IRVINE, Calif., July 23 /PRNewswire-FirstCall/ -- Transax International Limited (“Transax”) (OTC Bulletin Board: TNSX; Frankfurt/Berlin: TX6) is pleased to advise it has received approval from Bradesco -- Brazil’s largest health insurer with 2.4 million lives insured and a subsidiary of Brazil’s largest bank -- to commence installation of its Point of Sale (‘POS”) solution into medical provider’s offices, clinics and hospitals in major centers in Brazil.
This roll out is a continuation of the successful integration of Transax’s Medlink solution into Brazil’s largest medical laboratories through its PC and server solutions, which are now collecting “real time” authorization and adjudication transactions for Bradesco Insurance as well as providing “real time” billing functions.
The POS solution developed by Transax allows, through the use of a magnetic stripe card or smart card containing critical patient information such as medical plan, a provider to undertake instantaneous eligibility, authorization and adjudication of medical claims to the health insurer. Initial POS transactions for Bradesco will be processed through Transax’s proprietary software on already installed POS devices in the Transax network, enabling a medical provider to undertake claims for multiple insurers contracted by Transax through a single POS device, thereby increasing the revenue generating ability of the unit.
Stephen Walters President & CEO of Transax commented: “Through our Network Processor and authorizer, medical providers are able to instantly receive authorizations of medical claims for over 4,000 medical procedures.” Walters also indicated: “The solution developed by Transax is not EDI (Electronic Data Interchange) and neither are we a Clearing House of claims. Our solution has significant advantages and enables the insurer to authorize, adjudicate and provide billing functions electronically in “real time”, and has proven to save significant costs for the insurer in patient claims analyses and other administrative costs.”
Walters further commented, “We believe our solution can be thought of as the healthcare analogue to the credit card of today, where we have reduced all of the paperwork associated with a health insurance claim to no more than a credit card transaction which is authorized and adjudicated in “real time”. The POS solution is our most common solution for the Brazil market, though we also provide server, PC and network solutions fully integrated into medical laboratories systems and medical practice management systems, which provide “real time” authorizations and adjudication of claims also without the requirement for any paperwork.”
In addition to the 450 POS units currently installed in its network, Transax’s subsidiary in Brazil expect to install a further 3,000 POS units into medical providers in Brazil over the next 18 months for currently signed contracts and other PC, server and network solutions into medical facilities in addition to its Interactive Voice Response Unit in its aim to provide “Total Connectivity To The Health Insurance Industry” for “real time” paperless processing of heath insurance claims.
About Transax International Limited: Transax is a premier international provider of information network solutions for healthcare providers and health insurance companies, enabling the “real-time” automation of routine patient eligibility verifications, authorization, claims processing and payment functions that are currently performed manually. The technology has been proven to significantly decrease health insurance claim expenditure and provides additional operational efficiencies for the health insurer. Transax “MedLink” solution has been specifically designed for the healthcare and health insurance industry to allow insurance companies, Health Maintenance Organizations, and other industry concerns to connect to healthcare providers and electronically undertake eligibility, authorization and processing of health claims in “real-time”. MedLink has been developed as a “Total Connectivity” solution where Transax is able to provide an insurer with the ability to cost effectively process all of the transactions generated in “real time” regardless of location or method of generation. Presently operational in Brazil, Transax currently undertakes approximately 250,000 transactions per month, has contracts in place for in excess of 2,500,000 transactions per month, and other potential contracts in various stages of negotiation.
Web Site: http://www.transax.com/ Email: info@transax.com Investor Relations Inquiries: Empire Relations Group, Jericho, New York Contact Kenneth Maciora, Tel: (516) 750-9719 Email: empirerelations@aol.com
SAFE HARBOR STATEMENT “THIS NEWS RELEASE MAY INCLUDE FORWARD-LOOKING STATEMENTS WITHIN THE MEANING OF SECTION 27A OF THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED, AND SECTION 21E OF THE UNITED STATES SECURITIES AND EXCHANGE ACT OF 1934, AS AMENDED, WITH RESPECT TO ACHIEVING CORPORATE OBJECTIVES, DEVELOPING ADDITIONAL PROJECT INTERESTS, THE COMPANY’S ANALYSIS OF OPPORTUNITIES IN THE ACQUISITION AND DEVELOPMENT OF VARIOUS PROJECT INTERESTS AND CERTAIN OTHER MATTERS. THESE STATEMENTS ARE MADE UNDER THE “SAFE HARBOR” PROVISIONS OF THE UNITED STATES PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995 AND INVOLVE RISKS AND UNCERTAINTIES WHICH COULD CAUSE ACTUAL RESULTS TO DIFFER MATERIALLY FROM THOSE IN THE FORWARD-LOOKING STATEMENTS CONTAINED HEREIN.”
Transax International Limited
CONTACT: Investor Relations, Kenneth Maciora of Empire Relations Group,+1-516-750-9719, empirerelations@aol.com, for Transax International Limited
Web site: http://www.transax.com/
