Blue Cross Blue Shield of Massachusetts announced a new partnership with CVS Caremark, CVS Health’s pharmacy benefit management company, aimed at making the pharmacy experience easier for members and employers while also improving health outcomes and lowering costs.
- Services: CVS Caremark will assist Blue Cross in managing pharmacy benefit services for its commercial and Medicare groups and individual health plans beginning January 1, 2023. Over the length of the three-year deal, the new agreement is estimated to save Blue Cross consumers between 10% and 15% on pharmacy costs.
- Benefits: As one of the nation’s largest pharmacy benefit managers, CVS Caremark serves more than 100 million members, and successfully reduces prescription drug costs for clients and their members, resulting in low single-digit percent growth for overall client prescription drug spend in 2020.
- New collaboration: Through this new relationship, CVS Caremark will support the processing of pharmacy claims, negotiate to contract with pharmaceutical manufacturers on behalf of Blue Cross, offer mail-order dispensing and other pharmacy network options for Blue Cross members.
- Wide coverage: “Prescription drug coverage is our members’ most used benefit,” said Andrew Dreyfus, president, and CEO of Blue Cross Blue Shield of Massachusetts. “We’re working hard to simplify the pharmacy experience, improve health outcomes, and lower costs for our customers and members, and our partnership with CVS Caremark will help us advance that work.”
- Monitors: CVS Caremark will work closely with Blue Cross and its employer customers to understand their population health goals and make members’ pharmacy experience more affordable, easy to access, and simple to follow. As part of CVS Health, CVS Caremark innovates with clients to manage chronic diseases more effectively through community-based or home-based health services as well as enhanced digital connectivity.