MILTON, ON, Nov. 15 /PRNewswire-FirstCall/ -- Systems Xcellence Inc., (“SXC”) (TSX: SXC) a leading provider of healthcare information technology solutions throughout the pharmaceutical supply chain, today announced the sale of its InformedRx pharmacy benefit administration services to a regional health maintenance organization (HMO) based in the U.S. The contract is expected to generate approximately USD$425,000 in revenue, to be earned over a three-year period commencing in April 2005.
“InformedRx is the result of SXC’s strategy to capitalize on the two dominant trends in the payer marketplace - the demand for transparent pricing in pharmacy benefits management, and the need to address the escalating cost of prescription drug treatment. We have been successful in building the profile of InformedRx in our industry and it has quickly gained a reputation for being a secure, strategic and cost-effective alternative to the market’s current offerings,” said Gordon S. Glenn, President and CEO of SXC. “In addition, sales of InformedRx services remain an essential component in our strategy to grow our transaction processing business and to further build our base of revenue from recurring sources.”
Initially, the HMO will use InformedRx to design healthcare benefit plans for its members, adjudicate prescription drug claims, manage reimbursement of retail pharmacy network contracts and analyze drug utilization data. SXC and the HMO will work together to explore opportunities to expand their relationship in areas such as managing rebate contracts with pharmaceutical manufacturers and establishing a web portal to extend the HMO’s point-of- contact with their members.
About InformedRx
InformedRx is a broad suite of a la carte pharmacy benefit administrative services that provide a flexible and cost-effective alternative to traditional pharmacy benefit management offerings typically employed by managed care organizations. InformedRx is built around SXC’s industry leading pharmacy claims processing system, RxCLAIM(R) and features pricing on a fee-for-service basis. RxCLAIM is a transaction processing system designed to provide instant on-line adjudication of third party prescription drug claims at the point of service, including trouble-free claims management and cost-effective review, as well as payment and billing support and real-time functionality for updating benefit, price, member, provider and drug details.
About Systems Xcellence Inc.
Systems Xcellence (SXC) is headquartered in Milton, Ontario with offices and processing centres in Lombard, Illinois, Scottsdale, Arizona and Victoria, British Columbia. SXC is a leading provider of healthcare information technology solutions and services to the healthcare benefits management industry. The company’s product offerings and solutions combine a wide range of software applications, application service provider (ASP) processing services and professional services, designed for many of the largest organizations in the pharmaceutical supply chain, such as pharmacy benefit managers, managed care organizations, retail pharmacy chains and other healthcare intermediaries. SXC can be found on the Internet at http://www.sxc.com/.
This press release contains forward-looking statements based on current expectations. These forward-looking statements entail various risks and uncertainties that could cause actual results to differ materially from those reflected in these forward-looking statements. Risks and uncertainties about the Company’s business are more fully discussed in the Company’s Annual Information Form.
Systems Xcellence
CONTACT: Dave Mason, Investor Relations, The Equicom Group Inc.,(416) 815-0700 ext. 237, dmason@equicomgroup.com; Irwin Studen,Chief Financial Officer, Systems Xcellence Inc., Tel: (905) 876-4741,investors@sxc.com