ProCare Pharmacy Benefit Manager adds to growth with new acquisition
Miramar FL – August 10, 2015 – ProCare Pharmacy Benefit Manager, Inc. (ProCare Rx) is pleased to announce that it has entered into an asset purchase agreement to acquire BioScrip, Inc.’s PBM business (the “BioScrip PBM Business”). The PBM transaction is expected to close in the third quarter, subject to customary closing conditions.
ProCare Rx’s Chairman, Chief Executive Officer, and co-owner Roger Burgess said, "We welcome the BioScrip PBM customers and employees into the ProCare Rx family and look forward to a long and successful partnership.”
Founded in 1994, the BioScrip PBM Business is a fully-integrated pharmacy benefit manager that provides its customers, patients, and members cost-effective access to pharmacy products and services delivered through a national network of pharmacy providers. The BioScrip PBM Business provides PBM services across two lines of business: (i) traditional funded PBM services; and (ii) management and administration of prescription drug discount card programs.
Rick Smith, President and Chief Executive Officer of BioScrip, said, “We are pleased to announce our agreement to sell our PBM business to ProCare Rx, a company with a long history of providing high-quality PBM services to its clients. I am confident that the PBM will continue to thrive under ProCare’s ownership and leadership, and we believe our PBM clients will benefit from ProCare’s expertise and commitment to providing high-quality client service.”
Dan Colucci, BioScrip Vice President of Pharmacy Benefit Management, said, “This transaction represents a tremendous opportunity for BioScrip's existing PBM customers. ProCare has nearly 25 years of experience and leadership in the PBM sector. ProCare’s independence and their full-suite of services will complement BioScrip’s existing offerings, and we believe that this combination will create significantly enhanced products and services for our clients. I am excited to be joining the ProCare leadership team, and together, we expect a seamless transition for all of our clients upon the closing of the transaction.”
ProCare Rx’s systems are completely prepared to process the increased volume of prescription claims. Key BioScrip staff will work with ProCare Rx’s Customer Care Centers to ensure a smooth transition to ProCare Rx.
About ProCare Pharmacy Benefit Manager
ProCare Pharmacy Benefit Manager is an innovative, forward-thinking, national pharmacy benefit manager and healthcare information technology company in business for over 25 years. It provides a wide range of healthcare systems and services to all size employers, managed care organizations, managed Medicaid plans, approved Exchange plans, workers compensation plans, hospices, and other payers. With over 64,000 pharmacies in their national network, along with their affiliated mail order and specialty pharmacies, ProCare PharmacyCare, they are an industry leader in 100% transparent, pass-through relationships. ProCare Pharmacy Benefit Manager is URAC accredited for pharmacy benefit management, and ProCare PharmacyCare is URAC accredited for mail service pharmacy.
More information: www.procarerx.com
ProCare Pharmacy Benefit Manager
Ms. Andrea Baker, Marketing Director
1267 Professional Parkway
Gainesville, Georgia 30507
This discount plan is NOT insurance or a Medicare prescription drug plan. The plan is not intended as a substitute for insurance and does not meet creditable coverage requirements under state or federal law. The plan provides discounts at participating pharmacies on certain pharmaceutical supplies, prescription drugs, or medical equipment and supplies. The range of discounts will vary depending on the products received. Members are obligated to pay the pharmacy the entire amount of the discounted rate for such products at the point of sale. The plan does not pay pharmacies for products provided to members. No enrollment or periodic fees apply. The pharmacy may pay the plan a fee from amounts the pharmacy collects from the member. The discount plan organization is ProCare Pharmacy Benefit Manager, Inc., 1267 Professional Parkway, Gainesville, GA 30507. Our website is www.procarerx.com. Our toll free number is 888-299-5383.