IRVINE, Calif., March 3, 2015 -- Praxsyn Corporation (OTCQB:PXYN (link is external)) announces that its wholly owned subsidiary, Mesa Pharmacy Inc. (Mesa), has final committed amounts in excess of $4 million for approved preferred provider organization (PPO) claims dating from February 1, 2015 through February 28, 2015 from 15 of its 28 licensed states across the country. The commitment of these claims has been accomplished through its previously announced marketing agreement with NHS Pharma, Inc. Marketing and billing costs are still applicable at industry standards of 55 percent of the total amount billed.
"The benefit of PPO is that every claim is approved at the billed amount and at the point of service," said Edward Kurtz, Chief Executive Officer, Praxsyn Corporation. "Insurance companies are committed to pay the total amount billed within 30-90 days of the prescription being filled. This eliminates the need for Mesa to finance their PPO claims."
Due to the faster processing of PPO claims, Mesa expects to have more cash on hand in order to pay down debt and continue growing the business. "Reinvesting cash into the business is part of our overall strategy of increasing value to our shareholders," said Bob Crowson, Controller, Praxsyn Corporation. Mesa will continue to fill prescriptions for Workman's Compensation (WC) claims through NexGen Med Solutions, however, due to the slow payment component of these claims it will still be necessary to utilize factoring for such accounts receivables.
Mesa continued to make progress towards dispensing its customized medication nationally and is currently shipping to 15 of its 28 licensed states. The company is now licensed in the following 28 states:
Arizona -- Y005936
California -- PHY50766
Colorado -- OSP.0006527
Connecticut -- PCN.0002821
Delaware -- A9-0001557
Florida -- PH27082
Hawaii -- PMP705
Idaho -- 37595MS
Illinois -- 54.018647
Indiana -- 64001705A
Iowa -- 4429
Kansas -- 22-44650
Massachusetts - PHY50766
Minnesota -- 264609
Mississippi -- 14234
Missouri -- 2014038089
Nevada -- PH03201
New Jersey -- 28RO00109500
New Mexico -- PH00003756
New York -- 33063
Oklahoma -- 99-6802
Pennsylvania - PHY50766
Rhode Island -- CPHN10740
South Dakota -- 400-1369
Texas -- 29457
Washington -- PHNR.FO.60488183
Wisconsin -- 1221-43
Wyoming -- NR-50910
About Praxsyn Corporation
Headquartered in Irvine, California, Praxsyn works to realize the vision of medical professionals to improve the lives of patients. Mesa Pharmacy, a wholly owned subsidiary, provides doctors with an alternative to oral pain medications. Mesa focuses on providing custom compounded non-narcotic, transdermal topical pain medications that are marketed to industrial health physicians and medical clinics. Mesa has developed a series of topical creams, in different strengths, that provide the pain relief doctors seek for their patients. Additional company information can be found at www.praxsyn.com.
http://praxsyn.com/press_releases/praxsyn-announces-over-4-million-ppo-approved-claims-february-2015
February-17-2015-Praxsyn-Reports-Progress-on-Script-Processing-Service- Contract-With-NHS-Pharma
Praxsyn Corporation
GlobeNewswire
IRVINE, Calif., Feb. 17, 2015 (GLOBE NEWSWIRE) -- Praxsyn Corporation's (PXYN) wholly owned subsidiary, Mesa Pharmacy Inc. (Mesa), entered into a Script Processing Service Contract with NHS Pharma, Inc. (NHS), on October 11, 2014 to process Mesa's preferred provider organization (PPO) claims. NHS is a leading medical billing company who specialize in servicing compounding pharmacies within private insurance networks. Since Mesa entered into the agreement with NHS, the final committed amounts for more than 380 adjudicated claims have totaled $2.9 million.
NexGen Med Solutions, LLC, a wholly owned subsidiary of Praxsyn, will continue the billing and collections of workman's compensation claims for patients in California.
This new agreement with NHS offers Mesa Pharmacy essential collection services including verifying patient and payment eligibility, communications with insurance companies for prescription authorization, and database entry for the company's billing and financial tracking. NHS also offers patient prescription refill reminder calls, patient denial calls, patient compliance calls, and real-time online portal reporting.
"We are proud to be working with such a reputable company," said Edward Kurtz, Chief Executive Officer, Praxsyn Corporation. "NHS is a transparent and trustworthy company and we believe that partnering with them will be a powerful and lucrative step for Praxsyn Corporation."
"It is always refreshing to encounter people of integrity that share the same core values," said Melinda Green, Chief Executive Officer, NHS Pharma. "We share the same passion for keeping patients first and are committed to delivering quality product and timely service. We believe we make a great team and are very pleased with our partnership."
About NHS Pharma, Inc.
NHS was established in 1987 by Melinda Green. At that time, Green was a dental hygienist who saw the need for a more efficient billing system that led to creating her own billing company. NHS quickly became known as being the first company to offer electronic billing for dental clients in California. Shortly thereafter, Green expanded NHS to cover the billing needs for other medical, psychological and pharmaceutical claims. NHS is located in Vista, California and the company consists of more than 100 employees.
About Praxsyn Corporation
Headquartered in Irvine, California, Praxsyn works to realize the vision of medical professionals to improve the lives of patients. Mesa Pharmacy, a wholly owned subsidiary, provides doctors with an alternative to oral pain medications. Mesa focuses on providing custom compounded non-narcotic, transdermal topical pain medications that are marketed to industrial health physicians and medical clinics. Mesa has developed a series of topical creams, in different strengths, that provide the pain relief doctors seek for their patients. Additional company information can be found at www.praxsyn.com.
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