U.S. County Affordable Health Insurance Provider Invests Nearly $1.0 Million in Kofax Software
February 25 2015 - 8:00AM
Business Wire
Medical Claims Processing Solution Speeds
Payments, Improves Compliance and Reduces Costs
Kofax® Limited (NASDAQ and LSE: KFX), a leading provider of
smart process applications that simplify and transform the First
Mile™ of customer engagement, today announced that one of the
largest U.S. county affordable health insurance providers has
invested $945,000 in Kofax Capture™, Kofax Transformation Modules™,
Kofax Analytics for Capture™ and Kofax Medical Claims Add-on Pack™
to speed payments, improve compliance and reduce costs.
The insurer will use the Kofax solution to bring previously
outsourced functions in house and automate the processing of more
than 800,000 medical claims and related documents annually. The
solution will improve regulatory compliance by automatically
identifying Medicare versus non-Medicare claims and utilize
applicable business rules to ensure process accuracy. The customer
plans to expand its Kofax solution across the entire organization
to ultimately process more than 10 million pages of information a
year.
"This customer selected Kofax based on our domain expertise,
superior accuracy and processing speed," said Howard Dratler,
Executive Vice President of Field Operations at Kofax. "While its
primary objective was to improve compliance, this customer quickly
realized that Kofax’s solution could also deliver a major boost to
its operational efficiency."
Kofax Capture provides industry leading scan-to-archive
capabilities by scanning documents and forms to create digital
images, extracting index data for retrieval purposes and delivering
the images and associated data to a variety of repositories and
applications.
Kofax Transformation Modules is an integrated platform of
applications that streamline the transformation of different
document types into structured electronic information, ready for
delivery into business systems and processes.
The Kofax Medical Claims Add-on Pack is designed for Kofax
Transformation Modules to support the standard CMS 1500 and UB-04
claims forms. It automatically detects and classifies the different
types of claims forms, including the CMS 1500 (05/08), CMS 1500
(02/12) and UB-04 forms, and uses a variety of image registration
techniques, OCR engines and data locators to automatically read and
extract data from any of 170 to 400 potentially populated fields on
the CMS 1500 and UB-04 forms. The Add-on Pack enables validation
workers to quickly review or correct missing or invalid data and to
accept, escalate or deny claims as appropriate.
Kofax Analytics for Capture provides intelligent dashboards for
increasing the effectiveness of Kofax capture software. It is an
interactive visualization tool that delivers process intelligence
and comprehensive insight into system performance, accuracy and
productivity, enabling administrators to improve efficiencies and
system throughput.
This sale closed in the second quarter of Kofax's fiscal year
2015 and totaled more than $550,000 in software license and
$380,000 in maintenance and professional services.
About Kofax
Kofax is a leading provider of smart process applications to
simplify and transform the First Mile of customer engagement.
Success in the First Mile can dramatically improve the customer
experience, greatly reduce operating costs and increase
competitiveness, growth and profitability. Kofax software and
solutions provide a rapid return on investment to more than 20,000
customers in financial services, insurance, government, healthcare,
supply chain, business process outsourcing and other markets. Kofax
delivers these through its direct sales and service organization,
and a global network of more than 800 authorized partners in more
than 75 countries throughout the Americas, EMEA and Asia Pacific.
For more information, visit kofax.com.
© 2015 Kofax Limited. Kofax is a registered trademark and First
Mile, Kofax Capture, Kofax Transformation Modules, Kofax Medical
Claims Add-on Pack and Kofax Analytics for Capture are trademarks
of Kofax Limited.
Source: Kofax
Media Contact:Kofax® LimitedLaura BrandlinDirector,
Communications+1 (949)
783-1545laura.brandlin@kofax.comorInvestor Contacts:MKR
Group Inc.Todd Kehrli+1 (323) 468-2300kfx@mkr-group.comorFTI
ConsultingChris Lane+44 (0) 20 3727 1000kofax@fticonsulting.com
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