Pharmacy benefits manager Caremark Rx today announced it will move its corporate headquarters to healthcare hotbed Nashville, Tenn., from its current home in Birmingham, Ala.
Caremark Rx, the nation's No. 4 PBM, expects to complete the move by the second quarter of 2004, company officials say.
The decision comes as another major Birmingham healthcare company, rehabilitation and ambulatory surgery center operator HealthSouth Corp., fights for its survival amidst a $2.5 billion accounting scandal. Federal investigations into alleged improprieties to date have resulted in guilty pleas from 11 former HealthSouth executives.
Caremark's predecessor company, failed PPM MedPartners, was co-founded in 1993 by HealthSouth founder and recently ousted Chairman and CEO Richard Scrushy. Before leaving MedPartners 2000, Scrushy was involved in the hiring of Edwin "Mac" Crawford as chairman and CEO of the PPM.
Crawford remains in charge of Caremark, though no other current Caremark executives or directors have any HealthSouth ties, according to the PBM's most recent proxy statement.
A Caremark spokesperson was not immediately available for comment on the planned move to Nashville.
In a written statement, Crawford calls Nashville a "center for excellence for the healthcare industry" that will "offer our company and employees a high quality of life and a healthy business environment."
Tennessee Gov. Phil Bredesen says in a statement that Caremark will become one of the state's top five publicly traded companies. The PBM employs 4,800 people and reported 2002 revenues of $6.8 billion.