MIAMI, Aug. 10 /PRNewswire-FirstCall/ -- Transax International Limited (“Transax”) is pleased to announce that it has released a new Web Solution to provide connectivity for authorization and adjudication in “real time” of medical claims to its current network of Healthcare Plan providers.
The new version of MedLink Web Solution was developed in-house by the Company’s qualified professionals using the Microsoft.NET platform. In early 2005, the company’s operating subsidiary in Brazil became a member of the Microsoft Partnership program. Initial design and specification of the Web solution was undertaken in collaboration with engineers from the Microsoft Development and Training Center in Brazil and company staff.
The Company’s new MedLink Web Solution offers all functionalities already available in other Transax capture solutions, but in an Internet-based application that can be accessed by providers through a standard Internet browser. MedLink’s Web Solution allows providers to capture medical and dental exams, procedures, therapies, visits, laboratory tests and doctor referrals without complicated software conversion, utilizing an existing Internet connection. MedLink Web contains a number of important security procedures following international standards, utilizing an intrusion detection system and SSL security to encrypt transactions. Additional security features are provided at the application level to individual users.
Stephen Walters, President & CEO, stated, “We are excited to introduce this new product to the marketplace. The product of substantial research and development, this new Web-based solution opens MedLink up to a much larger audience, allowing for health insurers and providers to fully authorize and adjudicate claims in ‘real time,’ from any location in the world.”
Walters continued, “An English language version of the solution is currently being completed and we will begin to demonstrate the latest application to a number of potential international clients in various countries who have expressed interest.”
Transax’s MedLink Web Solution is part of the company’s “Total Connectivity” concept, including: MedLink POS, MedLink PC, MedLink Phone, MedLink Server, MedLink HOSP and MedLink PC Net, and allows capture and adjudication in “real time,” 100% of the transactions from a medical provider location no matter what the existing environment. Currently the company’s capture solutions are installed in over 4,000 medical provider locations in Brazil, with plans for 2,000 additional capture solutions by the end of 2005.
About Transax International Limited
Transax 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. Based in Miami, Transax maintains a major operations office in Rio de Janeiro, Brazil with approximately 30 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 US50cents per transaction.
Web Site: http://www.transax.com 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 which 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/