MIAMI, Fla., Dec. 20 /PRNewswire-FirstCall/ -- Transax International Limited , a network solutions company for healthcare providers and health insurance companies, is pleased to announce that the Company will launch "real time" payment processing of healthcare claims for doctors, hospitals, clinics and medical laboratories that currently use its "Medlink" solution.
Transax President and CEO Stephen Walters said, "We are excited to announce this initiative for 2006, offering a Real Time Payment Option (RTPO) to a number of clients under our current contracts. While customers already benefit from Medlink's simplicity and speed of processing, real time processing allows for even more rapid capture of medical claims, substantially reducing costs associated with traditional claims processing while increasing operating efficiencies throughout the claims process."
Transax's Medlink solutions process eligibility verification, claims submission and claims adjudication "on-line" and in "real time," in a single pass environment, representing a breakthrough in health claims processing. The Company's "real time" payment functionality further reduces medical, operational and administrative costs for both payers and providers. Medlink solutions have been in operation for several years in Brazil, supporting payers with around four million lives. The solutions undertake transactions daily for some of the largest health insurers and medical laboratory groups in Brazil.
Transax is currently negotiating with a number of financial institutions and Automated Clearing Houses (ACHs) to act as strategic partners in offering new functionality to payers and medical providers worldwide.
The Company recently announced its Medlink "real time" and "on-line" solution for the U.S. market will be available in early 2006 and expects to offer auto-adjudication of healthcare claims in less than one second, as compared to traditional processes that can take more than 60 days to complete.
About Transax International Limited
Transax International is an emerging network solutions provider for the healthcare sector. Utilizing its proprietary Medlink(TM) technology, Transax provides a service similar to a credit card processing for the health insurance and providers industries. A Transax transaction consists of: approving eligibility, authorization, auto-adjudication of the health claim and generating the claim payable files -- provided instantaneously in "real time" -- regardless of method of claim generation.
Transax's solutions have been proven to significantly decrease health insurance claim expenditures and healthcare provider costs. Based in Miami, Fla., Transax maintains a major operations office in Rio de Janeiro, Brazil with approximately 35 staff. The Company has contracts in place with major health insurers in Brazil for up to 2,500,000 transactions per month and currently undertakes approximately 600,000 transactions per month, for which Transax receives approximately US55 cents per transaction.
Web Site: http://www.transax.com or http://www.otcfn.com/tnsx Email: info@transax.com Investor Relations Inquiries OTC Financial Network 300 Chestnut St, Suite 200 Needham, MA 02492 USA Tel: 561-837-8057 Jamie Dryer Email: jamie@otcfn.com
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Transax International LimitedCONTACT: Jamie Dryer, +1-561-837-8057, or jamie@otcfn.com, for TransaxInternational Limited