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HMS, a pillar in the healthcare sector, is renowned for its commitment to reducing costs and enhancing health outcomes through advanced technology, analytics, and engagement solutions. HMS provides a wide array of payment accuracy and population health management solutions, positioning itself as a crucial player in modernizing the healthcare system. By leveraging its industry-leading technology, HMS helps organizations save billions of dollars annually, aiding consumers in leading healthier lives.
Recent achievements underscore HMS's forward momentum. The company’s latest endeavor involves the acquisition of SourcEdge by Alivia, an AI-based healthcare payment integrity platform. This strategic move is set to empower healthcare payers with a comprehensive claims solution, merging expert professional services with specialized healthcare technology. This acquisition brings a new dimension to HMS's capabilities in claims management, enhancing operational efficiency and financial returns for its clients.
Alivia and SourcEdge's combined forces now provide end-to-end claims solutions that integrate pre-pay and post-pay reviews, fraud detection, and payment integrity management. This alignment exemplifies the synergy between advanced AI technology and expert services, aiming to improve affordability and tackle healthcare challenges head-on. The transaction, backed by private equity firms Council Capital and Health Enterprise Partners (HEP), is a testament to the growing confidence in HMS's vision and strategic initiatives.
The newly formed entity under the Alivia brand will integrate SourcEdge's expertise in claims modernization, value-based care strategies, and PHI security with Alivia’s robust SaaS platform. This combination is expected to streamline claim systems and foster better financial and operational outcomes for health plans.
HMS continues to play a vital role in the healthcare landscape, demonstrating its commitment to its mission through continuous innovation and strategic partnerships. The focus remains on providing top-notch solutions that enhance the efficiency of healthcare delivery, ultimately benefiting patients, providers, and payers alike.
HMS has enhanced its health engagement solution with verified visual caller ID for mobile phones, crucial for outreach during the COVID-19 and flu season. This upgrade has led to a 12% increase in mobile phone reach rates, addressing the decline in landline usage. The new functionality provides clients with a personalized call experience, displaying caller ID and branding, thus improving consumer confidence. With 70% of consumers wary of unknown numbers, this solution ensures effective health communications while complying with FCC guidelines for healthcare messaging.
HMS Holdings Corp. (Nasdaq: HMSY) will release its financial and operating results for Q3 and nine months ended September 30, 2020 on November 6, 2020, before market open. The press release is expected at 5:00 am CT / 6:00 am ET, available on the Investor Relations website. A conference call will follow at 7:30 am CT / 8:30 am ET, featuring Chairman and CEO William Lucia and CFO Jeffrey Sherman. Participants can join via webcast or by phone. Replay options will be available for a week after the call. For more information, visit www.hms.com.
HMS Holdings Corp. (Nasdaq: HMSY) will participate in the Baird 2020 Global Healthcare Conference on September 9, 2020, at 2:35 p.m. EDT. The management team is set to provide an overview presentation and engage in a virtual fireside chat session. Interested parties can access a webcast and the presentation on the company's website. HMS focuses on reducing healthcare costs and improving outcomes through innovative technology and analytics solutions, saving billions annually while helping consumers lead healthier lives.
HMS Holdings Corp. (Nasdaq: HMSY) will participate in the KeyBanc Technology Forum on August 26, 2020, at 12:00 p.m. ET. The management team will present an overview of the company and engage in a virtual fireside chat. Interested parties can access a webcast and presentation on the company's investor relations website. HMS focuses on reducing healthcare costs while enhancing health outcomes through advanced technology and analytics, ultimately saving billions annually.
HMS Holdings Corp. (Nasdaq: HMSY) announced its management team's participation in the Canaccord Genuity 40th Annual Growth Conference scheduled for August 12, 2020, at 8:00 a.m. ET. The management will present an overview of HMS and engage in a virtual fireside chat. A webcast and presentation will be accessible on the company's website. HMS aims to enhance the healthcare system by reducing costs and improving health outcomes through innovative technology and analytics solutions, ultimately saving billions annually.
HMS Holdings Corp. (HMSY) reported total revenue of $142.7 million for 2Q'20, down 15.2% year-over-year. The net income plummeted to $6.6 million, a 60.4% decline compared to 2Q'19, with GAAP EPS at $0.07 versus $0.33 in the prior year. Adjusted EBITDA fell by 41.6% to $27.8 million. Despite these declines attributed to COVID-19, cash reserves increased by 38.6% to $193 million. The company maintains a positive outlook for the second half of 2020, suggesting potential growth in revenue and client engagement as the pandemic situation evolves.
HMS (NASDAQ: HMSY) has donated $20,000 to Girlstart, an organization promoting STEM education for girls. This funding will provide science kits, including Ozobots, to 233 girls in Texas attending virtual summer camps. The initiative aims to motivate young women to pursue careers in science and technology, addressing the shortage of female professionals in STEM fields. Jacob Sims, HMS CTO, emphasizes the importance of making science fun to spark interest among participants. The donation directly supports girls who otherwise could not afford to join the program during the COVID-19 pandemic.
HMS (NASDAQ: HMSY) has announced the passing of Board member William F. Miller III, who served since 2000. Bill's leadership as CEO and Chairman significantly contributed to HMS's growth. He was a respected figure in the Texas healthcare community and held various influential roles in the healthcare industry.
In his memory, the Miller family has established two memorial funds to honor his contributions. HMS continues to focus on reducing costs and improving healthcare outcomes through its innovative solutions.
HMS (NASDAQ: HMSY) has launched a COVID-19 health engagement solution that has reached over 7 million individuals since March. This initiative addresses the urgent need for consumer outreach during the pandemic, as a J.D. Power survey revealed that 60% of privately insured U.S. health plan members received no COVID-19 guidance. HMS's program utilizes its health engagement solution, Eliza, to facilitate targeted communication across various platforms, thereby improving access to care, promoting preventive measures, and addressing health disparities.
HMS Holdings Corp. (Nasdaq: HMSY) will participate in the William Blair 40th Annual Growth Stock Conference on June 9, 2020, at 9:00 a.m. ET. The management team will present an overview of the company and engage in a virtual fireside chat.
A webcast and the presentation will be accessible on the company's website. HMS specializes in enhancing healthcare systems through cost reduction and improved health outcomes via analytics and engagement solutions.
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