PR Newswire; 7/15/2004
Transax International Limited (BULLETIN BOARD: TNSX) (Frankfurt: TX6;Berlin) ("Transax") is pleased to advise the final beta test of its Medlink Solution with a number of medical facilities in Brazil to undertake real-time medical ancillary transactions.
Mr. Americo de Castro, President of Transax's operating subsidiary in Brazil, stated: "This solution, developed in cooperation with some of the major health insurance companies in Brazil, will initially enable doctors and medical providers to undertake real-time eligibility, authorization and adjudication of claims for the growing physiotherapy market. We expect to complete our final beta testing in 10 days and for the solution to be commercially live prior to the end of July 2004. Other medical ancillary solutions are in various stages of development and will be introduced throughout the second half of 2004."
Transax already has the capability to adjudicate and authorize in "real- time" in excess of 4,000 medical procedures. The initial development of the physiotherapy solution will add more than 100 procedures to its growing base.
With over 2,500 solutions currently installed throughout Brazil Transax expects to undertake approximately 250,000 "real-time" eligibility, authorization and adjudication transactions during July 2004 for contracts currently in place and expects to roll out a further 100+ solutions in July 2004.
About Transax International Limited: Transax is a premier international provider of information network solutions for healthcare providers and health insurance companies, enabling the "real-time" automation of routine patient eligibility verifications, authorization, claims processing and payment functions that are currently performed manually. The technology has been proven to significantly decrease health insurance claim expenditure and provides additional operational efficiencies for the health insurer. Transax "MedLink" solution has been specifically designed for the healthcare and health insurance industry to allow insurance companies, Health Maintenance Organizations, and other industry concerns to connect to healthcare providers and electronically undertake eligibility, authorization and processing of health claims in "real-time." MedLink has been developed as a "Total Connectivity" solution where Transax is able to provide an insurer with the ability to cost-effectively process all of the transactions generated in "real-time" regardless of location or method of generation. Presently operational in Brazil, Transax currently undertakes approximately 220,000 transactions per month and has contracts in place for in excess of 2,500,000 transactions per month and other potential contracts in various stages of negotiation.
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