Contract adds a total of $15.6 million in revenue and highlights Exela’s innovative PCH Global solution
Exela Technologies, Inc. (“Exela”) (NASDAQ: XELA) today announced that it was selected by a leading health organization as a payment and explanation of benefits (EOB) processing partner. The contract is worth a total of $15.6 million for up to one year, beginning in Q4 2020.
The challenges brought about by COVID-19, and the changes it forced on the healthcare industry, helped Exela determine that there is a significant need for a system that combines payments and claims processing into a single, innovative solution. Through the implementation of PCH Global, Exela is able to offer a full-spectrum payments and claims processing platform, providing expected reduction in claim denials, faster processing of payments, and an improved customer experience. PCH Global leverages a distributed architecture to integrate a number of Exela’s industry offerings. This includes two industry-leading claims edits engines that enable claims cleaning and enrichment at the point of service, which significantly reduces the risk of denials and delays.
“We are excited to announce this partnership as an extension of our payments and claims processing business,” said Suresh Yannamani, President, Exela. “Exela is dedicated to simplifying our customers’ complex processes using our suite of technology platforms that allows us to provide highly configurable, scalable solutions for a future-oriented workplace.”
Exela is a leader in payment and claims processing with more than thirty years of experience handling claims for a host of large healthcare and insurance customers. Through the deployment of PCH Global as an end-to-end solution, Exela can offer same-day payments and EOB claims reconciliation to improve cycle times and reduce costs.
