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Smart Voucher Eases the Pain for US Pharmacies

11 July 2007

Helping pharmacies to receive prompt reimbursement of funds has become a major issue in the US healthcare sector. Slow payments and inadequate reimbursement levels have made it difficult for many pharmacies to stay in business and to continue to provide the professional health advice their patients need.

Now technology from UK-based Smart Voucher Ltd. is helping to improve the way that pharmacies are reimbursed by their suppliers.

Working in partnership with a leading US pharmaceutical marketing services company, the Smart Voucher platform is used to reliably and securely process transactions driven by an innovative payment card. The cards are produced for leading pharmaceutical companies and are used by patients when their prescriptions are dispensed at the pharmacy. The pharmacist swipes the card through their point of sale terminal and in doing so initiates an electronic transaction that results in a quick and direct reimbursement.

"Our patented Smart Voucher technology currently processes millions of dollars worth of transactions each month in Europe and has recently been deployed by Skype and Wal Mart across the US," comments Mark Chirnside, CEO at London-based Smart Voucher Ltd. "We're delighted that this proven platform is now being used in conjunction in such a vital area as healthcare."

The Smart Voucher system utilises the concept of a randomly generated, one time use unique voucher number. This concept is being actively used in an increasing number of 'closed loop' environments.

Smart Voucher is regulated by the UK Financial Services Authority (FSA) as an Electronic Money Institution (ELMI), making it one of only four electronic payment providers to have successfully passed the FSA's stringent fiscal, technical, security and operational requirements.