CVS Health has launched a new platform that will allow its pharmacy benefit management clients to better manage contracts with third-party health and wellness vendors.
The tool, Vendor Benefit Management, will offer CVS Caremark clients access to data on negotiated pricing, real-time eligibility verification and simpler billing and payment processing.
The platform aims to ease some administrative burden on clients by creating a solution that places health and wellness vendors in one place.
"As health care continues to evolve, plan sponsors have begun looking beyond the standard medical, pharmacy, dental and vision health benefit offerings, and are increasingly considering supplemental benefits to help improve health outcomes and reduce overall medical spend," said Derica Rice, president of CVS Caremark.
Read the full news release here.