Transax Launches MedLink Solution for Hospitals
Thursday June 22, 9:05 am ET
Real-Time Solution to Manage In-Patient Healthcare Costs
MIAMI, FL--(MARKET WIRE)--Jun 22, 2006 -- Transax International Limited (Transax) (OTC BB:TNSX.OB - News), a network solutions company for healthcare providers and health insurance companies, announced today it has developed and launched a real-time solution specifically tailored for the management of hospital in-patient visits. The Company has initiated marketing efforts for its MedLink Hospital solution, MedLink HOSP, to a number of potential clients.
MedLink HOSP processes the entire aspect of a patient's visit from the higher cost procedures to the analysis of lesser cost events and items. The solution also offers the ability to monitor these costs during the patient's stay at the hospital. Utilizing MedLink HOSP, hospitals will benefit from a significantly improved response time from the Payer, a dramatic reduction in the cost to submit/review and discuss claims, as well as a reduction in rejections processing and collection. Additionally, the MedLink HOSP solution offers significant Payer benefits, specifically in the reduction of claims processing cost, reduced rejection discussion and a reduction of inappropriate medical costs.
The control of higher cost items is achieved by implementing a set of pre- and post-authorization functions, thereby allowing the hospital to notify the Payer of any major events occurring to the patient. These events may include, but are not limited to, patient registration, change in length of stay, requests for special examinations, therapies, drugs or materials. These functions are processed by the MedLink HOSP system and allow the Payer's medical team to follow-up on these events as they occur.
The analysis of lower cost, ancillary items is achieved by linking the Hospital's in-house system to the MedLink system, thereby allowing the capture of all service/material items used with the patient. After capturing this data, the MedLink system applies various filters to the data, as per the Payer definition.
Stephen Walters, President & CEO, commented, "After extensive research and development we are excited to offer the MedLink HOSP solution to our clients. This solution has gone through an extensive design phase with a number of major insurance companies in Brazil." Mr. Walters added, "A typical insurer will have just 5% of their claims associated with Hospital visits, however in most cases it is accountable for over 50% of payments and costs. The introduction of MedLink HOSP will allow the payer to significantly control their costs and cash flow as a direct result of implementing our solution. Additionally, both the healthcare provider and payer benefit by reducing rejections due to abuse, misuse and fraud, as well as dramatically reducing the time involved in both claims submission and adjudication."
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 industry. 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.
