Work comp Rx news
News reports indicate Amerisource Bergen (ABC), the hospital supply firm, is unloading its Pharmerica subsidiary. Actually, it is forming a joint venture with Kindred Healthcare to combine both companies' long term care businesses in a new entity.
These companies provide drugs and supplies to nursing homes around the country, have annual combined sales of $1.9 billion and rather thin profits of $75 million.
Pharmerica also was the parent company of workers comp PBM Tmesys/PMSI, which evidently is staying within the ABC company fold.
Last week PMSI/Tmesys also made several changes in management, including promoting Mark Hollifield to president to replace Dave Weidner, who moved on to another senior position within the parent company. Hollifield, who was promoted to COO at the end of March 2006, is a well-regarded manager. Tamara Wagner, the long-time head of sales departed as well, and an interim sales leader was appointed from within.
Other sources indicate Coventry's First Health unit is looking into entering the WC PBM business, likely by going the acquisition route.
Comments
Concentra also announced that they are not proceeding with the large acquisition they had been looking at in the first half of the year, and took a $3.8mm charge for the expenses they racked up.
Posted by: rational | August 10, 2006 1:47 PM