Mitchell To Acquire Cogent Works
Insurance claims software-solutions provider Mitchell International (www.mitchell.com) 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.”