Catalyst Health Solutions, Inc. (ticker: CHSI, exchange: NASDAQ Global Select Market (.O))
News Release -
Wellmark Blue Cross and Blue Shield of Iowa Has Selected Catalyst Rx to Provide Pharmacy Benefit Management Services Effective July 1, 2006; Four-Year Agreement to Cover More Than 1.3 Million Members
ROCKVILLE, Md.--(BUSINESS WIRE)--Jan. 3, 2006--HealthExtras, Inc.
(NASDAQ:HLEX) -- HealthExtras announced today that its PBM division,
Catalyst Rx, was selected by Wellmark to provide pharmacy benefit
management services beginning July 1, 2006. Wellmark does business as
Wellmark Blue Cross and Blue Shield of Iowa and its subsidiaries
include Wellmark Blue Cross and Blue Shield of South Dakota and
Wellmark Health Plan of Iowa, Inc. Wellmark Blue Cross and Blue Shield
is an independent licensee of the Blue Cross and Blue Shield
Association. Catalyst Rx will administer comprehensive pharmacy
benefit programs for more than 1.3 million members. The awarding of
the business to Catalyst Rx was made pursuant to a competitive
selection process and is subject to final contract execution.
"Wellmark's selection of Catalyst Rx reflects continued success in
our efforts to provide clients with both heightened performance
accountability and innovative solutions to managing prescription
benefits," said David Blair, Chief Executive Officer of HealthExtras.
"We look forward to working with Wellmark on a collaborative basis to
deliver local market focused management of prescription benefits. Our
commitment to a significant clinical and account management center in
Iowa will be a key driver for these program initiatives."
HealthExtras will provide an update to its preliminary 2006
financial guidance in conjunction with its next quarterly conference
call now scheduled for January 25, 2006. During that call the Company
will discuss the financial impact of the Wellmark contract including
the timing and extent of anticipated upfront implementation and
transition expenses as well as post-implementation revenue and
earnings contributions for the balance of 2006.
About HealthExtras (www.healthextras.com)
HealthExtras, Inc. is a full-service pharmacy management company.
Its clients include self-insured employers, including state and local
governments, third-party administrators, managed care organizations
and individuals. The Company's integrated pharmacy benefit management
services marketed under the name Catalyst Rx include: claims
processing, benefit design consultation, drug utilization review,
formulary management, drug data analysis services and mail order
services. Additionally, the Company operates a national retail
pharmacy network with over 55,000 participating pharmacies.
This press release may contain forward-looking information. The
forward-looking statements are made pursuant to the safe harbor
provisions of the Private Securities Litigation Act of 1995.
Forward-looking statements may be significantly impacted by certain
risks and uncertainties described in HealthExtras' filings with the
Securities and Exchange Commission.
Michael P. Donovan, 301-548-2900
SOURCE: HealthExtras, Inc.