Catalyst Rx Recipient of Rx Benefit Innovation Award
06 Mars 2008 - 3:00PM
Business Wire
Catalyst Rx, the pharmacy benefit management subsidiary of
HealthExtras, Inc. (NASDAQ:HLEX), has been awarded the Pharmacy
Benefit Management Institute�s (PBMI) 2008 Rx Benefit Innovation
Award with its client partner, the State of Louisiana Office of
Group Benefits (OGB). The OGB and Catalyst Rx were recognized
jointly for a model physician outreach program that significantly
increased the prescribing and utilization of generic drugs,
resulting in a three-year savings of $28 million in drug spend for
the OGB. �Our 2008 award recipients have collaborated with drug
benefit stakeholders�physicians, pharmacists and patients
themselves�to improve the quality and cost-effectiveness of the
drug benefit they offer,� said Dana H. Felthouse, MBA, president of
PBMI. �Their efforts are truly best practices that should be
emulated and adopted by others to improve prescribing patterns.�
The Prescriber Education and Intervention Program, implemented by
Catalyst Rx for the OGB, focuses on educating top prescribing
physicians. The program incorporated a collaborative approach
between Catalyst Rx clinical pharmacists and the OGB to present
local physicians with plan-specific data, modeling generic drug
savings potential. It contributed significantly to a 5 percent
increase in OGB�s generic substitution rate and a 7.2 percent
increase in its generic utilization rate. �We are pleased to be
recognized by industry experts at PBMI as an innovator,� said David
Blair, Chief Executive Officer of Catalyst Rx. �A localized
approach to pharmacy benefit management is one of our key
differentiators and clearly has an impact on our client
partnerships, including the OGB.� PBMI�s Rx Benefit Innovation
Award was presented at its annual Drug Benefit Conference attended
by more than 350 industry professionals. The annual competition is
open to all PBMs and health plans and facilitates the sharing of
innovative practices among industry stakeholders. A recipient of
the award in 2004, Catalyst Rx was one of three organizations
recognized for the award in 2008. About PBMI (www.pbmi.com) The
mission of the Pharmacy Benefit Management Institute (PBMI) is to
create the industry's premier forum for health care purchasers to
exchange ideas, advance best practices, and drive appropriate
changes in the pharmacy benefit management marketplace. PBMI offers
research, continuing education, publications and Web resources to
help employers, health plans, union groups, and third-party
administrators work effectively with PBMs and others in the
pharmacy industry to optimize the value of drug benefit programs.
An Advisory Board representing the needs of the drug benefit
purchasing community sets direction for PBMI services. About
HealthExtras (www.healthextras.com): Catalyst Rx, the pharmacy
benefit management subsidiary of HealthExtras, Inc., is a
full-service pharmacy benefit management company. Its clients
include self-insured employers, including state and local
governments, third-party administrators, managed care
organizations, unions 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
60,000 participating pharmacies. This press release may contain
forward-looking statements within the meaning of Section 21E of the
Securities Exchange Act of 1934. These forward-looking statements
involve a number of risks and uncertainties. Factors that we have
identified that might materially affect our results are discussed
in our Annual Report on Form 10-K for the year ended December 31,
2006 under "Item 1.A Risk Factors." Readers are urged to carefully
review and consider the various disclosures made in our Annual
Report on Form 10-K and our other filings with the Securities and
Exchange Commission that attempt to advise interested parties of
the risks and uncertainties that may affect our business.
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