MIAMI, Oct. 18 /PRNewswire-FirstCall/ -- Transax International Limited , a cost-saving information network solutions provider for the healthcare sector, is pleased to announce that the Company’s in-house technical team has successfully developed a biometric (fingerprint reader) version of its Medlink solution on behalf of a major health insurance group in Brazil, and is currently piloting the solution in that region.
This new biometric security technology version of Transax’s Medlink solution is currently in pilot production testing at a major medical laboratory facility in Brazil, which is expected to last up to 60 days. Use of the biometric solution is rendered from the first time a patient visits a medical provider location. The patient passes a magnetic card through a reader for verification and then provides a fingerprint and his/her biometric identity is stored in the Medlink authorizer.
Transax’s Medlink biometric technology is used in conjunction with magnetic stripe or smart cards issued by the health insurer to its policyholders in such a way that, through the Medlink “real-time” adjudication system, information on the magnetic stripe card and fingerprint recognition must match each time a patient requires authorization and adjudication of medical claims. This additional security for the Medlink solution will expedite patient authentication processes while significantly enhancing the security of customer information transfer between the healthcare provider and the insurer.
Upon certification of the solution, Transax will make the new biometric version available as an option to its current and future clients.
Transax CEO Stephen Walters said, “In today’s world, information security and the need to eliminate fraud at all levels of a healthcare transaction are primary concerns to healthcare providers, patients and healthcare insurers alike, in the effort to lower costs. The addition of biometric technology to our Medlink software suite provides enhanced security to a system that is already designed to provide a host of cost- and time-saving benefits to patients, providers and insurers, but is also expected to translate into additional cost reductions as a result of fewer fraudulent claims.”
About Transax International Limited
Transax International Ltd. provides network solutions to healthcare providers and health insurance companies. Utilizing its proprietary technology, Transax provides a service similar to a credit card processing for the health insurance industry. A Transax transaction consists of: approving eligibility, authorization, auto-adjudication of the health claim and generating the claim payable files, all instantaneously in “real time” -- regardless of method of claim generation.
Transax’s solutions have been proven to significantly decrease health insurance claim expenditure without any significant cost or expense to the health insurer. Based in Miami, Transax maintains a major operations office in Rio de Janeiro, Brazil, with approximately 34 staff. The Company has contracts in place with major health insurers for up to 2,500,000 transactions per month and currently undertakes approximately 600,000 transactions per month. Transax receives about US50 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
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 THAT COULD CAUSE ACTUAL RESULTS TO DIFFER MATERIALLY FROM THOSE IN THE FORWARD-LOOKING STATEMENTS CONTAINED HEREIN.”
Transax International Limited
CONTACT: Jamie Dryer, OTC Financial Network, +1-561-837-8057, orjamie@otcfn.com, for Transax
Web site: http://www.transax.com/