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CVS Caremark

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This article is about the healthcare management company. For the company formerly called CVS Caremark, see CVS Health.
CVS Caremark
Formerly
  • MedPartners, Inc. (1993-2000)
  • Caremark Rx (2000-2014)
Company typeSubsidiary
IndustryHealthcare
FoundedBirmingham, Alabama, United States (1993 (1993))
Headquarters
Woonsocket, Rhode Island
,
United States
Area served
Nationwide
Key people
Alan Lotvin (President)
ProductsPrescription Benefit Management
RevenueIncrease US$36.7 billion (2006)
Number of employees
13,628 (2005)
ParentCVS Health

CVS Caremark (formerly Caremark Rx) (stylized as CVScaremark, previously CVS/caremark) is the prescription benefit management subsidiary of CVS Health, headquartered in Woonsocket, Rhode Island.

Company history

Caremark International was founded as a unit of Baxter International and was spun off from Baxter in 1992 as a publicly traded company. On May 15, 1996, Caremark International announced it would be acquired by MedPartners with MedPartners ending up with Caremark's PPM division and prescription benefit management (PBM) division.[1]

In October 1997, PhyCor, announced they would be acquiring MedPartners for $8 billion in stock and assumed debt.[2] However, the merger agreement was terminated in January 1998. The companies cited significant operational and strategic differences as the reason for the termination of the merger.[3] MedPartners then announced that they would suffer a net loss of $841 million for the 4th quarter of 1997.[4] In January 1998, Chairman, President and CEO Larry House left the company and Richard Scrushy took over as chairman and acting CEO of the company.[5][6] On March 18, 1998, Edwin "Mac" Crawford became the new president and CEO of MedPartners.[7] After taking over, Mac Crawford announced that MedPartners was exiting its PPM business and refocusing on its PBM business.[7] In 2000, MedPartners changed its name to Caremark Rx.[8]

In 2003, it merged with AdvancePCS.[9] That same year, Caremark moved its headquarters from Birmingham, Alabama, to Nashville, Tennessee.[10]

In March 2007, Caremark merged with CVS Corporation to create CVS Caremark, later re-branded as CVS Health.[11]

In February 2020, Alan Lotvin was appointed president of CVS Caremark.[12]

Logo until 2016

Notes

  1. ^ Hutchcraft, Chuck (15 May 1996). "CAREMARK SOLD FOR $2.5 BILLION". chicagotribune.com. Retrieved 2020-06-18.{{cite web}}: CS1 maint: url-status (link)
  2. ^ Olmos, David (1997-10-30). "PhyCor Plans to Acquire MedPartners". Los Angeles Times. Retrieved 2020-06-18.{{cite web}}: CS1 maint: url-status (link)
  3. ^ MedPartners, Phycor Cancel Merger Agreement - Memphis Business Journal. Bizjournals.com (1998-01-08). Retrieved on 2013-09-05.
  4. ^ Mac Crawford: Definition from. Answers.com. Retrieved on 2013-09-05.
  5. ^ Milazzo, Don (26 September 1999). "Caremark Rx slashes 200 jobs in huge corporate turnaround". Birmingham Business Journal. Retrieved 2020-04-08.{{cite web}}: CS1 maint: url-status (link)
  6. ^ "Head rolls at MedPartners - Jan. 19, 1998". money.cnn.com. Retrieved 2020-04-08.
  7. ^ a b Freudenheim, Milt (1998-11-12). "Medpartners Plans to Divest Itself of the Business of Physician Practice Management". The New York Times. ISSN 0362-4331. Retrieved 2020-04-08.
  8. ^ Park, Jennifer (2 January 2000). "MedPartners emerges from woes as Caremark". Birmingham Business Journal. Retrieved 2020-04-08.{{cite web}}: CS1 maint: url-status (link)
  9. ^ Sidel, Robin (2003-09-03). "Caremark to Buy Rival AdvancePCS In $5.6 Billion Pact". Wall Street Journal. ISSN 0099-9660. Retrieved 2020-06-18.{{cite news}}: CS1 maint: url-status (link)
  10. ^ Martinez, Barbara (2006-05-10). "For Caremark's Chief Executive, Outsize Rewards". Wall Street Journal. ISSN 0099-9660. Retrieved 2020-04-09.
  11. ^ "CVS Caremark, Form 8-K, Current Report, Filing Date Mar 23, 2007" (PDF). secdatabase.com. Retrieved Mar 29, 2013.
  12. ^ "CVS Health Appoints Alan Lotvin As President Of CVS Caremark". RTTNews. Retrieved 2020-06-18.
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