Mr. Martinez.
Established in 1969, CompCare provides behavioral health, substance abuse and psychotropic pharmacy management services for managed care companies 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 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 CompCare's control that may cause actual results to differ materially from stated expectations. These risk factors include, among others, the ability of CompCare to maximize its market share with new pharmacy initiatives, the ability of CompCare's new pharmacy cost-savings program to guarantee a reduction in pharmacy costs, the ability of CompCare's pharmacy cost-savings program to revolutionize the pharmacy sector of the healthcare industry, CompCare's ability to provide superior patient care while increasing its business and margins as a result of implementing its pharmacy cost-savings program, the ability to obtain a performance bond on satisfactory terms, the ability of CompCare and its staff to execute its business plan, the ability of CompCare to offer and sell any of its products at a profit, changes in local, regional, and national economic and political conditions, the effect of governmental regulation, competitive market conditions, varying trends in member pharmacy utilization, our ability to manage healthcare operating expenses, our ability to achieve expected results from new business, the profitability, if any, from capitated pharmacy contracts or other products, increases or variations in cost of care, seasonality, CompCare'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. Any forward- looking statement in this release speaks only as of the date on which it is made. CompCare assumes no obligation to update or revise any forward-looking statements.
SOURCE Comprehensive Care Corporation
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