Exela Expands PCH Global Solution with Leading Healthcare Insurer

Rhea-AI Summary

Exela Technologies (NASDAQ: XELA) announced a significant expansion with a leading health insurance organization, reinforcing a two-decade relationship. The latest expansion is valued at $6.2 million and focuses on enhancing the PCH Global platform to support digital transformation in healthcare. This upgrade aims to optimize the member and provider experience through improved data analytics and scalability, ultimately promoting transparency in claims processing. The company's commitment to this partnership reflects its ongoing investment in healthcare technology and customer-centric solutions.

Positive

• Expansion of contract worth $6.2 million enhances revenue.
• Strengthened partnership supports digital transformation in healthcare.
• Improved data analytics and cloud hosting increase operational efficiency.
• PCH Global platform enhances claims processing and payment transparency.

Negative

• None.

IRVING, Texas, Jan. 11, 2022 (GLOBE NEWSWIRE) -- Exela Technologies, Inc. (“Exela”) (NASDAQ: XELA) today announced that it continues to expand its relationship with a leading health insurance organization that spans almost two decades. This customer continues to accelerate deployment of Exela’s PCH Global platform to speed up their digital transformation and improve both the member and provider experience. The latest expansion is valued at $6.2 million of additional contract value revenue.

Exela continues to invest in expanding PCH Global’s capabilities to provide a cloud hosted solution with one of the best edit resolutions for healthcare claims. This extension of deployment marks another milestone in the value proposition of the PCH Global platform to digitally connect members, providers and insurance companies to enable clean claims, payment transparency and digital appeals. PCH Global’s cloud network also offers increased scalability, the highest uptime and best business continuity protections. PCH Global has robust data analytics which are continually improving as Exela processes more and more data. Additionally, PCH Global’s improved data analytics can be accessed via a self-service model.

“We are proud of our long standing partnership and privileged to be part of customer’s digital transformation journey,” said Suresh Yannamani, President of Exela. Adding “adoption of our PCH Global platform continues to address healthcare industry’s goal to deliver most efficient, cost effective and best healthcare to the members.”

For more Exela news, commentary, and industry perspectives, visit: https://investors.exelatech.com/

And please follow us on social:

Twitter: https://twitter.com/exelatech 

LinkedIn: https://www.linkedin.com/company/exela-technologies 

Facebook: https://www.facebook.com/exelatechnologies/ 

Instagram: https://www.instagram.com/exelatechnologies

The information posted on the Company's website and/or via its social media accounts may be deemed material to investors. Accordingly, investors, media and others interested in the Company should monitor the Company's website and its social media accounts in addition to the Company's press releases, SEC filings and public conference calls and webcasts.

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. Utilizing foundational technologies spanning information management, workflow automation, and integrated communications, Exela’s software and services include multi-industry, departmental 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 17,500 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 Kondaveeti
E: vincent.kondaveeti@exelatech.com

Mary Beth Benjamin 
E: IR@exelatech.com

 

FAQ

What did Exela Technologies announce on January 11, 2022?

Exela Technologies announced a $6.2 million expansion of its relationship with a leading health insurance organization.

How does the PCH Global platform benefit healthcare providers?

The PCH Global platform improves claims processing, transparency, and provides enhanced data analytics.

What is the significance of Exela's partnership with the health insurance organization?

This partnership, spanning nearly two decades, underscores Exela's role in driving digital transformation in the healthcare sector.

What major service is Exela providing through the PCH Global platform?

Exela is providing a cloud-hosted solution aimed at improving the efficiency of healthcare claims and member experiences.

How will the expansion affect Exela's revenue?

The recent expansion aims to contribute an additional $6.2 million in revenue, bolstering Exela's financial position.