Aetna Certified For Third Year By HR Policy Association For Meeting Stringent Transparency Standards
HARTFORD, Conn., October 12, 2007 — Aetna (NYSE: ΑET) announced that the HR Policy Association, which represents 250 of the largest U.S. employers, re-certified Aetna’s pharmacy benefit management organization for again meeting the HR Policy Association Pharmaceutical Coalition’s standards, which provide employers with the most rigorous level of drug purchasing transparency available in the marketplace.
Through the Coalition’s Transparency in Pharmaceutical Purchasing SolutionsSM (TIPPSSM) initiative, employers determine a standard definition of transparency and annually certify organizations that agree to TIPPS standards. In 2005, the coalition certified Aetna Pharmacy Management as one of only three PBMs certified to meet the coalition’s stringent transparency test to help employers determine the true cost they pay for their prescription drugs. Aetna has maintained its certification ever since.
"We are pleased that such a highly respected organization continues to recognize us for our efforts to provide customers with quality, affordable prescription drug benefits," said Mark Rubino, Chief Pharmacy Officer for Aetna Pharmacy Management. "It is gratifying for us to know that the HR Policy Association shares our belief that customers and members need access to detailed cost and quality information to help them make informed decisions about their health."
The TIPPS standards promote contracting that makes it easier for employers, their beneficiaries and dependents to understand the true price of a drug. TIPPS standards also are designed to ensure pharmacy benefit services are structured to encourage the use of the most cost-effective, clinically appropriate drug available. To be certified, Aetna agreed to:
- Provide acquisition cost for brand and generic drugs dispensed at retail pharmacies;
- Acquisition-based pricing for brand and generic drugs delivered through mail service;
- Disclosure and pass through of all revenue from drug manufacturers that relates to utilization under an employer’s contract;
- Acquisition-based pricing and the same level of transparency for specialty pharmacy drugs; and
- Rigorous audit rights to ensure compliance with the TIPPS standards.
Earlier this month, URAC, an independent non-profit organization that promotes health care quality through accreditation and certification programs, recognized Aetna with dual accreditation in PBM and Drug Therapy Management (DTM). Meeting these standards certifies that Aetna has achieved URAC’s exacting benchmarks for a broad spectrum of best practices, including customer service, communications, disclosure of pricing policies, pharmaceutical distribution and drug utilization management.
About the HR Policy Association
HR Policy Association is a public policy advocacy organization representing the senior human resource executives of more than 250 leading employers doing business in the United States. Collectively, its members employ over 12 percent of the U.S. private sector workforce or some 19 million Americans. Due to extreme concern over skyrocketing health care costs in the United States and deficiencies in efficiency and quality, the Association has been working through its public policy agenda and market reform initiatives to address the problems that plague our nation’s health care system.
About Aetna
Aetna is one of the nation’s leading diversified health care benefits companies, serving approximately 34.9 million people with information and resources to help them make better informed decisions about their health care. Aetna offers a broad range of traditional and consumer-directed health insurance products and related services, including medical, pharmacy, dental, behavioral health, group life, long-term care and disability plans, and medical management capabilities and health care management services for Medicaid plans. Our customers include employer groups, individuals, college students, part-time and hourly workers, health plans and government-sponsored plans in both the U.S. and internationally. www.aetna.com Transparency in Pharmaceutical Purchasing Standards and TIPPS are service marks of Health Care Policy Roundtable, LLC.
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