Cash Technologies Subsidiary Signs Services and Licensing Agreement With Health Payment Systems
Posted on: Friday, 9 November 2007, 12:00 CST
LOS ANGELES, Nov. 9 /PRNewswire-FirstCall/ -- Cash Technologies, Inc. announced that its wholly owned subsidiary, Claim-Remedi Services, Inc. has entered into a Services Agreement (the "Agreement") with Health Payment Systems, Inc. ("HPS") to market Claim-Remedi's healthcare revenue cycle products to HPS customers. HPS has developed the first healthcare receivables financing program in the burgeoning high-deductible and self-insured healthcare markets which guarantees payment to healthcare providers within 20 days and assures patients and employers of the deepest managed-care discounts. The HPS Prompt Payment System(SM) adds value for each of its four stakeholders: (i) the healthcare provider; (ii) the third-party claim administrator; (iii) the employer plan sponsor; and (iv) the participating employees.
Under the two-year Agreement, HPS shall have the right to offer Claim-Remedi's Products to HPS's network of hospitals and physicians. Claim-Remedi offers a suite of products that can dramatically improve the ability of providers to get paid by insurance companies and health plans. Claim-Remedi's claim editor, called Pro837(TM), is capable of accelerating payments by allowing providers to identify and correct faulty claims before they are submitted, saving weeks or months of collection delays. ProIdentify(TM) allows a provider to determine the active and deductible status of virtually any patient's insurance in 3-7 seconds from a web browser, eliminating long phone calls or online searches with insurers. ProClaimSubmit(TM) is a full function clearinghouse that acts as hub for providers to electronically deliver claims to virtually any commercial and government insurer. The products are in use by approximately 2,000 doctors throughout the U.S. HPS will participate in the recurring revenue generated from the use of the products by HPS clients.
"Claim-Remedi's software products fit seamlessly into our mission to assist our clients to improve their revenue collection efficiency," stated Bruce Lefco, HPS's Chairman and CEO. "In addition, HPS will leverage its relationships to bring complimentary products to the market that can generate additional revenue for HPS."
Bruce Korman, CEO of Claim-Remedi, stated, "HPS has responded to the recent advent of high-deductible health plans with a sophisticated solution that improves the revenue cycle for healthcare providers. The financial relationships they have developed with providers make them a natural partner for marketing the Claim-Remedi suite of products."
About HPS
Health Payment Systems, Inc. utilizes patent pending technology and innovative provider contracting methods to help reduce overall health care costs by minimizing the time it takes to pay providers for their services and eliminating the chaos consumers face with the glut of statements, bills and insurance explanation-of-benefits forms. For more information, please visit http://www.hps.md/
About Cash Technologies
Cash Technologies, Inc. develops and markets innovative data processing solutions in the healthcare and financial services industries. Its ClaimRemedi Services, Inc. subsidiary creates and markets healthcare revenue acceleration solutions -- learn more at http://www.claim-remedi.com/.
Matters discussed in this release include forward-looking statements that involve risks and uncertainties, and actual results may be materially different. Factors that could cause actual results to differ include technical barriers that prevent the implementation or success of Cash Tech's technologies and products, competition within the debit card, employee benefits and healthcare industries, activity levels in the securities markets and other risk factors disclosed in Cash Tech's reports to the Securities and Exchange Commission, including its Forms 10-QSB and Forms 10-KSB on file with the SEC.
Media Contact: Ed King 213-745-2000 Ext. 114 eking@cashtech.com
Cash Technologies, Inc.
CONTACT: Ed King of Cash Technologies, Inc., +1-213-745-2000, Ext. 114,eking@cashtech.com
Web site: http://www.cashtechnologies.com/http://www.claim-remedi.com/
Source: PRNewswire-FirstCall
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