MILTON, ON, May 4 /PRNewswire-FirstCall/ -- Systems Xcellence Inc., ("SXC" or the "Company") (TSX: SXC) a leading provider of healthcare information technology solutions throughout the pharmaceutical supply chain, today announced contracts with two new customers for its InformedRx pharmacy benefit administration services. The first customer is a mid-size pharmacy benefit manager ("PBM") and the second is a managed care organization ("MCO"). The contracts have a combined value of US$2.7 million and both are multi-year agreements with variable terms and are expected to be implemented during the second and third quarters of 2005, respectively.
Under the terms of the agreements, SXC will provide comprehensive claims processing, pharmacy network management, and business intelligence solutions under its suite of services known as InformedRx. Initially, the services provided will include prescription drug claims processing, help desk support, data warehousing, MAC (maximum allowable cost) management, web portal to extend point-of-contact with members, and sales/clinical support.
"Our customers are challenged with adapting to the rapidly changing environment in managing pharmacy expenses which is characterized by rising drug prices, close regulatory scrutiny and a steady supply of new drug offerings," said Gordon S. Glenn, President and CEO of SXC. "InformedRx solutions have been developed to help them overcome these hurdles. In addition, these clients were drawn to us in part due to our reputation for superior customer service and our commitment to continuous enhancement of our technology and services. We look forward to exploring opportunities to expand these relationships in the future."
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, Warminster, Pennsylvania, Scottsdale, Arizona and Victoria, British Columbia. Through its SXC Health Solutions, Inc subsidiary, SXC is a leading provider of healthcare information technology solutions and services to the U.S. 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, independent, chain and mail-order pharmacies 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 XcellenceCONTACT: 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