LISLE, Ill. A leading provider of pharmacy benefit management products and services announced that its informedRx PBM unit has been awarded a contract with HealthSpring.
The initial term of the contract is three years with provisions for two additional one-year extensions. HealthSpring, based in Nashville, Tenn., offers Medicare Advantage plans across seven states to over 193,000 members and a national stand-alone Medicare prescription drug plan to 387,000 members. SXC will provide HealthSpring with its full suite of PBM services which include:
HealthSpring will deploy mail and specialty pharmacy services beginning in 2010, with implementation of the full PBM services on Jan. 1, 2011.
"The flexibility of SXC's full service PBM offering, combined with its expertise in Medicare Part D, aligns perfectly with our commitment to design competitive products and provide high quality healthcare benefits to Medicare members," said Michael Mirt, HealthSpring president and COO. "We manage our Medicare Advantage plans locally and require customized benefits programs throughout our network, which made SXC, with its flexible PBM service model, an ideal partner to help us achieve our service and cost containment objectives."