TORONTO, April 1, 2024 /CNW/ - CareRx Corporation ("CareRx" or the "Company") (TSX: CRRX), Canada's leading provider of pharmacy services to seniors living communities, welcomes the decision by the Ontario Government to pause the previously scheduled changes to long-term care pharmacy funding that were scheduled to go into effect on April 1, 2024.

Under certain amendments to the Ontario Drug Benefit Act that came into effect on January 1, 2020, the reimbursement model for long-term care pharmacies in Ontario was changed from a fee-for-service model to a fee-per-bed capitation model under which pharmacies receive a fixed professional fee for all pharmacy services provided to residents in long-term care homes. The fee for 2024, which is currently prescribed at $1,500 per bed serviced, was scheduled to decline to $1,400 per bed serviced on April 1, 2024.

"Pharmacy service providers like CareRx are highly integrated in long-term care homes and collaborate with physicians and nurses to help improve medication and labour management," said Puneet Khanna, President and Chief Executive Officer of CareRx. "This pause in the fee reduction will ensure that long-term care pharmacies can continue to deliver the same exceptional partnership and essential service offering to long-term care homes and help alleviate the many burdens home staff are facing. We want to thank Minister Jones, Minister Cho, their respective staff and the Ontario Government for recognizing the value of long-term care pharmacy service providers. We look forward to continuing to work collaboratively with the Ontario Government to help demonstrate how long-term care pharmacies can continue to be partners in helping achieve the goal of ensuring four hours of direct resident care per day."

About CareRx Corporation

CareRx is Canada's leading provider of pharmacy services to seniors living communities. We serve approximately 91,000 residents in over 1,500 seniors and other congregate care communities (long-term care homes, retirement homes, assisted living facilities, and group homes). We are a national organization with a large network of pharmacy fulfillment centres strategically located across the country. This allows us to deliver medications in a timely and cost-effective manner and quickly respond to routine changes in medication management. We use best-in-class technology that automates the preparation and verification of multi-dose compliance packaging of medication, providing the highest levels of safety and adherence for individuals with complex medication regimens. We take an active role in working with our home operator partners to promote resident health, staff education, and medication system quality and efficiency.