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Our -- this -- there are big questions hanging over CVS Caremark prescription refills -- Medicare is investigating reports.
That the second largest drugstore chain is.
Refilling prescriptions and submitting insurance claims without patients approval that is according to the Los Angeles Times source -- Shares of CDS -- down on the news but the second largest drugstore.
Tells Fox Business directly that he has not been contacted by federal investigators.
Let's bring in doctor -- -- -- -- -- -- -- CEO of vital spring technologies.
CVS because they did.
You know reach a settlement for selling drugs at the wrong prices -- seniors and disabled people so so there's a history with CBS here.
You know there is a history -- CVS just as you said on the Medicaid side.
And as biggest CVS is there's always this concern.
That they have the ability to go out and be able to overcharge without much oversight so this is really worry some if it's true.
For Medicare beneficiaries who were getting charged or having.
Up prescriptions you know sort of doled out.
In charge for by CVS to Medicare but it really raises an even bigger question.
About what has driven.
These companies to actually want to go out and do that.
You know the Obama administration has talked a lot about wanting to get fraud out of the system as a means for Obama care.
So you have to wonder.
What sort of the motivation -- for the companies to do this.
Doctor people we're looking at specifically what happened in this situation they're talking about CVS going ahead and refilling your prescription that you -- he had build their before.
Before you asked for and charging it to be insurance come -- -- Medicare right at that moment.
Is that an unusual practice act agonies it's against company policy bit is that something that you think happens a lot.
It it it is an unusual practice.
And I think you raise an important point in terms of the checks and balances.
That are not fully in place.
And there or a lot of areas just like the one that you described.
Where as they're trying to understand about this whole issue of overcharges.
They've got the FBI and HHS trying to go in and do these sample audits.
For the prescriptions that are being filled.
That is in got to cut it you can't go in and try to sample and hope that you catch something.
The reality is is that they've got to get a lot more sophisticated.
If they're in fact going to find out where these overcharges come from.
He raised an interesting point and you ask the question of you have to wonder about the motivation to you think he's pharmacy benefits managers pharmacies -- -- Are fearing that the dollars the revenue streams are going to dry up under Obama care.
I really do and if you look at a couple of things that have happened since Obama care has been implemented.
Insurance companies and the pharmacy benefits managers are clearly in a -- to take on more people to cover more people under their programs.
And so they're looking for every possible avenue to stay afloat the other thing that's happened even more concerning.
Is that the idea is that we were trying to drive more competition to bring prices down.
But you see the insurance companies that are starting to consolidate.
There are only really three major pharmacy benefits managers so when you look at the amount of market share -- they have.
There isn't really much competition that's preventing them from doing whatever they want and and -- a lot of that is really on the rebound.
Of what happened with you know obamacare and sort of you know it was an interesting discussion last night the debate about the impact of Medicare.
But here's a great example of if the idea of taking 760.
Billion dollars out of Medicare by looking at fraud and abuse well.
Okay this is the approach -- that's that's produced.
And I just want to say before we gets we do have a statement from the CBS spokesman Mike Angeles who says our adherence to the programs require that patient's consent be obtained a part description has repelled at this time.
We haven't been contacted regarding the investigation so they're pretty much denying that this is going on what's gonna make sure we get it back in -- we didn't.
Contact them and ask them for their side of the story.
Right OK doctor street are -- -- thank you very much doctor I -- outside to.
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