DIAGNOSTEK PURCHASES PERFORM COST MANAGEMENT SERVICES, INC.
ALBUQUERQUE, N.M., Oct. 29 /PRNewswire/ -- Diagnostek, Inc. (NYSE: DXK), announced today the acquisition of Perform Cost Management Services, Inc., a leading manager of prescription claims processing and related prescription drug benefit services. The acquisition is valued at approximately $27 million in cash. Perform, headquartered in Scottsdale, Ariz., manages prescription drug programs for clients throughout the United States, including Blue Cross Blue Shield of Arizona, its charter client. Perform's client base also includes six other Blues Cross Blue Shield organizations as well as Alcoa, Bellsouth Enterprises, General Dynamics, national commercial insurance carriers and managed care companies. Perform electronically adjudicates at the point-of-sale approximately 7 million prescription drug claims, valued at nearly $170 million annually. Data on more than 2 million members is contained in Perform's proprietary database. "Perform's technology and its management personnel are an important addition to Diagnostek, particularly as we continue aggressively marketing our RxChoice managed care prescription drug program," said Nunzio DeSantis, Diagnostek's chairman and chief executive officer. "Perform is recognized as health care's most flexible, innovative processor of prescription drug claims." Robert Field, Perform's president and chief executive officer, joins Diagnostek as executive vice president. "We share Diagnostek's vision of offering prescription drug benefits with an emphasis on sound managed care principles," said Field. "Risk sharing, choice, clinical pharmacy expertise and real time benefit and information management are the driving forces in today's prescription benefit market." RxChoice is a point-of-service managed care prescription drug program that allows employees to fill prescriptions at a national preferred retail pharmacy network. Employees also fill maintenance prescriptions through Diagnostek's state-of-the-art mail service pharmacies. RxChoice's design allows integrated drug utilization review, on-line claims processing, management reporting, client service, and customer service. Diagnostek manages prescription drug benefits for Fortune 500 corporations, HMOs, PPOs and national labor unions. In addition, Diagnostek provides pharmacy management services to more than 200 acute-care hospitals and HMOs nationwide. -0- 10/29/93 /CONTACT: David Jones of Diagnostek, Inc., 505-345-8080, or Fredric Spar of Kekst and Company, 212-593-2655/ (DXK)
CO: Diagnostek, Inc.; Perform Cost Management Services, Inc. ST: New Mexico, Arizona IN: HEA SU: TNM
TW -- NY015 -- 8372 10/29/93 09:23 EDT
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|Date:||Oct 29, 1993|
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