LISLE, IL, June 30 /PRNewswire-FirstCall/ - SXC Health Solutions Corp. ("SXC" or the "Company") (NASDAQ: SXCI, TSX: SXC), a leading provider of technology and pharmacy benefits management services, announces a five and a half year contract for its informedRx(R) pharmacy benefit management ("PBM") services with The University of Toledo ("UT").
SXC will begin providing its services for more than 6,000 members of UT's employee prescription benefit program on July 1, 2008 and will expand its coverage to more than 13,000 covered lives on January 1, 2009.
"This is an important step forward for SXC, as it expands our presence into the self-insured employer market and provides us with an opportunity to showcase our full-service transparent PBM services with a University that includes an academic medical center," said Mark Thierer, President and Chief Executive Officer at SXC. "The collaboration of UT and SXC reinforces our ability to compete with the industry's largest PBMs and demonstrates our ability to reach a broad number of healthcare organizations with our flexible suite of technology and services."
UT will use informedRx(R) to adjudicate prescription drug claims, manage reimbursement of retail pharmacy network contracts, analyze drug utilization, manage rebate contracts with pharmaceutical manufacturers, and handle member and pharmacy help desk calls. UT will also utilize SXC's adjudication platform to price and dispense "own use" class of trade products from UT owned pharmacies.
"This collaboration will give us creative options to serve the various prescription drug benefit needs of our employees," said Laura Miller, Senior Director of Benefits at UT. "For example, the additional purchasing power of a larger operation combined with personalized University-quality care will enable our employees and their families to spend less money and less time buying the pharmaceuticals they need."
informedRx(R) is a broad suite of a la carte pharmacy benefit services that provide a flexible and cost-effective alternative to traditional pharmacy benefit management offerings. informedRx is built around SXC's industry leading technology solutions including pharmacy claims processing and reporting, rebate billing system and near real-time alternative therapy messaging. All contracting is founded on a total transparency and pass-through model for manufacturer rebates, retail network contracting and MAC management. informedRx also provides clinical intervention programs and drug utilization reviews which feature a coordinated approach with plan sponsors allowing input and control for specific client and market situations. All programs are priced on a fee-for-service basis.
About University of Toledo
Located in Toledo, Ohio, The University of Toledo, a student-centered, public metropolitan research university with 20,000 students and picturesque campuses is recognized nationally for their beauty and is one of 13 state universities in Ohio. Established in 1872 and a member of the state university system since 1967, The University of Toledo and the Medical University of Ohio have merged to form the third-largest public university operating budget in the state.
The University of Toledo is recognized as a leader nationally for several programs and offers more than 250 undergraduate, graduate and professional programs. For more information, please visit http://www.utoledo.edu
About SXC Health Solutions
SXC Health Solutions Corp. (SXC) is a leading provider of pharmacy benefits management (PBM) services and HealthCare IT (HCIT) solutions to the healthcare benefits management industry. The Company's HCIT Group is dedicated to supporting the PBM industry with a broad range of technology, tools and services including a wide range of software applications, application service provider (ASP) processing services and professional services. SXC's customers include the largest organizations in the pharmaceutical supply chain, such as Federal, provincial, and state and local governments, PBMs, managed care organizations, institutional pharmacies, and other healthcare intermediaries. SXC is headquartered in Lisle, Illinois with 13 locations in the US and Canada. For more information please visit http://www.sxc.com.
|SOURCE SXC Health Solutions Inc.|
Copyright©2008 PR Newswire.
All rights reserved