Praxsyn Corp (PXYN)

[tutankhamen]

Workers Comp total Medical Expenses by State in 2012 (in $Millions):

CA: $6,637M
IL: $1.186M
AZ: $467M
FL: $1,877M
HI: $108M
IN: $458M
NV: $183M
NM: $179M
OK: $385M
TX: $1,059M
WA: $743M
WI: $782M

Just these dozen states where PXYN is currently licensed are worth $14.1B in worker's comp medical billings (of a total of $30.84B for all states). .

Also from a 2007 California Workers Comp study which would lead one to believe that TIME is the most important part about eventually collecting payment...not that payments won't be made. This has positive direct implications for NexGen and the factoring costs for PXYN if they can have enough cash flow to WAIT for payments.

High dispensing fees in workers’ compensation may not be without justification. Many pharmacists have commented on the extra transaction costs associated with workers’ compensation claims. Most of the issues involve two areas. First, some pharmacists are willing to fill prescriptions on disputed claims without charging the worker, hoping to recover later if the claim is accepted. This can result in a loss when the insurer/employer successfully disputes the claim. However, this risk appears to be small. According to the largest workers’ compensation pharmacy transaction agent, handling approximately ½ of California’s pharmacy transactions, over 98% of all claims submitted by pharmacists within their group are paid by insurers and/or employers.

Second, workers’ compensation has been slow to introduce ‘point of sale—online adjudication’ (POS) which is virtually universal on the health benefit side. POS refers to the electronic interface between the pharmacy and the insurer or an intermediate pharmacy benefit manager. The pharmacy contacts the insurer and identifies the purchaser. The insurer acknowledges that the purchaser is covered and specifies the conditions of reimbursement, the amount the insurer will pay and any co-pay by the purchaser and any restrictions on particular drugs or quantity. If the pharmacist accepts the conditions, the transaction is complete and the pharmacist is guaranteed payment, usually within 20 days.

http://www.dir.ca.gov/chswc/Pharmacy/Pharmareport.html

http://www.nasi.org/sites/default/files/research/NASI_Work_Comp_Year_2014.pdf