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PPM kings Founded in 1993, MedPartners (since renamed Caremark Rx, Inc.) was, until November 1998, the nation's largest physician practice management (PPM) company. The company managed the business end of physicians' practices. MedPartners handled tasks such as negotiating payments, handling a practice's assets, and other administrative duties, while doctors could devote all of their time to patient care. For several years, the system proved lucrative, with almost $6 billion in annual revenues. It also showed tremendous growth potential, as the company had partnered with more than 250 groups, encompassing about 3,000 doctors (as well as forging looser affiliations with an additional 4,600 doctors). Sunk In late-1997, after a failed $8 billion purchase by rival PhyCor, MedPartners' PPM ship sprung a major leak. Formerly a darling of Wall Street, MedPartners saw its stock lose 96 percent of its early-1996 value. Critics charged that the company concentrated too much on expansion and on its own paper value, at the expense of patient care and the financial health of individual practices. Legal difficulties stemming from its 1995 takeover over of Cardinal Healthcare, exacerbated MedPartners' troubles. Caremark rises from the ashes In late-1998, MedPartners decided to divest itself of its struggling PPM operations; it planned to spin them off to shareholders or to sell out to either LBO firms or to private investors. The company ditched its clinics, selling some and having others seized. Subsequently, it shifted its focus to "its core pharmaceutical services operations" - the Caremark division, a pharmacy benefits management (PBM) group that it had purchased for $1.8 billion in 1996. Consequently, in September 1999, it changed its name to Caremark Rx, Inc. The restructuring, however, compromised some 200 jobs as well as $1.4 billion. At the time of the restructuring, Caremark was firmly established in the industry; its extensive disease management service included a PBM service that served 15 million people in all 50 states, and its Prescription Services Division was the largest independent pharmacy in the country. Caremark also included a Therapeutic Services Division that specialized in health services for patients with low-incidence chronic diseases. Today, Caremark is a leading PBM company that serves 20 million customers.
Caremark accepts resumes submitted via regular mail, fax, or e-mail at its corporate headquarters. Applicants should consult the employment section of Caremark's web site, www.caremark.com, for more information on the application process, including an online application form. To apply to one of Caremark's subsidiaries, consult the company's site for the appropriate address. While hiring is based on departmental requirements, potential candidates will most likely meet with a human resources representative for a series of interviews.
Long, rewarding hours Caremark's employees say that they are "invigorated" by the idea that their work is "making patients' lives better." However, they say that the life-saving business can be "strenuous," with employees "regularly" working between 50 and 60 hours each week. In spite of the "strict" dress code, Caremark cultivates a "laid-back" and "congenial" atmosphere in order to keep "communication channels open." Employees also say that the company encourages "independence" and that top management is "quick to respond" to "exceptional performance."
Human Resources (205) 982-4157
Pharmacy benefits More Company Profiles For more career information, go to Vault.com ©2000, Vault.com Inc
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