Exela Technologies Wins $90 Million Contract for Cloud-Hosted PCH Global, Delivering Healthcare Solutions for Major US Insure...
March 09 2021 - 7:15AM
Exela Technologies, Inc. (“Exela” or “the Company”) (NASDAQ: XELA),
a global business process automation (BPA) leader, today announced
a 10 year, $90 million venture blending automation technologies,
SaaS, and services through its PCH Global platform, which
officially launched in September of last year. This effort will
accelerate the digital transformation efforts for a major US health
insurance company and is part of a broader relationship that
included over $28 million in revenue in 2020.
This venture is the first of its kind for Exela in
the healthcare industry, as it involves the large-scale deployment
of Exela’s digital exchange platform, PCH Global, in the cloud and
onsite to deliver healthcare solutions. The venture involves the
end-to-end processing of complex health insurance claims and
multi-channel correspondence between the insurance company and
their provider and member networks. The solution also leverages an
integrated data fabric used for discovering patterns, monitoring
the health of platforms, collaboration, and reporting analytics to
help drive actionable intelligence and the launch of new services
for Exela’s customers.
Exela’s strategy is to migrate existing and future
healthcare relationships to PCH Global’s cloud network in order to
offer greater scalability and business continuity protections, as
well as improved data analytics built into the platform and
accessible via a self-service model. With Exela’s team of data
scientists leveraging intelligent data processing capabilities
powered by neural networks, and combined with Exela’s Business
Process Management teams, Exela will help healthcare and insurance
customers digitize and optimize business processes, generate deeper
insights, and achieve greater process flexibility and control.
“The combination of proprietary technology, global
service delivery and industry expertise, positions Exela as a
leader in enrollments, complex claims processing, appeals and
grievance management and payment solutions,” said Exela’s
President, Suresh Yannamani. “Our goal has been to set ourselves
apart by developing PCH Global as a complete payment integrity
solution for the insurance industry, handling everything from
claims ingestion and validation, to correspondence, adjudication
and payments.”
About Exela Technologies
Exela Technologies 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 public sectors.
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, estimated or anticipated future results
and benefits, future opportunities for Exela, 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 Annual Report
and other securities filings. 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.
Investor and/or Media Contacts:
Vincent
KondaveetiE: vincent.kondaveeti@exelatech.comT:
929-620-1849
Mary Beth
BenjaminE: IR@exelatech.comT:
646-277-1216
Exela Technologies (NASDAQ:XELA)
Historical Stock Chart
From Apr 2024 to May 2024
Exela Technologies (NASDAQ:XELA)
Historical Stock Chart
From May 2023 to May 2024