OmniSYS, a technology company focused on innovative solutions for the retail pharmacy industry, announced today that it has acquired Rx-Net and its automated pricing solution, ProfitMax.
ProfitMax provides a fully automated, single interface, multi-location prescription price management solution for retail pharmacies.
By taking into account customer-specific pricing goals, third-party reimbursement and a combination of market-based data sources, ProfitMax automatically helps set and adjust a pharmacy’s usual and customary (U&C) pricing so that they can maximize reimbursement while maintaining competitive and profitable prices for cash-paying customers.
“Pharmacies are under extreme pressure to improve their financial performance. Although cash customers typically make up less than 10% of a pharmacy’s prescriptions, they can account for 25% or more of a pharmacy’s margins. Using market intelligence and proven, proprietary analytics, ProfitMax not only helps automate the price management process, but it also improves a pharmacy’s performance by ensuring that their drug prices are both competitive and profitable,” said John King, OmniSYS chief executive officer. “Cash pricing is one of a limited number of variables that a pharmacy can control, and it represents a significant opportunity for growth in the pharmacy space. Rx-Net’s proven ability to drive value to both pharmacies and their customers through ProfitMax is why we are so excited to welcome them to the OmniSYS family.”
Rx-Net manages an annual prescription volume of over $4 billion, with customers in all 50 states. Their automated pricing solution is integrated with most pharmacy management system vendors, allowing pricing information to be accessed from a pharmacist’s existing workflow.
Key personnel from Rx-Net are expected to remain with the company to help facilitate the integration with OmniSYS and ensure a seamless transition for existing customers.