All articles tagged with #blue shield of california
A 70-year-old San Francisco firefighter diagnosed with stage 4 lung cancer says his insurer Blue Shield of California denied coverage for chemotherapy and immunotherapy, prompting a GoFundMe fundraiser and calls for city officials to intervene as treatment could cost about $50,000 out-of-pocket.
Blue Shield of California has disclosed a cyberattack that resulted in the theft of members' personal information, including names, dates of birth, social security numbers, and vision healthcare data. The breach, which occurred in May, was discovered by a vendor in August and reported to Blue Shield in September. The attack was part of a series of breaches by the ransomware group Clop, exploiting a vulnerability in the MOVEit software. Blue Shield has set up a call center and offers free credit monitoring and identity restoration services for affected members. They recommend closely reviewing credit reports, placing fraud alerts, and considering a security freeze on credit files.
CVS and other healthcare stocks experienced a significant drop in market value after Blue Shield of California announced a shake-up in its pharmacy benefits manager (PBM) services. However, analysts believe the market's reaction was exaggerated and nonsensical. Blue Shield plans to unbundle its PBM service and distribute portions to disruptors like Cost Plus Drugs and Amazon Pharmacy, aiming to save $500 million annually on medications. CVS will retain the specialty pharmacy segment, which is the most profitable. Analysts highlight the value of legacy PBMs and the limitations of newer models, emphasizing that the announcement does not spell doom for CVS and other major PBMs.
Blue Shield of California is shaking up the pharmacy benefit management (PBM) industry by dropping most services from CVS Caremark and partnering with Mark Cuban's Cost Plus Drugs, Amazon Pharmacy, and other companies to purchase and deliver drugs. The move aims to lower prescription drug prices and could potentially save the insurer up to $500 million annually. This shift may encourage other insurers to follow suit or pressure PBMs to modify their practices. Blue Shield's new model will begin ramping up next year and fully launch in 2025.
Blue Shield of California, a major health insurer, is partnering with Amazon Pharmacy and Mark Cuban Cost Plus Drug Company to lower prescription drug costs for its 4.8 million members. By ditching CVS Health's Caremark as its pharmacy benefit manager, Blue Shield expects to save up to $500 million annually. The move aims to address the opaque practices of pharmacy benefit managers and create a more transparent and affordable system. Amazon's involvement in the healthcare sector continues to expand, with acquisitions and the launch of its own pharmacy services.
Blue Shield of California, a non-profit insurer, plans to reduce its reliance on CVS Health as its pharmacy benefit manager and instead work with companies such as Amazon and Mark Cuban's drug firm to negotiate drug prices. This move comes as pharmacy benefit managers face scrutiny for their role in rising healthcare costs. Blue Shield will collaborate with five different companies to provide convenient access to medications while lowering costs. The insurer expects to save up to $500 million in annual drug costs once its multi-year strategy is fully implemented. CVS shares fell over 6% in response to the news.
Blue Shield of California is partnering with Mark Cuban's Cost Plus Drug Company and Amazon Pharmacy to save on drug costs for its 4.8 million members, moving away from traditional drug store chains like CVS. The collaboration aims to reduce costs by $500 million annually, with upfront pricing, free delivery, and round-the-clock access to pharmacists offered through online services. While CVS will still be used for specialty drugs, the transition to Cost Plus and Amazon will begin with Blue Shield's own workers in 2024 before being introduced to members in 2025.