Aetna and CVS Caremark Agree to 12-Year Contract

Aetna announced on July 27, 2010, that it has awarded CVS Caremark with a 12-year contract to administer approximately $9.5 billion in annual drug spend to 9.7 million of its members, effective as of January 1, 2011.

Aetna will retain its PBM and will continue to manage clinical programs, protocols and oversight of its pharmacy benefits business, while outsourcing the following functions to CVS Caremark:

• Administration of Aetna’s retail pharmacy network and management of pharmacy customer and member service functions.
• Management of purchasing, inventory management, and prescriptions fulfillment for Aetna’s mail order and specialty pharmacy operations
• Aetna maintains that this arrangement will lead to enhanced clinical capabilities, improved pricing and products, and improved customer service and member experience.

Optimatum Group LLC is a vendor management firm that focuses exclusively on the HR supply chain. Our turnkey solutions improve financial and operational plan performance through our multidisciplinary approach, including forensic analysis and maintaining existing vendor relationships, while increasing transparency and accountability.

Through our Employer-sponsored Health Care Group, clients reap direct efficiencies of 10-12% of their health care costs within one year, and 5-7% in subsequent years.For organizations with an edict of expense management, coupled with a culture of strong vendor management, Optimatum drives solutions at a time when wastefulness is a luxury we can all no longer afford.