LISLE, IL, Jan. 25 /CNW/ - SXC Health Solutions Corp. ("SXC" or the "Company") (NASDAQ: SXCI, TSX: SXC), a leading provider of technology and pharmacy benefit management (PBM) services, announced today the renewal of its informedRx full-service PBM contract with Boston Medical Center (BMC) HealthNet for a five-year period effective January 1, 2010. BMC HealthNet, a health maintenance organization located in Massachusetts, manages healthcare coverage for more than 250,000 members with an annual drug spend of approximately $150 million. Under the agreement, SXC is providing full-service PBM services including mail order, specialty distribution and patient care clinical programs.
"Securing this five-year contract renewal reinforces the high level of service and cost-savings SXC provides to regional health plans and their members. By meeting the client's need for flexibility within a competitive pricing structure we are able to support their goals of improved outcomes and cost management through a full-service customized program," said Mark Thierer, President and Chief Executive Officer at SXC.
Boston Medical Center (BMC) HealthNet Plan
BMC is a health maintenance organization located in Massachusetts. Founded in 1997 by Boston Medical Center, the Plan manages healthcare coverage for Massachusetts residents participating in MassHealth (Medicaid), and Commonwealth Care - subsidized health insurance programs for low-income individuals. The Plan contracts with 15,000 healthcare providers (including 60 hospitals) to deliver care to over 250,000 members throughout the state.
About SXC Health Solutions Corp.
SXC Health Solutions Corp. is a leading provider of pharmacy benefit management (PBM) services and Healthcare Information Technology (HCIT) solutions to the healthcare benefits management industry. As the industry's "Technology-Enabled PBM"(TM), SXC's product offerings and solutions combine a wide range of advanced PBM services, software applications, application service provider processing services, and professional services to help healthcare organizations reduce the cost of prescription drugs and deliver better healthcare to their members. SXC serves many of the largest organizations in the pharmaceutical supply chain, such as health plans; employers; Federal, provincial, and state governments; institutional pharmacies; pharmacy benefit managers; and retail pharmacy chains. SXC is headquartered in Lisle, Illinois with multiple locations in North America. Learn more at www.sxc.com.
For further information: For further information: Jeff Park, Chief Financial Officer, SXC Health Solutions, Inc., Tel: (630) 577-3100, firstname.lastname@example.org; Susan Noonan, Investor Relations - U.S., The SAN Group, LLC, (212) 966-3650, email@example.com; Dave Mason, Investor Relations - Canada, The Equicom Group Inc., (416) 815-0700 ext. 237, firstname.lastname@example.org