Exela Technologies Announces Partnership with CareSource, one of the Nation’s Largest Medicaid Managed Care Plans

Rhea-AI Summary

Exela Technologies (NASDAQ: XELA) has announced a significant partnership with CareSource to roll out its PCH Global platform, benefiting 2 million members across multiple states. This initiative aims to enhance CareSource's digital transformation, facilitating seamless claims processing and improved healthcare services for Medicaid consumers. The cloud-based platform focuses on delivering high uptime and business continuity, while also providing robust data analytics accessible through a self-service model. This development marks a strategic milestone for Exela in the healthcare sector.

Positive

• Partnership with CareSource enhances digital transformation for healthcare services.
• PCH Global's deployment will serve 2 million members, indicating significant market reach.
• Platform offers high uptime and business continuity, which is critical for healthcare operations.
• Robust data analytics capabilities can improve service delivery and operational efficiency.

Negative

• None.

The cloud based PCH Global roll out will service 2 million members across several states

IRVING, Texas, Oct. 28, 2021 (GLOBE NEWSWIRE) -- Exela Technologies, Inc. (“Exela” or “the Company”) (NASDAQ: XELA), a global business process automation (BPA) leader, today announced that it has partnered with CareSource, a nationally recognized nonprofit managed care organization. Exela will deploy its cloud based PCH Global platform to help accelerate CareSource’s digital transformation journey. This expansion highlights the Company’s ability to rapidly implement PCH Global for claims and correspondence submitted by providers, in this case providing quality healthcare coverage for Medicaid consumers from several states across America.

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.

“The Exela team is pleased to partner with CareSource in their in their digital transformation journey and pleased to strengthen our ties with Dayton,” said Suresh Yannamani, President Exela. “Our mission is to provide members and providers a better user experience and overall service to constituents in The Great State of Ohio and other states across the country.”

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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 18,000 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 the significance of Exela's partnership with CareSource?

The partnership aims to enhance digital transformation in healthcare, benefiting 2 million members.

What platform is Exela deploying for CareSource?

Exela is deploying its PCH Global platform to streamline claims processing and improve service delivery.

How does PCH Global improve healthcare services?

PCH Global enhances claims processing efficiency and provides robust data analytics, leading to better user experiences.

When was the partnership with CareSource announced?

The partnership was announced on October 28, 2021.

Which stock symbol represents Exela Technologies?

Exela Technologies is represented by the stock symbols XELA and XELAW.