Elixir announces the next wave of innovation for pharmacy benefits technology platform

Rhea-AI Summary

Elixir, a pharmacy benefit management company owned by Rite Aid, has announced the upcoming release of its Laker Software technology platform. The upgrade will include new automated workflows, a customer service tool, and a modernized user interface. The platform is designed to help customers better manage their pharmacy claims adjudication data and streamline workflows. It is a 100% virtualized environment, processes millions of paid claims per year, and is SOC 1 Type 2 certified.

Positive

• The upcoming release of Laker Software will provide new automated workflows and a modernized user interface, improving efficiency and productivity for customers.
• The platform is a leading technology solution that can manage multiple lines of business, including Medicare, Medicaid, and Exchange Commercial payers.
• The Laker Software platform is built on a resilient, scalable architecture and has multiple levels of data security and redundant backup systems.
• Customers can expect improvements in cost reduction due to automation, solutions for improved plan design and channel management, and advanced analytics and statistical analyses.
• The platform will also offer a cloud-based infrastructure and a redesigned user interface for a better customer experience.

Negative

• None.

PHILADELPHIA--(BUSINESS WIRE)-- Elixir, a pharmacy benefit management company owned by Rite Aid (NYSE: RAD), has announced details of the next release of its Laker Software technology platform. The upcoming enhancements include new automated workflows, a customer service tool and modernization of the user interface.

"Already a leader in the industry, Laker Software is going from good to great,” said Jeff Mallad, VP, PBM Technology Sales for Elixir. "Elixir’s technology platform is one of the fastest and most reliable pharmacy claims systems available—and it’s about to become turbo-charged! We’re modernizing the future of pharmacy benefits to support our customers’ business growth, the digital world and cost reduction.”

The upgrade will include a range of advanced functionalities that are designed to help customers better manage their pharmacy claims adjudication data and streamline workflows. The new features will allow users to access and share data more efficiently, collaborate more effectively, and improve productivity.

For more than 20 years, the Laker Software platform has been a leading technology solution and one of only a few that can manage multiple lines of business including:

• Medicare, Medicaid and Exchange
• Commercial payers
• Adjudication and claims processing for 340B pharmacies
• Prescription savings card programs
• Workers’ compensation

Built on a resilient, scalable architecture, the Laker Software platform is a 100% virtualized environment. The platform processes millions of paid claims per year and is SOC 1 Type 2 certified. It has multiple levels of data security and redundant backup systems. Laker Software provides a full set of robust capabilities, including:

• Claims Processing/Adjudication
• Call Center
• Plan Set Up
• Eligibility
• Accumulator
• Accounts Payable/Receivable
• Prior Authorization
• Reporting

Customers will begin to beta test some of the platform’s newest features shortly, and other enhancements will follow as the next generation of Laker Software evolves. Customers can expect to see improvements in cost reduction due to automation, solutions for improved plan design and channel management, and advanced analytics and statistical analyses. This is in addition to a cloud-based infrastructure and redesigned user interface, allowing for even more flexibility and a better customer experience.

"Elixir is committed to investing in innovative solutions to meet the evolving needs of the pharmacy benefits industry,” said Mallad. “In addition to our Laker platform, customers can rely on our full suite of pharmacy benefit services to custom design their ideal solution. We support your business, enable your growth and help you succeed in every segment of the pharmacy lifecycle."

To learn more, visit laker.elixirsolutions.com.

About Elixir:

Elixir, a fully owned subsidiary of Rite Aid Corporation, is a pharmacy services provider that offers pharmacy benefit management services, Medicare-approved prescription drug plans, mail and specialty pharmacy solutions, and prescription discount programs. With the unique ability to optimize the full pharmacy care experience, Elixir is crafting solutions for today’s pharmacy benefits challenges. For more information, visit elixirsolutions.com.

About Rite Aid Corporation:

Rite Aid is a full-service pharmacy that improves health outcomes. Rite Aid is defining the modern pharmacy by meeting customer needs with a wide range of vehicles that offer convenience, including retail and delivery pharmacy, as well as services offered through our wholly owned subsidiaries, Elixir, Bartell Drugs and Health Dialog. Rite Aid employs more than 6,300 pharmacists and operates more than 2,300 retail pharmacy locations across 17 states. For more information, visit www.riteaid.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230523005125/en/

Elixir Media Contact:

Jan Yates, APR

Vice President, Marketing & Communications

jyates@elixirsolutions.com

813-335-7625

Source: Elixir

FAQ

What is the upcoming release of Laker Software?

The upcoming release of Laker Software is an upgrade that includes new automated workflows, a customer service tool, and a modernized user interface.

What can customers expect from the new features?

Customers can expect improvements in cost reduction due to automation, solutions for improved plan design and channel management, and advanced analytics and statistical analyses.

What lines of business can the Laker Software platform manage?

The Laker Software platform can manage multiple lines of business, including Medicare, Medicaid, and Exchange Commercial payers.

What certifications does the Laker Software platform have?

The Laker Software platform is SOC 1 Type 2 certified.

What are the key features of the Laker Software platform?

The key features of the Laker Software platform include claims processing/adjudication, call center, plan set up, eligibility, accumulator, accounts payable/receivable, prior authorization, and reporting.