Exela Expands Relationship with a Large Technology Services Provider for Medicaid Programs

Rhea-AI Summary

Exela Technologies (NASDAQ: XELA) has expanded its partnership with a leading technology services provider, focusing on Medicaid programs with an initial value exceeding $2.5 million. This collaboration enhances the PCH Global platform, promoting payment integrity and revenue cycle management. The platform aims to ensure clean claims and reduce retrospective collections, with improved data analytics and cloud-hosted solutions. This expansion underscores Exela's commitment to delivering effective healthcare solutions and building healthier communities nationwide.

Positive

• Expansion valued over $2.5 million enhances existing partnership.
• Strengthens PCH Global platform for improved payment integrity and revenue cycle management.
• Focus on clean claims reduces retrospective collections.
• Enhanced data analytics accessible via self-service model.

Negative

• None.

IRVING, Texas, Jan. 18, 2022 (GLOBE NEWSWIRE) -- Exela Technologies, Inc. (“Exela”) (NASDAQ: XELA) today announced it has augmented an existing relationship with a large technology services provider for several Medicaid programs across the nation. The initial component of the expansion is valued in excess of $2.5M.

This deployment builds on a 25-year partnership and leverages Exela’s PCH Global platform and expertise in delivering payment integrity, collections and revenue cycle management (RCM) solutions. PCH Global deployment will connect providers, Medicaid agencies and members to help drive clean claims and significantly reduce the need for retrospective collections.

Exela continues to invest in increasing 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 tenured partnership and this expansion is aligned to the ultimate goal of building stronger, healthier communities across the country,” said Suresh Yannamani, President of Exela. Adding “adoption of our PCH Global platform continues to address the healthcare industry’s goal to deliver the most efficient, cost effective and best healthcare to members.”

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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 is Exela Technologies' recent partnership expansion about?

Exela Technologies expanded its partnership with a technology services provider, focusing on Medicaid programs with an initial value exceeding $2.5 million.

How does the PCH Global platform benefit Exela Technologies?

The PCH Global platform enhances payment integrity, revenue cycle management, and aims to ensure clean claims while reducing the need for retrospective collections.

What is the significance of the $2.5 million deal for Exela Technologies?

The $2.5 million deal represents an important milestone in Exela's long-standing partnership, further developing their healthcare solutions.

What improvements are being made to Exela's PCH Global platform?

Exela is enhancing PCH Global's capabilities, including improved data analytics and a cloud-hosted solution aimed at better business continuity and scalability.

What is the primary goal of Exela's recent expansion?

The primary goal is to build stronger, healthier communities by improving efficiency and cost-effectiveness in healthcare delivery.