SAN DIEGO, CA--(Marketwired - Dec 2, 2014) - Mitchell, a leading provider of technology, connectivity and information solutions to the Property & Casualty (P&C) claims and Collision Repair industries, today announced that it has signed an agreement to acquire the assets of Cogent Works, a leading provider of pharmacy network and benefit management services to the automobile casualty and workers' compensation markets. This acquisition will allow Mitchell to provide a full end-to-end pharmacy solution to both auto and workers' compensation payers through the integration of Cogent Works' solutions.
Cogent Works operates both AutoRx and CompToday, which specialize in processing and managing P&C pharmacy prescription claims. AutoRx processes prescription claims for persons injured in automobile-related accidents. CompToday provides comprehensive pharmacy benefit management services on behalf of workers' compensation payers. Together, Cogent Works' solutions help payers better manage pharmacy claims through its extensive network of over 60,000 retail pharmacy locations throughout the United States and its full suite of pharmacy management services.
"Mitchell is deeply committed to finding new areas of opportunity to deliver more value to our clients. Our acquisition of the Cogent Works business is an example of delivering on that commitment," said Alex Sun, President and CEO of Mitchell. "We believe the combination of Mitchell and Cogent Works will build upon our unique capabilities and market expertise, allowing us to further simplify the claims process starting at the initial onset of injury by seamlessly connecting pharmacies and payers through a vast network of retail pharmacies to create better claim outcomes, while at the same time improving the claims experience for injured persons. Pharmacy costs are a huge and growing challenge in managing claim costs and we believe there is a better way to improve outcomes for our customers."
"Mitchell and Cogent Works share a common vision to provide our customers with a truly differentiated solution to their pharmacy claims management challenges," said Brian Anderson, CEO of Cogent Works. "Together, we believe the combination of both companies is essential to maximizing benefits for our customers and reducing costs associated with pharmacy claims."
Mitchell currently provides integration with other providers of pharmacy solutions, and offers the ability to review such claims through its bill review solutions. Cogent Works will complement Mitchell's current capabilities by expanding their ability to offer pharmacy management at the initial onset of injury. Leveraging the combination of Cogent Works connectivity to retail pharmacies and Mitchell's extensive customer network will provide a differentiated experience to patients, payers and pharmacies.
About Cogent Works
Founded in 2003, Cogent Works operates AutoRx and CompToday which specialize in the processing of P&C prescription claims. AutoRx provides an array of services to assist pharmacies in delivering prescription medications and supplies to persons injured in motor vehicle accidents. CompToday is a full service pharmacy benefit management and revenue cycle management company, servicing workers' compensation payers and both chain and independent pharmacies nationwide. The company is headquartered in Salt Lake City, UT with 175 employees. For more information, please visit www.autorx.com or www.comptoday.com
Mitchell International, Inc. is uniquely positioned to simplify, enhance and accelerate claims handling processes across the P&C industry through deep workflow solutions that include unparalleled access to data, advanced analytics and decision support tools. Our expert workflow and adjusting solutions advance the claims management process by enabling automotive physical damage, bodily injury and workers' compensation clients to process claims more accurately, consistently, and cost-effectively.
Mitchell International's solutions provide an expert level of decision support and connectivity within the claims organization and with industry partners to achieve optimal outcomes. Mitchell's comprehensive solution portfolio and robust SaaS infrastructure enables tens of millions of electronic transactions to be processed each month for over 300 insurance companies, including the majority of the top 25 insurance carriers, and over 30,000 collision repair facilities. With an expanding global footprint, Mitchell products are currently utilized in the Americas, Europe and Asia. Mitchell is headquartered in San Diego, California, and has 2,000 employees. For more information, please visit www.mitchell.com.