American CareSource Holdings Signs New Client Agreement With Insurers Administrative Corporation
December 10 2008 - 6:35AM
Marketwired
American CareSource Holdings, Inc. (NASDAQ: ANCI) announced today
that it has implemented a new client service agreement with
Insurers Administrative Corporation (IAC), a national third party
administrator (TPA), sales and marketing organization based in
Phoenix, Arizona, and a member of the IHC Group, an insurance
organization composed of Independence Holding Company (NYSE: IHC)
and its operating subsidiaries.
Under the agreement, American CareSource will make available its
full complement of ancillary care services to IAC clients through a
network of ancillary care providers. IAC payor clients will save an
estimated additional 10% on the ancillary claims that American
CareSource manages. These savings should grow annually as American
CareSource continues to expand its provider network in IAC's key
market segments. American CareSource expects to realize an
estimated $5 - $6 million in additional claims volume and annual
revenue once the agreement is fully implemented.
Commenting on today's news, David S. Boone, Chief Executive
Officer of American CareSource, stated, "We are delighted to be
working with Insurers Administrative Corporation. This contract
demonstrates our Company's continued growth and commitment to both
the TPA and the fully insured individual and small group markets,
two important segments of the healthcare industry. By providing
affordable ancillary healthcare benefits to IAC, a leading TPA, we
will enhance their focus of offering high quality, cost effective
ancillary services for their payor agents. IAC's strong national
presence, and in particular, the Southwest, will also allow us to
gain a foothold in this critical market."
Frank P. Fugiel, IAC Senior Vice President of Network and
Medical Management Services, stated, "Through IAC's claim
processing solutions, American CareSource's services provide our
clients with a unique product to help lower healthcare costs."
About Ancillary Healthcare Services
American CareSource provides ancillary healthcare services
through its network that offers cost effective alternatives to
physician and hospital-based services. This market is estimated at
$574 billion, and has grown to 30% of total national health
expenditures. These providers offer services in over 30 categories,
including laboratories, dialysis centers, free-standing diagnostic
imaging centers, non-hospital surgery centers, as well as durable
medical equipment such as orthotics and prosthetics, and
others.
About American CareSource Holdings, Inc.
American CareSource Holdings, the first national, publicly
traded ancillary care network services company offers a
comprehensive national network of approximately 2,500 ancillary
service providers at over 25,000 sites. The Company's ancillary
network and management provides a complete outsourced solution for
a wide variety of healthcare payors and plan sponsors including
self-insured employers, indemnity insurers, PPOs, HMOs, third party
administrators and both federal and local governments. For
additional information, please visit www.anci-care.com.
About Insurers Administrative Corporation
Since 1978, Insurers Administrative Corporation (IAC) has
specialized in the administration, marketing and distribution of
health benefit plans. As a full-service company providing
third-party administration, program management, and marketing and
sales assistance, IAC takes pride in providing outstanding,
customer-focused service. For more information, visit
www.iacusa.com.
About the IHC Group
The IHC Group is an insurance organization composed of
Independence Holding Company (NYSE: IHC) and its operating
subsidiaries, including Madison National Life Insurance Company,
Inc., Standard Security Life Insurance Company of New York and
Independence American Insurance Company. The IHC Group has been
providing life, health and stop-loss insurance solutions for over
25 years. For more information on Independence Holding Company and
the IHC Group, visit www.ihcgroup.com.
ANCI-G
Safe Harbor Statement Under the Private Securities Litigation
Reform Act of 1995:
Any statements that are not historical facts contained in this
release are forward-looking statements. It is possible that the
assumptions made by American CareSource Holdings, Inc. for purposes
of such statements may not materialize. Actual results may differ
materially from those projected or implied in any forward-looking
statements. Such statements may involve further risks and
uncertainties, including but not limited to those relating to
product demand, pricing, market acceptance, the effect of economic
conditions, and intellectual property rights, and the outcome of
competitive products, risks in product development, the ability to
complete transactions, and other risks identified in this release,
and the Securities and Exchange Commission filings of American
CareSource Holdings, Inc.
Contact: Steven J. Armond Chief Financial Officer American
CareSource Holdings, Inc. Tel: 972-308-6847
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