Caremark Pharmacy Services is the prescription benefit management subsidiary of CVS Caremark Corporation, headquartered in Woonsocket, Rhode Island and Nashville, Tennessee. Caremark, formerly known as Caremark Rx, was founded in 1993 in Birmingham, Alabama as MedPartners, Inc. by HealthSouth Corporation along with Richard Scrushy, former CEO of HealthSouth, and one time HealthSouth Chief Operating Officer Larry House as a physician practice management company. After going public in 1995, MedPartners quickly became the largest PPM company through many acquisitions . By 1998 MedPartner's had... revenues of $7 billion. MedPartners originally acquired Northbrook, Illinois-based Caremark International which was founded as a unit of Baxter International and was spun off from Baxter in 1992 as a publicly traded company. On May 15, 1996, Caremark International announced it would be acquired by MedPartners with MedPartners ending up with Caremark's PPM division and prescription benefit management division and disposing of Caremark's rehabilitation Business to HealthSouth.
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