BALTIMORE, Md. — CareFirst BlueCross BlueShield has entered into a three-year agreement with CVS Caremark to provide pharmacy benefit and other related services to its commercial and Medicare Part D members, CareFirst announced earlier this week.
Beginning Jan. 1, 2014, all claims for CareFirst members with a pharmacy benefit will be processed through CVS Caremark.
“As Federal health reform begins to fully take effect, we are heading into a challenging environment in which meeting our members' pharmacy needs — and doing so cost efficiently — is more important than ever,” stated CareFirst president and CEO Chet Burrell. “We conducted a thorough and competitive process to identify the best possible pharmacy benefit partner. Through our new relationship with CVS Caremark, we expect to realize substantial savings in prescription drug costs that we will reflect in premiums to our subscribers. These savings are critical as we seek to keep coverage affordable in the face of many factors that continue to push health care costs upward.”
Under the terms of the agreement, CVS Caremark will provide a specialized account team to help support the integration of pharmacy data and information into key CareFirst initiatives, CareFirst stated.
“We are pleased that CareFirst has selected CVS Caremark to manage the pharmacy benefit for their members starting in 2014,” added Jon Roberts, president of CVS Caremark’s PBM business. “We believe that CVS Caremark’s unique integrated model for pharmacy care will provide CareFirst members with innovative, cost-effective pharmacy benefit management services that also help improve health outcomes.”