Xerox Turns to Data Expertise for PBM Program
Xerox Uses Data Expertise to Create Dollar Saving Pharmacy Benefits Management Program
NORWALK, Conn., Sept. 11, 2013 – To help insurers process complex pharmacy claims that vary by state and insurer, Xerox has launched a pharmacy benefits management (PBM) program with Cypress Care, a division of Healthcare Solutions, Inc.
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 PBM program by 49 percent.
The program integrates Cypress Care’s pharmacy benefits program with Xerox’s CompIQ, a bill review software and services program developed to support medical claim processing for workers’ compensation and automobile insurance. Xerox, one of the largest providers of medical bill review software and services to the property and casualty, and group health industries, processes 900 million medical claims annually.
“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.”
The program is one of the only PBM offerings that delivers both prospective and retrospective solutions. This means that CompIQ is able 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.
Since the invention of Xerography 75 years ago, the people of Xerox<http://www.xerox.com/> (NYSE: XRX) have helped businesses simplify the way work gets done. Today, we are the global leader in business process and document management, helping people be more efficient so they can focus on their real business. Headquartered in Norwalk, Conn., more than 140,000 Xerox employees serve clients in 160 countries, providing business services<http://services.xerox.com>, printing equipment<http://www.office.xerox.com/digital-printing-equipment/enus.html> and software for commercial and government organizations. Learn more at www.xerox.com
Bill McKee, Xerox Corporation, +1-585-423-4476, Bill.Mckee@xerox.com
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Posted: September 2013