Caremark Pharmacy Services is the prescription benefit management

Pharmacy Benefit Management

In the United States, a Pharmacy Benefit Manager is a third party administrator of prescription drug programs. They are primarily responsible for processing and paying prescription drug claims. They also are responsible for developing and maintaining the formulary, contracting with pharmacies,...

 subsidiary of CVS Caremark Corporation, headquartered in Woonsocket, Rhode Island

Woonsocket, Rhode Island

Woonsocket is a city in Providence County, Rhode Island, United States. The population was 41,186 at the 2010 census, making it the sixth largest city in the state. Woonsocket lies directly south of the Massachusetts border....

 and Nashville, Tennessee

Nashville, Tennessee

Nashville is the capital of the U.S. state of Tennessee and the county seat of Davidson County. It is located on the Cumberland River in Davidson County, in the north-central part of the state. The city is a center for the health care, publishing, banking and transportation industries, and is home...

.
Caremark, formerly known as Caremark Rx, was founded in 1993 in Birmingham, Alabama

Birmingham, Alabama

Birmingham is the largest city in Alabama. The city is the county seat of Jefferson County. According to the 2010 United States Census, Birmingham had a population of 212,237. The Birmingham-Hoover Metropolitan Area, in estimate by the U.S...

 as MedPartners, Inc. by HealthSouth Corporation

HealthSouth

HealthSouth Corporation , based in Birmingham, Alabama, is the nation’s largest owner and operator of inpatient rehabilitative hospitals. Operating in 26 states across the country and in Puerto Rico, HealthSouth serves patients through its network of inpatient rehabilitation hospitals , outpatient...

 along with Richard Scrushy, former CEO of HealthSouth, and one time HealthSouth Chief Operating Officer

Chief operating officer

A Chief Operating Officer or Director of Operations can be one of the highest-ranking executives in an organization and comprises part of the "C-Suite"...

 Larry House as a physician practice management (PPM) company. After going public in 1995, MedPartners quickly became the largest PPM company through many acquisitions (see Ross-Loos Medical Group

Ross-Loos Medical Group

Ross-Loos Medical Group was a comprehensive prepaid health services plan with 29 medical offices throughout Los Angeles, Orange, Riverside and San Bernardino Counties in California and a large multi-specialty hospital located on Temple Street ....

).