CVS Caremark CVS is
working to resolve service issues related to its SilverScript Medicare Part D
Prescription Drug Plan. Issues with SilverScript enrollment processing
resulted from an enrollment system conversion and brought about an increase in
call volume and issues related to claims processing, including, in some
instances, not being able to have claims adjudicated at the pharmacy. As a
consequence, the Centers for Medicare and Medicaid Services (CMS) has placed
SilverScript on intermediate sanctions, effective as of 11:59PM EST January
15, 2013.
Enrollment of any Medicare beneficiaries in the SilverScript plan and all
marketing activities have been suspended. The CMS action does not affect
current SilverScript members and these beneficiaries will continue to have
access to covered services. Existing employer group health plans are not
affected by this action; CVS Caremark health plan clients are not affected by
this action. The company estimates that the sanctions should not have a
material impact on its 2013 earnings.
"We take these issues very seriously and are committed to working swiftly with
CMS officials to address their areas of concern," said Jon Roberts, President
of the pharmacy benefit management business of CVS Caremark. "We also want to
commit to members who experienced enrollment issues that we will resolve these
expeditiously."
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