LISLE, IL, June 23 /CNW/ - SXC Health Solutions, Corp. ("SXC" or the
"Company") (NASDAQ: SXCI, TSX: SXC), a leading provider of technology and
pharmacy benefits management services, announces that its HealthCare
Information Technology (HCIT) Group has been awarded a three-year $35 million
Pharmacy Benefits Manager (PBM) contract with the State of Tennessee's, Bureau
of TennCare ("TennCare").
Under terms of the proposed agreement, SXC will administer TennCare's
pharmacy claims system, an online system that processes all Medicaid pharmacy
transactions. SXC will also help administer TennCare's Preferred Drug List,
manage their pharmacy network, provide pharmacists with weekly payments for
their services, and generate weekly encounter data and reconciliation services
"We are very pleased to establish a relationship with TennCare and to be
part of their efforts to deliver a high quality and cost effective healthcare
experience to their plan recipients," said Mark Thierer, President and COO of
SXC. "We continue to expand our footprint in the public sector where our
fee-for-service business model, point-of-sale pharmacy claims adjudication and
rebate systems, and Medicaid domain expertise is ideally suited to deliver the
flexibility and transparency that State Medicaid agencies and other public
sector organizations require."
"The contract resulting from this RFP process represents another step
forward in appropriately aligning the incentives in our program," said
TennCare Pharmacy Director David Beshara. "SXC has the tools, technology and
expertise that will give us the ability to develop unique benefit programs,
and to manage program costs without compromising our high service standards."
The base contract is for three years with an expected launch date of
October 1, 2008, and includes two one-year extension options. Through its
$650 million annual pharmacy program, TennCare fills about one million claims
TennCare is Tennessee's managed-care Medicaid program serving
approximately 1.2 million low-income children, pregnant women and disabled
Tennesseans, with an annual budget of $7 billion.
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 www.sxc.com.
For further information:
For further information: Jeff Park, Chief Financial Officer, SXC Health
Solutions, Inc., Tel: (630) 577-3206, firstname.lastname@example.org; Dave Mason, Investor
Relations, The Equicom Group Inc., (416) 815-0700 ext. 237,
email@example.com; Susan Noonan, Investor Relations - U.S., The SAN
Group, LLC, (212) 966-3650, firstname.lastname@example.org