Systems Xcellence Inc. Announces Sale of InformedRx Pharmacy Benefit Administration Services

Strategic Insights -

Healthcare information technology systems provider Systems Xcellence Inc. (SXC) has announced the sale of its InformedRx pharmacy benefit administration services through its U.S. subsidiary, SXC Health Solutions, Inc. The system, valued at approximately $800,000 over 3 years, has been sold to a regional pharmacy benefit manager (PBM) and a managed care organization (MCO) based in New York, New York. The contract is expected to go-live during the second quarter of 2005, with significant upside potential.

Key Takeaways:

  • The sale of InformedRx has a combined contract value of approximately $800,000 over 3 years, with significant upside potential.
  • The PBM and MCO will use InformedRx to design healthcare benefit plans, adjudicate prescription drug claims, manage reimbursement, and analyze drug utilization.
  • The system will also establish a web portal to extend the point-of-contact with members.
  • InformedRx is a suite of a la carte pharmacy benefit administrative services that provide a flexible and cost-effective alternative to traditional pharmacy benefit management offerings.
  • The system is built around SXC's pharmacy claims processing system, RxCLAIM.
  • InformedRx features pricing on a fee-for-service basis.
  • SXC is headquartered in Milton, Ontario, Canada, with offices and processing centers in multiple locations across the United States and Canada.

Statistics:

  • The sale of InformedRx has a combined contract value of approximately $800,000 over 3 years.
  • The MCO and PBM will use InformedRx to manage approximately $ to $ of prescription drug claims annually.
  • InformedRx will be used to design and manage healthcare benefit plans for approximately members.
  • The system will provide instant online adjudication of third-party prescription drug claims at the point of service.
  • Site visits are expected to increase by % in the following 2 years based on the sale of InformedRx.

Sources:

  • Health & Medicine Week editors (Copyright 2005, Health & Medicine Week via NewsRx.com & NewsRx.net).