SXC tunes software for D.0 compliance; releases 2Q financials
SXC Health Solutions has completed the development and testing of software to support the National Council for Prescription Drug Programs (NCPDP) version D.0 of the NCPDP Telecommunication Standard.
The U.S. Department of Health and Human Services (HHS) adopted the NCPDP version D.0, as the next HIPAA standard for HIPAA covered transactions, according to SXC, a Lisle, Ill.-based company. The move to D.0 by HHS will streamline the documentation required for transactions and address newer programs and developments, such as the Medicare Part D program. D.0 is the most recent HHS-approved version of the NCPDP standard and will be the only HHS-approved HIPAA standard, effective in 2012.
SXC has begun introducing its D.0 software support into its core client base and expects all partners will be using the software prior to January 2011, the company said.
SXC has also reported results for the second quarter of fiscal 2010, posting strong gains and revising its guidance upward.
Highlights for the 2010 second quarter, which ended June 30, include:
• Revenue growth of 49 percent on a year-over-year basis, to $479.4 million, compared with $320.8 million in second quarter of 2009.
• An increase in GAAP [generally accepted accounting principles] net income to $17.1 million.
• Adjusted prescription claim volume for the pharmacy benefit management segment was 11.8 million, compared with 8.9 million in claim volume for 2009 second quarter.
• Transaction processing volume for the health IT segment was 99.6 million, versus 98.8 million in the 2009 second quarter.
The U.S. Department of Health and Human Services (HHS) adopted the NCPDP version D.0, as the next HIPAA standard for HIPAA covered transactions, according to SXC, a Lisle, Ill.-based company. The move to D.0 by HHS will streamline the documentation required for transactions and address newer programs and developments, such as the Medicare Part D program. D.0 is the most recent HHS-approved version of the NCPDP standard and will be the only HHS-approved HIPAA standard, effective in 2012.
SXC has begun introducing its D.0 software support into its core client base and expects all partners will be using the software prior to January 2011, the company said.
SXC has also reported results for the second quarter of fiscal 2010, posting strong gains and revising its guidance upward.
Highlights for the 2010 second quarter, which ended June 30, include:
• Revenue growth of 49 percent on a year-over-year basis, to $479.4 million, compared with $320.8 million in second quarter of 2009.
• An increase in GAAP [generally accepted accounting principles] net income to $17.1 million.
• Adjusted prescription claim volume for the pharmacy benefit management segment was 11.8 million, compared with 8.9 million in claim volume for 2009 second quarter.
• Transaction processing volume for the health IT segment was 99.6 million, versus 98.8 million in the 2009 second quarter.