Three Bridges, N.J. October 23, 2007 – iContracts today became the first solution provider to announce support for the Deficit Reduction Act “Final Rule”, which implements changes required under the Medicaid reform provisions of the Deficit Reduction Act (DRA) of 2005, following its October 1, 2007 effective date. The DRA Final Rule covers AMP and Best Price reporting, reporting and recordkeeping requirements, disclosure of AMP to states, reimbursement issues, and state collection of rebates on physician administered drugs.
“From inception, iContracts Medicaid Payer was designed to satisfy DRA Drug Rebate Program rules”, commented Erik Sieverding, president of iContracts. “We have worked closely with our clients to insure our solutions meet this urgent need as manufacturers begin to comply with average manufacturer price (AMP) calculations in October 2007 and quarterly AMP and Best Price submissions for the forth quarter of 2007. iContracts is uniquely positioned to help manufacturers with the need to implement solutions quickly and cost-effectively without the need for the army of consultants required by other solutions.”
Joann Gioia, Senior Manager of Contracts and Chargebacks of American Regent, a Pharmaceutical Company specializing in Generic Injectables and Injectable Iron products, commented “iContracts Medicaid Payer fully satisfies the requirements mandated by the DRA Final Rule. The system’s flexible calculator allows us to easily model compliant programs, while the powerful processing engine and execution workflow insure calculations are prepared accurately and quickly.”
iContracts solutions are available as an “on demand” service or as a behind-the-firewall offering and are built on iContracts’s revolutionary BCS platform featuring an advanced data architecture, rich functionality, Task Automation Logic (TAL), and Simplified Common User Interface (SCUI) enabling users to execute any process after learning just two basic screen formats. This groundbreaking design drastically reduces implementation; training and future upgrade timeframes and costs.
About iContracts
iContract’s mission is to deliver solutions for managing contracts that are faster, easier and less expensive to implement. For more information, please visit www.icontracts.com.
This news release contains forward-looking statements, and actual results may vary from those expressed or implied herein. Factors that could affect these results include: the risk of unforeseen technical or practical impediments to planned software development and other risk factors set forth from time to time by the Company.
CONTACT: iContracts, Inc.
Anne Ambrosio, 908-393-9550
aambrosio@icontracts.com