SCHAUMBURG, IL, April 21, 2015 /CNW/ - Catamaran Corp. (NASDAQ: CTRX, TSX: CCT), a leading provider of pharmacy benefit management (PBM) services and technology, recently announced that its Safe & Effective Compound Use Reassurance Effort (SECURE) reduced spending on compound medication for its clients by more than 70 percent over one year, while also protecting patients from common risks associated with this drug category. As one the first programs of its kind, Catamaran's SECURE offers clients a robust menu of services aimed at addressing compound safety and cost concerns, while still ensuring reasonable access to, and reimbursement for, these medications when clinically appropriate.
As an example of the strategy in play, an employer client with more than 40,000 members implemented SECURE program elements, including rigorous prior authorization criteria, exclusion of compound kits and lower price limitations to help manage their rising compound drug utilization and costs. With these protocols in place, the client achieved nearly $290,000 in savings year-over-year, even with an 18 percent increase in compound claims volume during the same time period.
"Through SECURE, we have achieved significant savings for our clients by ensuring appropriate use, as well as safety and cost-effectiveness, of compound medications – a hot topic in healthcare today," said Sumit Dutta, M.D., M.B.A., Senior Vice President and Chief Medical Officer. "Compound medications play a critical role in helping patients with certain conditions get and stay healthy, but due to the nature of how they are produced, strict protocols need to be in place to ensure safety and cost-efficiency."
Catamaran's clients can elect to adopt a wide array of SECURE elements, based on their specific needs and member population. Some of these elements include: rigorous prior authorization criteria, lower maximum dollar thresholds, step therapy, enhanced drug utilization review, kit exclusions, select bulk chemical exclusions, standardized claims submission and billing, and robust analytics and reporting.
SECURE also includes the industry's first Network Compound Credentialing Program (NCCP), which utilizes a credentialing program to validate that the highest quality and safety standards are adhered to when medications are compounded for Catamaran's members. The NCCP also employs a pricing management strategy to ensure that high standards of reasonableness are upheld from pharmacy to pharmacy when it comes to pricing compounded products.
SECURE results were recently featured in Catamaran's 2015 Informed Trends™ report and will be presented in a Catamaran Insight Series Webinar on April 30, 2015 at 12:30pm ET. Interested attendees can register here.
About Catamaran
Catamaran, the industry's fastest-growing pharmacy benefits manager, helps organizations and the communities they serve take control of prescription drug costs. Managing more than 400 million prescriptions each year on behalf of 35 million members, our flexible, holistic solutions improve patient care and empower individuals to take charge of their health. Processing one in every five prescription claims in the U.S., Catamaran's skill and scale deliver compelling financial results and sustainable improvement in the overall health of members. Catamaran is headquartered in Schaumburg, Ill., with multiple locations in the U.S. and Canada. For more information, please visit CatamaranRx.com, and for industry news and information follow Catamaran on Twitter, @CatamaranCorp.
Catamaran Media:
Lauren Denz
Catamaran
Tel: (630) 945-2532
lauren.denz@catamaranrx.com
Catamaran Investors:
Tony Perkins
Catamaran
Tel: (312) 261-7805
tony.perkins@catamaranrx.com
SOURCE Catamaran
Catamaran Media: Lauren Denz, Catamaran, Tel: (630) 945-2532, lauren.denz@catamaranrx.com; Catamaran Investors: Tony Perkins, Catamaran, Tel: (312) 261-7805, tony.perkins@catamaranrx.com