Omnicare Comments on Proposed CMS Changes Related to Consultant Pharmacists
(Thomson Reuters ONE) -
OMNICARE COMMENTS ON POTENTIAL CMS CHANGES RELATED TO CONSULTANT PHARMACISTS
COVINGTON, Ky., October 6, 2011 - Omnicare, Inc. (NYSE:OCR) today commented on
the Centers for Medicare and Medicaid Services' (CMS) request for comments
regarding its consideration of changes to the Conditions of Participation for
Long Term Care Facilities released on October 3, 2011.
Omnicare noted that it is in the process of reviewing the potential change
requiring the independence of consultant pharmacists with its regulatory and
legal advisors. Although Omnicare's review is not yet complete, at this time
the Company believes that the potential change would not have any material
adverse effects on Omnicare's business.
Omnicare noted that there is a 60-day comment period, and the Company looks
forward to providing CMS with accurate information concerning the role of
Omnicare consultant pharmacists and the beneficial effects its consultant
pharmacists have in lowering costs and ensuring patient safety.
Omnicare believes that regulators need to pursue a thoughtful and evidence-based
evaluation of the role of consultant pharmacists. Omnicare's payors and
customers and their residents currently benefit from the consultant pharmacists'
expertise in the areas of geriatric drug therapy and long-term care pharmacy
regulations. Omnicare's concern remains that payors and customers and their
residents may be denied these benefits or forced to pay more for them if CMS
were to mandate the change it is considering. Omnicare believes that rather
than reducing costs, the CMS proposal is likely to add costs.
Omnicare charges market rates for its consultant pharmacist services. In
addition, Omnicare's consultant pharmacists do not prescribe pharmaceuticals but
may recommend a drug if it is clinically equivalent and at a lower cost to the
payor, or recommend another therapy option in accordance with published CMS
guidance. For example, Omnicare's consultant pharmacists over the past five
years have made more than 700,000 recommendations to prescribers regarding
antipsychotic use, 99.7% of which were to reduce a dose; discontinue the drug;
question the reason the drugs are used; or monitor for potential, known side
effects.
Omnicare believes its expertise in geriatric pharmaceutical care and its
commitment to programs that provide the most appropriate medication cost-
effectively for its customers and the residents they serve are consistent with
the CMS's efforts to lower overall healthcare costs while helping Omnicare's
customers manage and respond to the ongoing industry cost pressures.
Omnicare is looking forward to working with CMS on this issue for industry
standards that improve quality and decrease cost.
About Omnicare
Omnicare, Inc., a Fortune 400 company based in Covington, Kentucky, provides
comprehensive pharmaceutical services to patients and providers across North
America. As the market-leader in professional pharmacy, related consulting and
data management services for skilled nursing, assisted living and other chronic
care institutions, Omnicare leverages its unparalleled clinical insight into the
geriatric market along with some of the industry's most innovative technological
capabilities to the benefit of its long-term care customers. Omnicare also
provides key commercialization services for the bio-pharmaceutical industry and
end-of-life disease management through its Specialty Care Group. For more
information, visit www.omnicare.com.
Forward-looking Statements
In addition to historical information, this communication contains certain
statements that constitute "forward-looking statements." These forward-looking
statements include, but are not limited to, all statements regarding the intent,
belief or current expectations regarding the matters discussed or incorporated
by reference in this communication (including, but not limited to, statements as
to "beliefs," "expectations," "anticipations," "intentions" or similar words)
and all statements which are not statements of historical fact. Such forward-
looking statements, together with other statements that are not historical, are
based on management's current expectations and involve known and unknown risks,
uncertainties, contingencies and other factors that could cause results,
performance or achievements to differ materially from those stated. These risks
and uncertainties include, but are not limited to, the possibility that Omnicare
will not pursue a transaction with PharMerica, the timing to consummate a
potential transaction between Omnicare and PharMerica, the ability and timing to
obtain required regulatory approvals, Omnicare's ability to realize the
synergies contemplated by a potential transaction, Omnicare's ability to
promptly and effectively integrate the businesses of PharMerica and Omnicare,
the performance of Omnicare's institutional pharmacy business, business
conditions in the institutional pharmacy industry generally, the inability to
expand geographically as anticipated, the inability to leverage services and
capabilities among Omnicare's network of institutional pharmacies as
anticipated, the effectiveness of Omnicare's strategy in the institutional
pharmacy business, the ability of the PharMerica acquisition to strengthen
relationships with pharmaceutical and biotechnology companies and the risks and
uncertainties described in Omnicare's Form 10-K, Form 10-Q and Form 8-K reports
filed with the SEC. Should one or more of these risks or uncertainties
materialize or should underlying assumptions prove incorrect, Omnicare's actual
results, performance or achievements could differ materially from those
expressed in, or implied by, such forward-looking statements. Readers are
cautioned not to place undue reliance on these forward-looking statements, which
speak only as of the date hereof. Except as otherwise required by law, Omnicare
does not undertake any obligation to publicly release any revisions to these
forward-looking statements to reflect events or circumstances after the date
hereof or to reflect the occurrence of unanticipated events.
# # #
Contact:
Patrick C. Lee
(859) 392-3444
patrick.lee(at)omnicare.com
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Omnicare via Thomson Reuters ONE
[HUG#1552549]
Unternehmensinformation / Kurzprofil:
Datum: 06.10.2011 - 14:31 Uhr
Sprache: Deutsch
News-ID 73506
Anzahl Zeichen: 7439
contact information:
Town:
Covington, KY
Kategorie:
Business News
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