NEWS PROVIDED BY Centene
Corporation Oct 17, 2019, 07:00 ET
ST. LOUIS and DEERFIELD, Ill., Oct. 17, 2019 /PRNewswire/
-- Centene Corporation (NYSE: CNC),
Walgreens and RxAdvance today announced a strategic partnership to introduce an
innovative model for pharmacy management that aims to increase transparency,
enhance customer experience and ultimately result in better health outcomes at
lower costs. The partnership builds upon an existing Centene and Walgreens
relationship, leveraging Walgreens trusted retail pharmacy expertise and
Centene's national leadership in providing comprehensive health care services
to the underserved, while also utilizing RxAdvance's innovative pharmacy
benefit management model powered by its Collaborative PBM Cloud platform.
There is a growing need for new approaches to pharmacy
benefit management, particularly to serve the Medicaid population. This
partnership addresses the need for leading companies to collaborate on a better
model, and one which provides higher quality care and lower pricing for drugs.
"Centene is committed to supporting a transparent
pharmacy benefit management model that is sustainable with higher quality care
for members at a lower cost to our customers," said Michael F.
Neidorff, chairman, president and CEO, Centene. "This new approach to
pharmacy management will improve the transparency and quality of care, while
reducing unnecessary medical costs for millions of people."
Using RxAdvance's Collaborative PBM Cloud™ transactional
platform and clinical intelligence, the companies will work together to improve
overall patient care across the continuum of health care and to offer such a
model to other large payers.
"Collaboration between retail pharmacies and payers
like Centene can further transform the way we provide care," said Stefano
Pessina, executive vice chairman and CEO, Walgreens Boots Alliance, Inc.
"Using RxAdvance's Collaborative PBM Cloud, our partnership can empower
our pharmacists to make critical decisions at the point of sale to help improve
adherence and also to reduce avoidable medical costs."
The parties have identified initial markets to deploy the
partnership model and are working with community leaders on new pharmacy
models.
Further exemplifying this commitment, Walgreens has made a
small investment in RxAdvance, and Centene has increased its stake in
RxAdvance, following its initial investment announced in March 2018.
"I am excited that today we have partners across the
care continuum – Centene and Walgreens – who are committed to the power of
RxAdvance's collaborative PBM model, and to completely reimagine what is
possible in this industry," said Ravi Ika, founder and CEO,
RxAdvance. "By pushing the limits of innovative technology and existing
transaction standards, there is a clear path forward to reduce administrative
costs, avoidable medical costs, and to improve overall quality of care."
About Centene Corporation
Centene Corporation, a Fortune 100 company, is a
diversified, multi-national healthcare enterprise that provides a portfolio of
services to government sponsored and commercial healthcare programs, focusing
on under-insured and uninsured individuals. Many receive benefits provided
under Medicaid, including the State Children's Health Insurance Program (CHIP),
as well as Aged, Blind or Disabled (ABD), Foster Care and Long-Term
Services and Supports (LTSS), in addition to other state-sponsored programs,
Medicare (including the Medicare prescription drug benefit commonly known as
"Part D"), dual eligible programs and programs with the U.S.
Department of Defense. Centene also provides healthcare services to groups and
individuals delivered through commercial health plans. Centene operates local
health plans and offers a range of health insurance solutions. It also
contracts with other healthcare and commercial organizations to provide
specialty services including behavioral health management, care management
software, correctional healthcare services, dental benefits management,
commercial programs, home-based primary care services, life and health
management, vision benefits management, pharmacy benefits management, specialty
pharmacy and telehealth services.
Centene uses its investor relations website to publish
important information about the Company, including information that may be
deemed material to investors. Financial and other information about Centene is
routinely posted and is accessible on Centene's investor relations
website, http://www.centene.com/investors.
About Walgreens
Walgreens (walgreens.com), one of the nation's largest
drugstore chains, is included in the Retail Pharmacy USA Division of
Walgreens Boots Alliance, Inc. (NASDAQ: WBA),
the first global pharmacy-led, health and wellbeing enterprise. Approximately 8
million customers interact with Walgreens in stores and online each day, using
the most convenient, multichannel access to consumer goods and services and
trusted, cost-effective pharmacy, health and wellness services and advice. As
of Aug. 31, 2018, Walgreens operates 9,560 drugstores with a presence in
all 50 states, the District of Columbia, Puerto Rico and
the U.S. Virgin Islands, along with its omni-channel business,
Walgreens.com. Approximately 400 Walgreens stores offer Healthcare Clinic or
other provider retail clinic services.
About RxAdvance
RxAdvance is an innovative national full-service pharmacy
benefit manager (PBM) that leverages their Collaborative PBM Cloud™ platform to
deliver integrated services that reduce overall pharmacy costs and avoidable
drug-impacted medical costs while optimizing specialty spend. In addition,
standing shoulder-to-shoulder with plan sponsors, RxAdvance offers a global
pharmacy risk partnership model. Our tailored, world-class services are for all
plan sponsors — health plans, accountable care organizations (ACOs), exchanges,
state Medicaid programs, and employer groups. We provide contractually
guaranteed savings in administrative costs, ingredient unit costs, and rebate
revenues. For more information, visit www.rxadvance.com.
Forward-Looking Statements
All statements in this release that are not historical are
forward-looking statements made pursuant to the safe harbor provisions of the
Private Securities Litigation Reform Act of 1995. Without limiting the
foregoing, forward-looking statements often use words such as
"believe," "anticipate," "plan,"
"expect," "estimate," "intend," "seek,"
"target," "goal," "may," "will,"
"would," "could," "should," "can,"
"continue" and other similar words or expressions (and the negative
thereof). In particular, these statements include, without limitation,
statements about our future operating or financial performance, market
opportunity, growth strategy, competition and investments. These
forward-looking statements reflect current views with respect to future events
and are based on numerous assumptions and assessments made in light of current
experience and perception of historical trends, current conditions, business
strategies, operating environments, future developments and other factors
believed to be appropriate. These forward-looking statements are not guarantees
of future performance and involve risks, assumptions and uncertainties,
including those described in: "Risk Factors" appearing in the
registration statement on Form S-4 filed by Centene Corporation with the
Securities Exchange Commission on May 23, 2019; Item 1A (Risk Factors) of
the Walgreens Boots Alliance, Inc. Form 10-K for the fiscal year ended August
31, 2018; and in other documents that Centene Corporation, Walgreens Boots
Alliance and RxAdvance may file or furnish with the Securities and Exchange
Commission. Should one or more of these risks or uncertainties materialize, or
should underlying assumptions prove incorrect, actual results from this
collaborative effort may vary materially. These forward-looking statements
speak only as of the date they are made and are based only on information
available on the date hereof. Except to the extent required by law, Centene
Corporation, Walgreens Boots Alliance, Walgreens and RxAdvance do not
undertake, and expressly disclaim, any duty or obligation to update publicly
any forward-looking statement after the date of this release, whether as a
result of new information, future events, changes in assumptions or otherwise.
You should not place undue reliance on any forward-looking statements, as
actual results may differ materially.
SOURCE Centene Corporation
Related Links https://www.centene.com/
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