Pharmacy benefit manager Medco Health Solutions, Franklin Lakes, N.J., said it will close IntelliCare, its South Portland, Maine-based telemedicine subsidiary, which provides nurse counseling and other health-based services, by the end of February.
IntelliCare did not fit into the companys long-range plan, according to Ann Smith, senior director of public affairs for Medco Health Solutions. Smith later said the decision was in no way a reflection of the quality of work of IntelliCare employees, of which there are about 250. Of those, 150 work remotely. With the closure, Medco will retain between 35 to 50 employees who will continue to work remotely, Smith said. In October 2007, Medco acquired PolyMedica Corp. for about $1.5 billion in cash. That deal included the purchase of the Liberty brand, which included IntelliCare, Smith said.
Medco is one of the nations largest PBMs, she said, adding that the company specializes in disease-specific pharmacies that focus on illnesses or conditions such as diabetes, oncology and cardiovascular disease. Having those types of facilities and strategic focus on complex disease states is where were driving the care model, Smith said. As we look at the big picture, IntelliCare didnt fit into that long-term strategic vision.
For 2007, Medco reported net revenue of about $44.5 billion, according to its annual filing with the Securities and Exchange Commission.