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Article: Low Payments by CVS Caremark Force Walgreens to Withdraw as a Provider from Four Insurance Plans.
- Article from:
- Business Wire
- Article date:
- November 29, 2007
CopyrightCOPYRIGHT 2007 Business Wire. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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DEERFIELD, Ill. -- After many months of talks over unreasonably low and below-market payment rates by CVS Caremark Corp. for four prescription plans, Walgreens (NYSE:WAG)(NASDAQ:WAG) today withdrew as a pharmacy provider from the plans.
Patients affected include members of prescription benefit plans managed by CVS Caremark for ArcelorMittal, Johnson Controls, Inc., Progressive Casualty Insurance Co. and Wisconsin Education Association Trust. Most of the affected members live in Illinois, Indiana, Michigan, Ohio and Wisconsin.
"This is not where we wanted negotiations to lead," said Trent Taylor, president of Walgreens Health Services, the managed care ...