November 03, 2017
CVS Health has launched an initiative to measure performance within a network of pharmacies in order to cut costs and improve medication outcomes, according to a press release.
The new PBM Performance Based Pharmacy Network will link 30,000 retail pharmacies in CVS, Walgreens, and other community-based pharmacies throughout the United States. Through the new program pharmacies will reduce unit costs, improve clinical outcomes, improve adherence, and deliver broad health care costs savings for plans participating in the CVS Caremark network.
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"Steadily increasing drug costs, and the current transition in health care from volume to value, require us to continually develop and implement innovative solutions to help our clients manage pharmacy costs while improving health outcomes," Jon Roberts, CEO of CVS Health, said in a press release. "This partnership with Walgreens, CVS Pharmacy and independent pharmacies enables us to offer a new kind of pharmacy network that provides our clients with opportunities to improve health outcomes and lower overall health care costs, along with comprehensive, nationwide access to medications for their patients."
The program will measure how pharmacies perform on medication adherence for patients with chronic conditions. The program consists of a number of measures like this that are designed to save Caremark clients. Pharmacies participating in the new network will be able to implement their own strategies for achieving the quality measurement goals.
“At CVS Pharmacy we know pharmacists play an important role in providing our patients with timely and relevant information about their prescription medications," Helena Foulkes, president of CVS Pharmacy said in the press release. "Given that our pharmacists are on the frontlines of health care in their role as a trusted health care provider, their interventions can help patients take their medications as directed by their physicians, ultimately improving outcomes and managing overall health care costs."
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