IRVINE, Calif., Aug. 9 /PRNewswire-FirstCall/ -- Transax International Limited (“Transax”) (OTC Bulletin Board: TNSX; Frankfurt/Berlin: TX6) is pleased to advise it has launched its new IVR (“Interactive Voice Response”) service with Embratel, (Brazil’s largest fixed line telecommunications company) to support the operation of its MedLink Phone Solution nationwide in Brazil.
This solution, developed in a joint collaboration between the technical teams of Transax and Embratel, is based on Embratel’s “Solution 21" network of IVR infrastructure, allowing it to support complex “real time” medical eligibility and authorization transactions using a simple and seamless automated voice response system. This solution took Transax and Embratel several months of research, development, and configuration techniques to allow for the streamlining of the operation countrywide.
“Solution 21" developed by Embratel is an IVR infrastructure currently available at over 30 Long Distance regions in Brazil, and is expected to reach over 50 regions by mid 2005, covering the country entirely.
Transax’s MedLink solution is the only Eligibility Verification and Claims Authorization processing network using this facility, which is expected to create a positive impact for further deployment to thousands of medical Providers in Brazil that currently have a low and medium volume of per-month transactions with their health insurance companies. Transax’s IVR solution is already installed in over 2,250 medical providers’ offices in Brazil, which are currently generating over 60,000 transactions monthly. The solution enables a medical provider to receive eligibility and authorization confirmation of medical procedures from its insurer in “real time” via Interactive Voice Response.
Americo de Castro -- President of Transax’s Operating subsidiary in Brazil, commented: “This solution developed by our engineers completes one of our major goals of providing ‘Total Connectivity’ to our health insurer clients and provides ‘real time’ eligibility and authorization transactions from virtually any location throughout the country by Interactive Voice Response.” De Castro further commented: “We plan to install a further 7,000 solutions over the next 12 months for current contracts, and increase our transaction volume significantly to over 200,000 IVR transactions per month as we roll out this solution.”
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/
