Exela is Selected by Leading Health Organization for Payment and Claims Processing
October 09 2020 - 9:00AM
Exela Technologies, Inc. (“Exela”) (NASDAQ: XELA) today announced
that it was selected by a leading health organization as a payment
and explanation of benefits (EOB) processing partner. The contract
is worth a total of $15.6 million for up to one year, beginning in
Q4 2020.
The challenges brought about by COVID-19, and the changes it
forced on the healthcare industry, helped Exela determine that
there is a significant need for a system that combines payments and
claims processing into a single, innovative solution. Through the
implementation of PCH Global, Exela is able to offer a
full-spectrum payments and claims processing platform, providing
expected reduction in claim denials, faster processing of payments,
and an improved customer experience. PCH Global leverages a
distributed architecture to integrate a number of Exela’s industry
offerings. This includes two industry-leading claims edits engines
that enable claims cleaning and enrichment at the point of service,
which significantly reduces the risk of denials and delays.
“We are excited to announce this partnership as an extension of
our payments and claims processing business,” said Suresh
Yannamani, President, Exela. “Exela is dedicated to simplifying our
customers’ complex processes using our suite of technology
platforms that allows us to provide highly configurable, scalable
solutions for a future-oriented workplace.”
Exela is a leader in payment and claims processing with more
than thirty years of experience handling claims for a host of large
healthcare and insurance customers. Through the deployment of PCH
Global as an end-to-end solution, Exela can offer same-day payments
and EOB claims reconciliation to improve cycle times and reduce
costs.
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.comFollow 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.comT:
646-277-1234Investor Contact: William
MainaE: IR@exelatech.comT:
646-277-1236
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