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SXC Health Solutions Launches Enhanced Coordination of Benefits Program for State Medicaid Programs

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  Published in Science and Technology on Monday, August 1st 2011 at 3:21 GMT by Market Wire
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LISLE, IL, Aug. 1, 2011 /CNW/ - SXC Health Solutions Corp. ("SXC" or the "Company") (NASDAQ: SXCI) (TSX: SXC), a leading provider of technology and pharmacy benefit management ("PBM") services, is launching the industry's first automated, enhanced Coordination of Benefits service in the State Fee-For-Service Medicaid market.  The Company plans to formally unveil the new offering at this week's MMIS conference being held in Austin, Texas. This MMIS conference is attended by State Medicaid directors, staff personnel, and thought leaders to share ideas and innovations in the industry.

Using unique data sources to identify and recover missed opportunities to recoup healthcare costs that are attributable to a third party, SXC delivers dramatic, immediate and real time savings to State Medicaid clients.  This offering substantially improves upon the existing pay-and-chase model available today.

"SXC continues to leverage our proprietary technology to innovate and deliver increased savings to healthcare payers.  This service reflects our ability to utilize data and technology in powerful new ways to enable State Medicaid Programs to stretch their budgets and increase recipient service," said Mark Thierer, Chairman and CEO of SXC.  "We believe that this enhanced COB offering is applicable across many of the markets served by SXC. The impressive early results of this program demonstrate our ongoing commitment to deliver new and innovative applications of data and technology to drive increased efficiency and cost containment."

On average, 13% of all Medicaid beneficiaries have unreported primary coverage, costing states billions of dollars in healthcare costs when, in fact, there was third party liability (TPL).  Pay-and-chase recovery efforts, the standard approach in the industry today, are expensive, inefficient and marginally effective; states typically recoup only 17% of potential claim dollars. SXC identifies these beneficiaries by integrating external data sources, identifying suspect TPL cases and embedding unique algorithms into the claims recovery process.  This offering is architected to run as a stand-alone application and can run independently of the claims processing platform.

With production go-live in July, the enhanced Coordination of Benefits service has already yielded significant client savings, and numerous state Medicaid programs have expressed interest.  With $15.4B in annual Medicaid prescription drug costs, the potential impact of this service for state programs is considerable.

About SXC Health Solutions Corp.

SXC Health Solutions Corp. is a leading provider of pharmacy benefits management (PBM) services and Health Care Information Technology (HCIT) solutions to the healthcare benefits management industry. The Company's product offerings and solutions combine a wide range of PBM services and software applications, application service provider (ASP) processing services and professional services, designed for many of the largest organizations in the pharmaceutical supply chain, such as health plans, employers, federal, provincial, and, state and local governments, pharmacy benefit managers, retail pharmacy chains and other healthcare intermediaries. SXC is headquartered in Lisle, Illinois with multiple locations in the US and Canada. For more information please visit [ www.sxc.com ].