Retail News Breaks
Former Caremark exec McLure joins change:healthcare
May 3rd, 2011
BRENTWOOD, Tenn. – Howard McLure, former president of CVS Caremark Corp.'s pharmacy benefit management unit, has been named chairman of change:healthcare inc. and is slated to become the health care cost transparency firm's chief executive officer.
Change:healthcare said Tuesday that McLure will serve as chairman effective immediately and will transition to CEO over the next few months. He will replace company founder Christopher Parks, who will move to chief development officer to lead continued development of the change:healthcare's platform and strategic relationships.
McLure was president of Caremark Pharmacy Services from 2007 to until his retirement in late November 2009. About a month later, CVS Caremark announced his successor: Per Lofberg, president and chief executive of Generation Health Inc.
At change:healthcare, McLure is charged with leading the company through its next stage of growth as it gains traction with its C:H Cost Transparency Solution.
"I've seen health care from all sides throughout my career, and I can't think of a point in our country's history where there's been such a critical need to bring cost transparency to the table," McLure said in a statement. "With an already proven track record in the industry, change:healthcare is the only company that's actually giving health care consumers a way to make better decisions about their everyday health care purchases – and ultimately helping clients and their employees to reduce health care costs."
Change:healthcare said that for the past 11 years, McLure has been a key driver of the development and expansion of the PBM industry. He served eight years in various roles, including chief financial officer, senior executive vice president and chief operating officer at Caremark (acquired by MedPartners in 1996) as part of a management team hired to perform a strategic turnaround.
As CFO, McLure was instrumental in driving PBM revenue growth from $2.5 million to $37 million in six years and took a leadership role in the 2004 acquisition of AdvancePCS, according to change:healthcare. As COO and senior executive vice president, he was a key player in the merger with CVS in 2007. After the merger, McLure became president of Caremark Pharmacy Services, the merged company's PBM division. In that role, he was also the driver behind the development of creative consumer-facing pharmacy solutions unique to the PBM industry that generated financial success and value for retailers, employers and consumers, change:healthcare said.
"We are very excited to have Howard on board. His tenure and success at CVS Caremark, as well as a shared mission to offer consumers true health care cost transparency, made him a perfect fit for our team," commented Parks. "In addition to years of health care industry expertise, his impressive history of success with investors, employees and stakeholders, combined with his talent in financial and operational management, will be critical to our aggressive growth plans over the next several years."
Change:healthcare's web-based Cost Transparency Solution, built on more than three years of medical claims data, is designed to give employees personalized views of pricing information and alerts that highlight opportunities to save money on routine health care and prescriptions in their local area. The company said it works with more than 100 self-insured businesses nationwide, representing more than 100,000 lives.
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