TAMPA, Fla., March 19, 2013 /PRNewswire/ -- Comprehensive Care Corporation ("CompCare") (OTC BB: CHCR), a leading behavioral health, substance abuse and pharmacy management services provider for managed care companies throughout the U.S., today announced the signing of a Pharmacy Savings Management Agreement with Local No. 29 ("Local 29") of the Laborers' International Union of North America (LIUNA).
Based on a detailed analysis of Local 29's previous year's pharmacy spend, CompCare determined it could guarantee Local 29 meaningful savings for the coming year using CompCare's Pharmacy Savings Program. Under the Pharmacy Savings Management Agreement, CompCare has guaranteed Local 29 a minimum of a 10% savings and backed up its guarantee with a full performance bond to be issued by a nationally well-known and respected surety company.
Tom Russo, Business Manager of Local 29, stated, "The CompCare pharmacy savings program is simple, easily understandable, transparent, and seamless. Our analysis completely supports CompCare's claim to be able to save at least 10% off of Local 29's last year's pharmacy expenses. CompCare's support of its guarantee with a full performance bond, as well as providing the services of a nationally respected pharmacy benefits manager (PBM), was compelling enough for me to recommend that Local 29 switch from its existing program to CompCare's. Its innovative program brings measurable value to Local 29 and its members."
"CompCare's program design translates well to all of my labor associates as well as the fund's trustees. I expect many of them will quickly see the value of this new program," Mr. Russo added.Clark A. Marcus, CompCare's Chairman and CEO, stated, "After working on this program design for almost two years, we are delighted that Local 29's analysis of the program convinced them, as it does us, that the program creates substantial savings off of its previous year's pharmacy spend while at the same time provides for a seamless transition from the customer's existing program to CompCare's. The performance bond component of the program gives our customers a substantial comfort level and the assurance that they will get exactly what they bargained for. We believe we have created a literal win-win situation for all participants with CompCare taking on the financial risk of the customer's pharmacy spend." "With prescription drug prices rising almost twice as fast as the rate of inflation, we believe the CompCare Pharmacy Savings Program is exactly what labor and industry alike need to contain the rising costs of healthcare and, in particular, pharmacy spends. We also coupled our delivery program with a Wellness Program, as well as sophisticated analytics, to even further enhance our ability to bring even greater savings to our customers and their members. We anticipate the program with Local 29 to be fully capable of launch within the next sixty days," Mr. Marcus concluded.