Toronto Stock
Exchange Symbol: SXC
SYSTEMS XCELLENCE ANNOUNCES CONTRACT WITH U.S.-BASED HEALTH MAINTENANCE
ORGANIZATION
MILTON, Ontario
November 15, 2004, Systems Xcellence Inc., ("SXC") (TSX: SXC) a leading
provider of healthcare information technology solutions throughout the
pharmaceutical supply chain, today announced the sale of its InformedRx
pharmacy benefit administration services to a regional health maintenance
organization (HMO) based in the U.S. The contract is expected to generate
approximately USD$425,000 in revenue, to be earned over a three-year period
commencing in April 2005.
"InformedRx is the result of SXC's strategy to capitalize on the two
dominant trends in the payer marketplace - the demand for transparent
pricing in pharmacy benefits management, and the need to address the
escalating cost of prescription drug treatment. We have been successful in
building the profile of InformedRx in our industry and it has quickly gained
a reputation for being a secure, strategic and cost-effective alternative to
the market's current offerings," said Gordon S. Glenn, President and CEO of
SXC. "In addition, sales of InformedRx services remain an essential
component in our strategy to grow our transaction processing business and to
further build our base of revenue from recurring sources."
Initially, the HMO will use InformedRx to design healthcare benefit plans
for its members, adjudicate prescription drug claims, manage reimbursement
of retail pharmacy network contracts and analyze drug utilization data. SXC
and the HMO will work together to explore opportunities to expand their
relationship in areas such as managing rebate contracts with pharmaceutical
manufacturers and establishing a web portal to extend the HMO's
point-of-contact with their members.
About InformedRx
InformedRx is a broad suite of à la carte pharmacy benefit administrative
services that provide a flexible and cost-effective alternative to
traditional pharmacy benefit management offerings typically employed by
managed care organizations. InformedRx is built around SXC's industry
leading pharmacy claims processing system, RxCLAIM® and features pricing on
a fee-for-service basis. RxCLAIM is a transaction processing system designed
to provide instant on-line adjudication of third party prescription drug
claims at the point of service, including trouble-free claims management and
cost-effective review, as well as payment and billing support and real-time
functionality for updating benefit, price, member, provider and drug
details.
About Systems Xcellence Inc.
Systems Xcellence (SXC) is headquartered in Milton, Ontario with offices and
processing centres in Lombard, Illinois, Scottsdale, Arizona and Victoria,
British Columbia. SXC is a leading provider of healthcare information
technology solutions and services to the healthcare benefits management
industry. The company's product offerings and solutions combine a wide range
of 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 pharmacy benefit
managers, managed care organizations, retail pharmacy chains and other
healthcare intermediaries. SXC can be found on the Internet at www.sxc.com.
This press release contains forward-looking statements based on
current expectations. These forward-looking statements entail various risks
and uncertainties that could cause actual results to differ materially from
those reflected in these forward-looking statements. Risks and uncertainties
about the Company's business are more fully discussed in the Management
Discussion and Analysis published in the Company's annual report.
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