Celent Recognizes Fiserv Clients’ Effective Use of Technology
Fiserv Launches New Pharmacy Cost Management Offering
Integrated workers’ comp pharmacy cost management program achieves substantial savings
Brookfield, Wis., April 29, 2007 - Fiserv Workers’ Comp Solutions, a division of Fiserv, Inc. (NASDAQ: FISV), and one of its operating units, Fiserv Pharmacy Solutions (FPS) announced today a fully integrated program for pharmacy cost management. Through alignment of division resources, FPS will provide a best-in-class solution for comprehensive pharmacy cost management in the industry.
Historically, FPS has provided pharmacy solutions to address the needs of community pharmacies, employers and insurance payors in the workers’ compensation market. As the leading provider of default billing services for community pharmacies, FPS has enabled pharmacy clients to efficiently dispense workers’ compensation prescriptions with no out-of-pocket expense to the injured worker and no risk to the dispensing pharmacy.
“Our technology and services enable injured workers to receive necessary prescriptions frequently before an employer has notified their insurance carrier of a possible claim. Along with this, we are also able to help pharmacy clients provide needed prescription refills when injured workers fail to present network identification cards for refills,” said Joe Hensley, Fiserv Workers’ Comp Solutions’ division president.
Without services provided by FPS, pharmacists often waste considerable time and effort attempting to identify the appropriate payor, an action that can result in a delay in dispensing the prescription, or a decision not to accept the prescription which can have a negative impact on the customer in need of the medication.
Through their eCare Portal, FPS also offers network services to employers and insurance payors to assist in the reduction of workers’ compensation pharmacy costs. As a managed care pharmacy service provider focused exclusively on workers’ compensation, FPS provides a comprehensive set of services designed to reduce pharmacy costs through a broad national network of participating pharmacies, customized services and advanced technology for claims adjustors.
“Our eCare Portal facilitates secure and time saving communication with insurance adjustors responsible for authorizing and paying pharmacy bills,” offered Ray Dracca, senior vice president, Business Development, FPS.
With a specific focus on pharmacy cost management, FPS offers a comprehensive pharmacy product in the workers’ compensation industry. This product is designed to lower and manage costs associated with workplace incidents.
“FPS is uniquely positioned to offer a fully integrated first-fill solution. This solution provides access to network discounts and complete control of pharmacy services from the first prescription fill throughout the life of the workers’ compensation claim. Through our technology and relationships with community pharmacies, we offer a true first-fill solution,” said Hensley.
“Existing relationships with community pharmacies are only part of the story,” according to Dracca. “The launch of FPS at RIMS 2008, the Risk and Insurance Management Society meeting in San Diego, signals an expansion in our approach to the market by working directly with employers and payors to offer an integrated model managing both in-network and out-of-network costs. Further, the costs to process out-of-network bills can be reduced through a more efficient and cooperative working model enhanced through electronic connectivity.”
The paperless component of this solution also appeals to payors in their “green” initiatives as well as their needs for regulatory compliance.
Another Fiserv Workers’ Comp Solutions’ company, P2P Link, offers industry leading workers’ compensation clearinghouse services, facilitating the electronic transmission of both medical and pharmacy bills along with the necessary supporting documentation to payors. P2P Link leads the industry in providing services to help both payors and medical providers reduce costs, streamline bill processing and reduce paper that wastes resources and inhibits efficiencies.
About Fiserv Workers’ Comp Solutions
Fiserv Workers’ Comp Solutions provides the most comprehensive pharmacy cost management solution in the industry. Fiserv Pharmacy Solutions, www.fiservpharmacysolutions.com, provides pharmacy cost containment solutions for workers’ compensation payors. Fiserv has become widely known as the industry resource for pharmacy cost containment solutions and bill processing tailored for workers’ compensation. P2P Link, www.p2plink.com, provides Internet-based solutions for resource-saving electronic communications between workers' compensation medical care providers and payors. P2P Link has become widely recognized as the preeminent resource for secure Internet based electronic bill processing and proactive compliance tools that reduce costs and administrative inefficiencies by increasing workflow productivity in the workers’ compensation marketplace.
About Fiserv Insurance
Hundreds of Life, P&C, Health, and Reinsurance carriers, managing general agents, and administrators rely on Fiserv for innovative insurance technology, professional services, and outsourcing solutions. Fiserv solutions include insurance policy and claims administration, underwriting, rating, advanced billing and collections, point-of-sale technology and straight-through processing solutions. In addition, more than 3,000 clients use the company’s market-leading financial and compliance solutions. Fiserv can be found on the Internet at www.fiservinsurance.com.
About Fiserv, Inc.
Fiserv, Inc. (NASDAQ: FISV), a Fortune 500 company, provides information management and electronic commerce systems and services to the financial and insurance industries. Leading services include transaction processing, outsourcing, electronic bill payment and presentment, investment management solutions, business process outsourcing (BPO), software and systems solutions. Headquartered in Brookfield, Wis., the company is the leading provider of core processing solutions for U.S. banks, credit unions and thrifts. Fiserv was ranked the largest provider of information technology services to the financial services industry worldwide in the 2004, 2005 and 2006 FinTech 100 surveys. In 2007, the company completed the acquisition of CheckFree, a leading provider of electronic commerce services. Fiserv reported nearly $4 billion in total revenue from continuing operations for 2007. For more information, please visit www.fiserv.com.
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Additional Contacts:
Barb Robinette
Vice President, Strategic Solutions
Fiserv Workers’ Comp
469-417-7756
Barbara.robinette@fiserv.com
Fiserv Corporate Contact:
Lori Stafford
Assistant Vice President Corp. External Comm.
Fiserv
262-879-5130
Lori.stafford@fiserv.com
