Exela Technologies Announces Rollout of Cloud-Hosted Solution for Healthcare
September 08 2020 - 8:32AM
Exela Technologies, Inc. (“Exela”) (NASDAQ: XELA) today announced
that it has launched the healthcare industry’s first
all-encompassing, cloud-based claims processing gateway. The
platform – PCH Global – enables healthcare providers (physicians
and other healthcare practitioners) to streamline submission of
healthcare claims, and enables payers (health insurers) to more
efficiently process claims and related payments. The real benefit
of the platform is the expected reduction in claim denials, faster
processing of payments to providers, and ultimately, a better
healthcare experience for patients.
PCH Global builds upon Exela’s dominant position in the
healthcare automation market. According to Everest’s 2019
Healthcare Business Process Automation Solution PEAK Matrix™
Assessment, Exela has the largest client base of all service
providers and is one of the few service providers that has built
most of its automation solutions in-house.
PCH Global leverages its distributed architecture to integrate
Exela’s multiple industry offerings including two industry leading
edit engines to enable cleaner claims at point of service, which
significantly reduces risk of denial and delay. It also includes
processing and application of payments, and on top of it the
healthcare analytics feature generates insights enabling further
actions and process improvement. To further reduce dependency on
separate vendors, the platform incorporates revenue integrity,
denial and appeals management. This new ecosystem is available for
deployment in various business models including SaaS and BpaaS.
Exela has been licensing some of these individual technology
solutions and services to customers but is now offering them in one
platform, on the cloud. Target customers are either those who
currently use one of the existing solutions or those looking for a
bidirectional solution and whose ultimate objective is liquidity
improvement.
“Every year, more than $260 billion worth of claims are denied.
The denials are often the result of errors in the process, many of
which should not be impacting patients,” said Suresh Yannamani,
President, Exela. “By rolling out an all-encompassing platform that
connects all stakeholders in the healthcare claims ecosystem, we
are not just helping providers and payers operate in a more
efficient manner – we are also doing our part to help improve the
patient experience.”
About Exela TechnologiesExela is a business
process automation (BPA) leader, leveraging a global footprint and
proprietary technology to provide digital transformation solutions
enhancing quality, productivity, and end-user experience. With
decades of experience operating mission-critical processes, Exela
serves a growing roster of more than 4,000 customers throughout 50
countries, including over 60% of the Fortune® 100. With
foundational technologies spanning information management, workflow
automation, and integrated communications, Exela’s software and
services include multi-industry department solution suites
addressing finance and accounting, human capital management, and
legal management, as well as industry-specific solutions for
banking, healthcare, insurance, and the public sector. Through
cloud-enabled platforms, built on a configurable stack of
automation modules, and over 21,000 employees operating in 23
countries, Exela rapidly deploys integrated technology and
operations as an end-to-end digital journey partner.
Forward-Looking Statements: Certain statements
included in this press release are not historical facts but are
forward-looking statements for purposes of the safe harbor
provisions under The Private Securities Litigation Reform Act of
1995. Forward-looking statements generally are accompanied by words
such as “may”, “should”, “would”, “plan”, “intend”, “anticipate”,
“believe”, “estimate”, “predict”, “potential”, “seem”, “seek”,
“continue”, “future”, “will”, “expect”, “outlook” or other similar
words, phrases or expressions. These forward-looking statements
include statements regarding our industry, future events, the
estimated or anticipated future results and benefits of the
Business Combination, future opportunities for the combined
company, and other statements that are not historical facts. These
statements are based on the current expectations of Exela
management and are not predictions of actual performance. These
statements are subject to a number of risks and uncertainties,
including without limitation those discussed under the heading
“Risk Factors” in Exela’s most recently filed Annual Report on
Form-10-K filed with the Securities and Exchange Commission. In
addition, forward-looking statements provide Exela’s expectations,
plans or forecasts of future events and views as of the date of
this communication. Exela anticipates that subsequent events and
developments will cause Exela’s assessments to change. These
forward-looking statements should not be relied upon as
representing Exela’s assessments as of any date subsequent to the
date of this press release.
Find out more at www.exelatech.com Follow Exela on
LinkedIn:
https://www.linkedin.com/company/exela-technologies/Follow Exela on
Twitter: https://twitter.com/exelatech
Media Contact: Kevin
McLaughlinE:
kevin.mclaughlin@icrinc.com T:
646-277-1234
Investor Contact: William
MainaE: IR@exelatech.com T:
646-277-1236
Exela Technologies (NASDAQ:XELA)
Historical Stock Chart
From Mar 2024 to Apr 2024
Exela Technologies (NASDAQ:XELA)
Historical Stock Chart
From Apr 2023 to Apr 2024