LISLE, IL, Nov. 4 /PRNewswire-FirstCall/ - 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 its informedRx PBM unit has been awarded a four-year contract to provide PBM services to Spectral Solutions LLC ("Spectral"), a Pharmacy Benefit Administrator that manages an annual drug spend of more than $50 million.
Spectral delivers services to support the Medicare Part D plans of Freedom Health Plan Optimum HealthCare, Inc; America's 1st Choice Health Plans in North and South Carolina and Georgia; and also provides benefits for Freedom 1st Medicaid members in Florida. Under the terms of the agreement, services commence January 1, 2010 with Spectral utilizing the full suite of informedRx PBM services, including specialty therapy management.
"With the advent of Medicare Part D and the drug access expectations with the program, it is imperative that drug benefit management utilizes every technological advantage to deliver a cost effective, clinically sound benefit for its members," said Mike Keilty, COO and Director of Pharmacy for Spectral Solutions. "We are extremely excited that our partnership with informedRx will afford us the expertise and technology to successfully manage our clients' drug benefit plans."
"Spectral's decision to move forward with SXC underscores the flexibility of our business model and the level of service we can provide to clients who have unique benefit plan requirements," said Mark Thierer, President and CEO of SXC. "Our ability to deliver our services in a custom package enables Spectral to develop unique competitive offerings for their clients and will help support their long term growth objectives for the business."
About Spectral Solutions LLC
Spectral Solutions LLC is a pharmacy benefit administration company committed to changing the landscape of drug benefit management through innovation and clinically sound, cost effective pharmaceutical care. Providing drug benefit management for a number of rapidly growing Medicare Part D plans, its expertise in formulary management and clinical programs, has created a synergy for plan/member satisfaction. This has contributed to its client's success and growth. Headquartered in Clearwater, Florida, learn more at www.spectralsolutions.com.
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 (ASP) 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.
Certain statements included herein, including those that express management's expectations or estimates of our future performance, constitute "forward-looking statements" within the meaning of applicable securities laws. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management at this time, are inherently subject to significant business, economic and competitive uncertainties and contingencies. We caution that such forward-looking statements involve known and unknown risks, uncertainties and other risks that may cause our actual financial results, performance, or achievements to be materially different from our estimated future results, performance or achievements expressed or implied by those forward-looking statements. Numerous factors could cause actual results to differ materially from those in the forward-looking statements, including without limitation, our ability to achieve increased market acceptance for our product offerings and penetrate new markets; consolidation in the healthcare industry; the existence of undetected errors or similar problems in our software products; our ability to identify and complete acquisitions, manage our growth and integrate acquisitions; our ability to compete successfully; potential liability for the use of incorrect or incomplete data; the length of the sales cycle for our healthcare software solutions; interruption of our operations due to outside sources; our dependence on key customers; maintaining our intellectual property rights and litigation involving intellectual property rights; our ability to obtain, use or successfully integrate third-party licensed technology; compliance with existing laws, regulations and industry initiatives and future change in laws or regulations in the healthcare industry; breach of our security by third parties; our dependence on the expertise of our key personnel; our access to sufficient capital to fund our future requirements; and potential write-offs of goodwill or other intangible assets. This list is not exhaustive of the factors that may affect any of our forward-looking statements. Other factors that should be considered are discussed from time to time in SXC's filings with the U.S. Securities and Exchange Commission, including the risks and uncertainties discussed under that captions "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in our 2008 Annual Report on Form 10-K and subsequent Form 10-Qs, which are available at www.sec.gov. Investors are cautioned not to put undue reliance on forward-looking statements. All subsequent written and oral forward-looking statements attributable to SXC or persons acting on our behalf are expressly qualified in their entirety by this notice. We disclaim any intent or obligation to update publicly these forward-looking statements, whether as a result of new information, future events or otherwise.
Certain of the assumptions made in preparing forward-looking information and management's expectations include: maintenance of our existing customers and contracts, our ability to market our products successfully to anticipated customers, the impact of increasing competition, the growth of prescription drug utilization rates at predicted levels, the retention of our key personnel, our customers continuing to process transactions at historical levels, that our systems will not be interrupted for any significant period of time, that our products will perform free of major errors, our ability to obtain financing on acceptable terms and that there will be no significant changes in the regulation of our business.
SOURCE SXC Health Solutions Corp.