Ryan said the dust-up with Walgreen, which took place during its annual selling season, had no significant effect.ĬVS said that 2010 profits would be hurt by higher-than-expected legal expenses and costs of 1 to 2 cent per share to implement the Aetna contract.īeginning in 2011, the Aetna agreement is expected to contribute to profits, with an extra 1 to 3 cents per share next year, 5 cents per share in 2012 and then 10 cents per share as of 2013, once the contract is fully implemented. It also operates a large mail-order pharmacy. ĬVS’s PBM business administers prescription drug benefits for employers and health plans. Caremark members were allowed to continue having their prescriptions filled at Walgreens stores. Last month, CVS and archrival Walgreen Co WAG.N ended a brief but tense standoff over reimbursements for drug prescriptions that could have cost both drugstore chains billions in sales.
The Aetna contract comes at an important time for CVS, as it works to rebuild its PBM business and show investors that its $27 billion purchase of Caremark in 2007 was a good deal, after losing $4.8 billion worth of PBM contracts last year. Aetna shares slid 2.8 percent on investor disappointment that it did not plan to sell its drug benefit business outright. Standard & Poor’s Equity Research analyst Joseph Agnese cheered the news in a note and reiterated his “strong buy” recommendation, while Lazard Capital Markets analyst Tom Gallucci called the Aetna deal “a boost” and wrote that CVS shares would be attractive for long-term investors.ĬVS shares rose 95 cents to $31.55. Mail: Complete the CVS Caremark form below and send it to the address listed on the form. Quarterly revenue in its pharmacy business fell 9 percent to $11.8 billion and total net revenue slid 3.5 percent to $24.01 billion. You may register for our preferred Mail Order Service one of the following ways: Phone: CVS Caremark Member Services at 1-86 (TTY: 711) 24 hours a day, 7 days a week. The per-share figure was unchanged at 60 cents.Įxcluding items, CVS earned 68 cents per share, in line with Wall Street expectations, according to Thomson Reuters I/B/E/S. For prescriptions to be filled at a later date, call the customer service. It forecast earnings per share of $2.68 to $2.73, below the Wall Street consensus estimate of $2.79.ĬVS’s second-quarter net income fell to $821 million from $886 million a year earlier. Mail the original physician-signed prescriptions with this completed form. Ryan noted that consumers hard-hit by joblessness and credit woes were making fewer visits to their doctor.ĬVS said it now expects 2010 same-store sales to rise by 2 to 3.5 percent, down from a previous view of a 3.5 to 5.5 percent rise.
economy that is hurting both its drugstore operations and PBM business. The progress brightened an otherwise disappointing view for sales and earnings in 2010 due to a weak U.S. Late on Tuesday, the company announced a 12-year deal to manage some pharmacy benefits for about 9.7 million Aetna pharmacy members and administer about $9.5 billion in annual drug spending. If you are a Mississippi Medicaid prescriber, submit your prior authorization requests through the Gainwell Technologies provider portal.NEW YORK, July 28 (Reuters) - CVS Caremark Corp CVS.N said it was reviving its pharmacy benefits management business, including a new long-term contract with health insurer Aetna Inc AET.N, boosting its shares over 3 percent on Wednesday.ĬVS Caremark Chief Executive Tom Ryan said a key period for selling PBM contracts last month had been successful, yielding new contracts, and that the company had effectively landed half of the business up for renewal in 2011 so far. Mississippi Medicaid Prescribers – registered users Please contact our fiscal agent, Gainwell Technologies, for questions or problems relating to any Pharmacy Prior Authorization or POS claims issues. Pharmacy contact and plan billing information (PCN/BIN)Ĭlaims and Prior Authorization – Gainwell Technologies.Pharmacy Prior Authorization fax number: 1-86 Pharmacy Pharmacy Claims and Prior Authorization Call Center number: 1-83 The new fee-for-service (FFS) pharmacy processing information is as follows: Medicaid allows the generic mandate requirement to be overridden for brand name narrow therapeutic index (NTI) drugs to include Coumadin, Dilantin, Lanoxin, Synthroid, and Tegretol … Read more.Īttention Pharmacy Providers! New Fiscal Agent effective October 1, 2022 PRN Updates for Pharmacy Providers – Updated Nov. The latest pharmacy provider billing updates and news notices will be posted here.
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