Press release from CNW Group
SXC Health Solutions Announces Three-Year $1.2 Billion Contract with Blue Cross & Blue Shield of Rhode Island
Tuesday, February 21, 2012
LISLE, IL, Feb. 21, 2012 /CNW/ - SXC Health Solutions Corp. ("SXC" or the "Company") (NASDAQ: SXCI) (TSX: SXC), a leading provider of technology and pharmacy benefit management ("PBM") services, announces that it has been awarded a three year contract from Blue Cross & Blue Shield of Rhode Island ("BCBSRI"), a health insurer based in Providence, Rhode Island.
Under the terms of the BCBSRI agreement, SXC will provide a full suite of PBM services, including claims adjudication, pharmacy network management, clinical programs and mail, among others. SXC's services will begin January 1, 2013, and will support approximately 450,000 BCBSRI members with an annual drug spend of approximately $400 million per year.
"We are very pleased to have earned Blue Cross & Blue Shield of Rhode Island's business. They are a recognized leader in the health plan market and have an aggressive strategy for improving both the cost and quality of local healthcare," said Mark Thierer, Chairman and CEO of SXC. "We look forward to helping BCBSRI execute on their plans."
"With prescription drug costs continuing to escalate and serve as a major driver of healthcare costs, SXC offered our members a robust service and pricing proposal that will help BCBSRI continue to provide access to the highest quality healthcare, while also helping to make healthcare more affordable," said Peter Andruszkiewicz, President and Chief Executive Officer at BCBSRI. "We expect the transition in 2013 to be seamless and BCBSRI members can rest assured that they will continue to be able to fill prescriptions at any one of our more than 50,000 in-network pharmacies."
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, 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.
For further information:
SXC Health Solutions Corp.
Tel: (630) 577-4871