Xerox and Cypress Care PBM program cuts spending
By Mia Burns (firstname.lastname@example.org)
Xerox has launched a pharmacy benefits management program with Cypress Care, a division of Healthcare Solutions, Inc. to assist insurers in processing complex pharmacy claims that vary by state and insurer. Company executives say that a pilot of the program reduced the average pharmacy spend for the insurer per claim by 33 percent and increased the number of pharmacy bills entering the specialized pharmacy benefits management program by 49 percent.
The program integrates Cypress Care’s pharmacy benefits program with Xerox’s CompIQ which is bill review software and services program developed to support medical claim processing for workers’ compensation and automobile insurance. Xerox is one of the largest providers of medical bill review software and services to the property and casualty and group health industries.
In addition, Xerox claims to process 900 million medical claims annually. The program is one of the only pharmacy benefits management offerings that deliver both prospective and retrospective solutions. This puts CompIQ in a position to provide a safety net to ensure that a greater percentage of pharmacy claims qualify for the Cypress Care program, which translates to added savings for all participants.
“By coupling our data expertise with Cypress Care’s pharmacy benefits system, we’ve developed a solution that significantly improves PBM penetration rates for insurance companies, which ultimately saves them money,” said Robert Willett, managing director, Insurance at Xerox. “This solution is uniquely positioned to make a measurable difference for all our clients.”
Posted: September 2013