|WellPoint Pharmacy Management and NationsHealth To Offer PrecisionDiscounts Card, A Joint Medicare-Approved Prescription Drug Discount Card|
WEST HILLS, Calif. – WellPoint Pharmacy Management and NationsHealth today announced that the Centers for Medicare and Medicaid (CMS) has approved the application for Medicare endorsement of a national prescription drug discount card, which the two companies have named the PrecisionDiscounts Program. The PrecisionDiscounts Program will utilize a large network of chain and independent pharmacies nationwide.
“WellPoint Pharmacy Management is well positioned and equipped to participate in this discount card program,” said Michael Nameth, general manager, WellPoint Pharmacy Management. “Working together with NationsHealth, we are very excited about this opportunity to add a Medicare-approved discount card program to our portfolio of prescription benefits and services.”
“We look forward to providing this valuable discount card program coupled with a high level of satisfaction for beneficiaries nationwide,” said Dr. Glenn M. Parker, NationsHealth chief executive officer and co-founder. “We believe that our association with WellPoint Pharmacy Management allows us to provide a program unsurpassed in its benefits to members.”
The PrecisionDiscounts Program expects to offer open enrollment in May 2004 to all eligible Medicare beneficiaries. The PrecisionDiscounts Card will provide discounts off the regular cash price of thousands of prescription drugs. The PrecisionDiscounts Program has, on behalf of members, negotiated discounts with pharmacies and all leading pharmaceutical companies and will pass a substantial portion of these discounts along to PrecisionDiscounts cardholders further decreasing the out-of-pocket cost of prescription medications.
NationsHealth is one of the nation's leading discount card providers with over 1.5 million enrolled members and has vast experience enrolling individual Medicare beneficiaries into a discount prescription plan. In addition, NationsHealth is a participating Medicare provider and offers its members Medicare Part B services such as home delivery of diabetes supplies and respiratory medication on a Medicare-assignment basis. This allows members to receive their doctor's ordered supplies and Medicare-covered prescriptions without upfront costs so the patient is never waiting for reimbursement. NationsHealth also completes all the necessary paper and files all claim forms on behalf of members. The company plans to expand its product offerings to include specialty pharmaceuticals and additional services. NationsHealth currently operates its Medicare business through a wholly-owned subsidiary, United States Pharmaceutical Group, L.L.C. On March 9, 2004, NationsHealth and Millstream Acquisition Corporation (OTCBB: MSTM, MSTMW, and MSTMU) entered into a definitive agreement pursuant to which NationsHealth will merge with a wholly-owned subsidiary of Millstream. Upon consummation of the merger, Millstream will change its name to NationsHealth, Inc. NationsHealth can be found on the web at www.nationshealth.net.
WellPoint Pharmacy Management, the nation's leading health plan-owned pharmacy benefit management company, serves more than 31 million lives. WellPoint Pharmacy Management is the trade name of Professional Claim Services Inc., a wholly owned subsidiary of WellPoint Health Networks Inc. (NYSE:WLP). With complete pharmacy benefit management services for employers and health plans nationwide, WellPoint Pharmacy Management's products include, clinical management programs, drug formulary management, claims processing, benefit design consultation, pharmacy network management, local network contract development, manufacturer discount programs, prescription drug databases and utilization management. In addition, WellPoint Pharmacy Management provides mail order pharmacy fulfillment services through its affiliate, PrecisionRx, Inc. WellPoint Pharmacy Management can be found on the web at www.wellpointrx.com.
Cautionary Statement: Certain statements contained in this release are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on management's current expectations and are subject to uncertainty and changes in circumstances. Actual results could differ materially due to, among other things, operational and other difficulties associated with integrating acquired business, general business conditions, competition among managed care companies, rising health care costs, trends in medical care ratios, health care reform, delay in receipt of regulatory and other approvals for pending transactions and other regulatory issues. Additional risk factors are listed from time to time in WellPoint's various SEC reports, including but not limited to, its Annual Report on Form 10-K for the year ended December 31, 2003.
SOURCE: Millstream Acquisition Corporation WellPoint Pharmacy Management Lisa Mee-Stephenson, 805-557-6790 or 818-618-7998 firstname.lastname@example.org or Chuck Schneider, 954-903-5267 email@example.com Customize your Business Wire news & multimedia to match your needs. Get breaking news from companies and organizations worldwide. Logon for FREE today at www.BusinessWire.com.