Member access

4-Traders Homepage  >  Shares  >  Nyse  >  CVS Caremark Corporation    CVS   US1266501006

SummaryQuotesChart AnalysisNewsAnalysisCalendarCompanyFinancialsConsensusRevisions 

CVS Caremark Corporation : U.S. asks CVS about its prescription discount plan

02/17/2012 | 04:28pm US/Eastern
Recommend:
0

(Reuters) - CVS Caremark Corp said it received requests for information about a prescription drug discount program it runs for uninsured or under-insured individuals from both the U.S. government and the Texas Attorney General.

In January, CVS received a subpoena from the U.S. Office of Inspector General requesting information about the company's Health Savings Pass program, CVS said in its 10k filing on Friday.

The company, which runs the CVS pharmacy chain and the CVS Caremark pharmacy benefits management service, said the request was connected to an investigation of possible false or otherwise improper claims for payment involving Health & Human Services programs.

In February, CVS received a civil investigative demand from Texas' Office of the Attorney General. That office requested a copy of information from the OIG subpoena and other information related to prescription drug claims submitted by CVS pharmacies to Texas Medicaid for reimbursement, the company said.

CVS said it would respond to the requests for information and cooperate with both investigations.

CVS markets its Health Savings Pass, which has a $15 annual fee, to people who do not have prescription drug coverage and to those who have limited coverage.

The Health Savings Pass lets patients fill 90-day prescriptions for 400 generic drugs for $11.99. Participants also get discounts such as 10 percent off visits at the CVS in-store health clinic, MinuteClinic and 10 percent off an annual flu shot.

The announcement comes about a month after CVS agreed to pay $5 million to settle charges of inaccurate pricing of some drugs for the elderly and disabled, ending a wide-ranging, multi-year probe into its business practices.

Shares of CVS closed down 28 cents at $44.27, after reaching a new high of $45 earlier in the day.

(Reporting by Jessica Wohl in Chicago; Editing by Richard Chang)

Recommend :
0
React to this article
Latest news on CVS CAREMARK CORPORATION
4d ago CVS CAREMARK CORPORATION : ex-dividend day
5d ago CVS CAREMARK : Reports Traditional Drug Trend Increased by Just 0.8 Percent in 2..
7d ago CVS CAREMARK : Support National Public Health Week and Build Healthier Communiti..
04/14 CVS CAREMARK : Easter Seals and CVS Caremark Celebrate Week of the Young
04/13 CVS CAREMARK : Wake Forest School of Business to Partner with CVS Caremark
04/12 CVS CAREMARK : American Cancer Society Applauds CVS Caremark's Decision to Halt ..
04/12 CARDINAL HEALTH : Alliance to Prevent the Abuse of Medicines Releases Federal Po..
04/11 CVS CAREMARK : Easter Seals and CVS Caremark Celebrate Week of the Young Child&t..
04/10 CVS CAREMARK : Easter Seals and CVS Caremark Celebrate Week of the Young Child(&..
04/10 CVS CAREMARK : Wake Forest School of Business Announces 5- Year Partnership with..
Advertisement
Chart
Duration : Period :
CVS Caremark Corporation Technical Analysis Chart | CVS | US1266501006 | 4-Traders
Income Statement Evolution
CVS Caremark Corporation : Income Statement Evolution
More Financials
Dynamic quotes  
ON
| OFF