NexgenRX Inc. (TSXV:NXG)

NexgenRX Inc. is an independent third-party administration firm that operates in the healthcare plans industry. The firm provides fully integrated, and SaaS-backed health benefit plans.

NexgenRX was founded in March 2003 according to the provincial laws of Ontario with a head office in Toronto. NexgenRX is a publicly listed company on the TSX Venture Exchange with its common shares trading under the ticker symbol NXG.

The principal business of the company involves administration, adjudication and payment of Administrative Services Only (ASO) healthcare claims to beneficiaries. The company has developed a proprietary computer software technology to ensure real-time flow of health claims based on health plans underwritten by plan takers.

The web-supported health benefit solutions allow customers to access all the plans even from multiple carriers, via a single entry. In addition, NexgenRX outsources its claims adjudication system to its partners and helps them to meet their requirements.

The Canada-focused firm provides various products and services to customers and plan sponsors, which includes:

• Claim management – The company’s system, NexSys, allows real-time processing and submission of prescription drugs and dental office claims. The company is linked to 98 per cent of total licensed pharmacies and 100 per cent of all CDA net registered dental offices across Canada.

• Drugs – The insurer’s services under this include Concurrent Drug Utilization Review, Intervention Suite™, Formulary Info Sheet and generic drug products.

• Dental – NexSys is EDI compatible with tailored rules, messages and frequency limitations. It provides a dental professional database, health guides, dental consultant services and claim audits.

• Extended health care – These are extra health benefits outlined in the benefit booklet, which may cover hospital room costs, medical equipment and supplies, paramedical services, in-home nursing services, vision and dental care.

• The health care spending account funds an amount of money to pay for an individual or dependents’ health or dental care.

• Risk management – it includes stop-loss and travel benefits.

• NexAdmin powered by Vital Objects offers administrative services for all employee benefits.

• Web claims submission – the company also hosts various web services to support clients, members and service providers.

• NexInfo offers a complete suite of reporting tools, including FTP, standard reports and data exports, to its clients.

The company even allows customers to register for direct deposit to make their health plan administration and process simplified. It also offers a highly automated member enrolment process for efficient and timely administration. The company is focused on improving its administration and claim process through partnerships to deliver the best service to its clients at reasonable costs.