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SXC will begin providing its services for more than 6,000 members of UT'semployee prescription benefit program on July 1, 2008 and will expand itscoverage to more than 13,000 covered lives on January 1, 2009.
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"This is an important step forward for SXC, as it expands our presenceinto the self-insured employer market and provides us with an opportunity toshowcase our full-service transparent PBM services with a University thatincludes an academic medical center," said Mark Thierer, President and ChiefExecutive Officer at SXC. "The collaboration of UT and SXC reinforces ourability to compete with the industry's largest PBMs and demonstrates ourability to reach a broad number of healthcare organizations with our flexiblesuite of technology and services."
UT will use informedRx(R) to adjudicate prescription drug claims, managereimbursement of retail pharmacy network contracts, analyze drug utilization,manage rebate contracts with pharmaceutical manufacturers, and handle memberand pharmacy help desk calls. UT will also utilize SXC's adjudication platformto price and dispense "own use" class of trade products from UT ownedpharmacies.
"This collaboration will give us creative options to serve the variousprescription drug benefit needs of our employees," said Laura Miller, SeniorDirector of Benefits at UT. "For example, the additional purchasing power of alarger operation combined with personalized University-quality care willenable our employees and their families to spend less money and less timebuying the pharmaceuticals they need."
About informedRx(R)
informedRx(R) is a broad suite of a la carte pharmacy benefit servicesthat provide a flexible and cost-effective alternative to traditional pharmacybenefit management offerings. informedRx is built around SXC's industryleading technology solutions including pharmacy claims processing andreporting, rebate billing system and near real-time alternative therapymessaging. All contracting is founded on a total transparency and pass-throughmodel for manufacturer rebates, retail network contracting and MAC management.informedRx also provides clinical intervention programs and drug utilizationreviews which feature a coordinated approach with plan sponsors allowing inputand control for specific client and market situations. All programs are pricedon a fee-for-service basis.
About University of Toledo
Located in Toledo, Ohio, The University of Toledo, a student-centered,public metropolitan research university with 20,000 students and picturesquecampuses is recognized nationally for their beauty and is one of 13 stateuniversities in Ohio. Established in 1872 and a member of the state universitysystem since 1967, The University of Toledo and the Medical University of Ohiohave merged to form the third-largest public university operating budget inthe state.
The University of Toledo is recognized as a leader nationally for severalprograms and offers more than 250 undergraduate, graduate and professionalprograms. For more information, please visit www.utoledo.edu
About SXC Health Solutions
SXC Health Solutions Corp. (SXC) is a leading provider of pharmacybenefits management (PBM) services and HealthCare IT (HCIT) solutions to thehealthcare benefits management industry. The Company's HCIT Group is dedicatedto supporting the PBM industry with a broad range of technology, tools andservices including a wide range of software applications, application serviceprovider (ASP) processing services and professional services.
