Services
MARKET WIRE; 5/10/2006
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Transax International Limited (Transax) (OTC BB: TNSX), a network solutions company for healthcare providers and health insurance companies, today announced it has signed an agreement to rollout a pilot program with National Health Services (NHS), a healthcare marketing and consulting company offering health services and solutions to health plans, employers, self-funded employers, banks, and insurance companies throughout the U.S.
Under the terms of the agreement, Transax will be responsible for conducting real-time auto-adjudication, processing and payments for NHS member clients. The initial pilot program is with a healthcare provider network in New York City, NY. Upon successful completion of the pilot program both companies anticipate a full rollout of Transax's MedLink solutions to a number of NHS' client's including; health insurance companies, wellness programs, and self-funded health plans.
Transax will generate revenues in two ways under this agreement. As with existing clients, Transax will collect revenue on a per transaction basis for the delivery of its real-time billing and adjudication process. Transax will also receive additional revenues for provision of real-time payment to medical providers following the auto-adjudication of healthcare claims. The Company believes this model, with respect to real-time payment of auto-adjudicated healthcare claims, has not been previously achieved in the U.S. healthcare marketplace.
To date, NHS has access to approximately 17 million lives in the U.S. This includes two national multi-benefit wholesale discount health houses, two multi-specialty national PPO networks, and one national Third Party Administrator (TPA) insurance brokerage. If rollout is achieved as planned, Transax could potentially execute 400,000 additional monthly transactions through its relationship with NHS by the end of 2006, and over 1,200,000 additional monthly transactions by the end of 2007. As of March 2006, Transax was processing approximately 700,000 monthly transactions.
Elizabeth Gannon, President & CEO of National Health Services, commented, "Transax, with its cutting edge technology, offers a unique set of solutions which address key issues facing health insurers today. We are excited to offer the MedLink solution to our growing network of healthcare partners, many of whom are requesting alternatives to the high costs and time associated with processing claims and payments."
Stephen Walters, President & CEO of Transax, commented, "In partnering with NHS, we have the ability expand our reach dramatically into the U.S. healthcare market. NHS is recognized nationally as offering a comprehensive platform for the delivery of cost effective healthcare solutions. NHS' marketing of our technologies as part of their suite of solutions gives us great exposure and validates our business model to the U.S. market." Mr. Walters added, "With our innovative solutions and NHS' broad distribution and marketing capabilities, this agreement has significant potential for both parties."
About Transax International Limited
Transax International is an emerging network solutions provider for the healthcare sector. Utilizing its proprietary MedLink(TM) technology, Transax provides a service similar to a credit card processing for the health insurance and providers industries. A Transax transaction consists of: approving eligibility, authorization, auto-adjudication of the health claim and generating the claim payable files -- provided instantaneously in "real time" -- regardless of method of claim generation.
Transax's solutions have been proven to significantly decrease health insurance claim expenditures and healthcare provider costs. Based in Miami, Fl, Transax maintains a major operations office in Rio de Janeiro, Brazil with approximately 35 staff. The Company has contracts in place with major health insurers in Brazil for up to 2,500,000 transactions per month and currently undertakes approximately 700,000 transactions per month, for which Transax receives approximately $0.55 cents per transaction.
About National Health Services
National Health Services (NHS), a national healthcare services marketing company, offers access to innovative industry-wide healthcare and technology solutions for employers, health plans, healthcare providers and consumers. NHS offerings represent a fresh, actionable approach that provides real answers to today's soaring healthcare premiums. For more information on NHS and My Healthy Lifestyle(R), visit www.n-h-s.com.
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