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
1d ago CVS CAREMARK : GNS Healthcare Appoints Dr. Jan Berger to Its Board of Directors
1d ago CVS CAREMARK : Health : Research Institute Provides First Look at Treatment with..
2d ago CVS CAREMARK : Health Research Institute Study is First to Show Improved Medicat..
2d ago CVS CAREMARK : Congressman Engel Commends CVS Health for Decision to End Cigaret..
2d ago CVS CAREMARK : GNS Healthcare Taps New Member to Board of Directors
3d ago CVS CAREMARK : Health : Research Institute Study is First to Show Improved Medic..
3d ago CVS CAREMARK : Announces Corporate Name Change to CVS Health to Reflect Broader ..
3d ago CVS CAREMARK : Health Corporation Announces Final Results of Tender Offers
3d ago CVS CAREMARK : MinuteClinic Walk-in Medical Clinics Come to St. Louis
3d ago CVS CAREMARK : Health Completes Purchase of Navarro Discount Pharmacy
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