Catamaran Corporation

Catamaran Corporation
FormerlySXC Health Solutions
Company typePublic
TSX: CCT
Nasdaq: CTRX
IndustryPBM and Health informatics
PredecessorSXC Health Solutions
Founded1993; 31 years ago (1993) (as SXC Health Solutions)
DefunctJuly 23, 2015 (2015-07-23)
FateAcquired
SuccessorUnitedHealth Group
Headquarters
Schaumburg, Illinois
,
U.S.
Key people
Terrece C Burke (chair)
Mark A. Thierer (CEO)
Revenue$14,780.094 milIncrease49% 2013[1]
$287.739 milIncrease138% 2013[1]
Total assets$7,995.763 milIncrease8% 2013[1]
Total equity$4,908.490 milIncrease6% 2013[1]
Number of employees
4,000 (Dec. 31, 2013)[1]
1,433 (Dec. 31, 2011)
1,216 (Feb. 25, 2011)[2]
DivisionsinformedRx
Healthcare IT Group
HBS Health Business Systems
Websitewww.catamaranrx.com

Catamaran Corporation (formerly SXC Health Solutions) is the former name of a company that now operates within UnitedHealth Group's OptumRX division (since July 2015). It sells pharmacy benefit management and medical record keeping services to businesses in the United States[3] and to a broad client portfolio, including health plans and employers.[4] Working independently of the government and insurance companies allowed it to operate as a third party verifier; the RxCLAIM online claim processing system allowed for prescription drug claims to be processed online if the customer lived in and filled their prescription in the United States. SXC had three separate but interrelated business segments which dealt with prescription drug programs. For 2013, 23% of company revenue came from Cigna Corporation.[5]

Most of the company's growth came in 2008 when it doubled in size; between 2005 and 2010 revenue increased 3,400%.[6] As a Canadian startup, the company received venture capital subsidies from the Canadian government in addition to private investments. These subsidies allowed the business to grow initially and establish its business model in advance of its initial public offering, which was offered through the NASDAQ exchange in 2009. The success of the mixed public and private approach in SXC's case has been called "perhaps the best example of the flexibility and the value added by the Canadian hybrid system."[7] In 2013 company revenue increased by 49% thanks to a full year of prescription claims at the Catalyst division, and additional volumes from newly acquired Restat.[5] On March 30, 2015, it was announced that Catamaran will be acquired by OptumRx (A UnitedHealth Group company).[8]

  1. ^ a b c d e "Alexion Pharmaceuticals 2013 Annual Report" (PDF). February 2014. Archived from the original (PDF) on 2014-05-18. Retrieved 2015-01-10.
  2. ^ "SXC Health Solutions Corp. info by hoovers".
  3. ^ "SXC Health Solutions and HealthSpring sign PBM contract". 2010-03-04.
  4. ^ "Catamaran and OptumRx to Combine - UnitedHealth Group". www.unitedhealthgroup.com. Retrieved 2020-04-16.
  5. ^ a b "catamaran 2013 report". Archived from the original on 2015-01-10. Retrieved 2015-01-10.
  6. ^ Cite error: The named reference globeandmail was invoked but never defined (see the help page).
  7. ^ "10 Moments in Canadian Tech Stock History that Changed the World SXC Health goes Public.". 2010-03-31.
  8. ^ "UHGMerger". Wall Street Journal. 2015-03-30.