The Department of Veteran Affairs Awards QuadraMed $21.8 Million Contract For HIM And Revenue Cycle Management Technology
12 Dezember 2007 - 2:48PM
Business Wire
QuadraMed� Corporation (Amex:QD) today announced that the
Department of Veterans Affairs has again awarded the company an
annual Task Order contract under its existing Blanket Purchase
Agreement, with a stated value of approximately $21.8 million. This
most recent Task Order renews the term license for QuadraMed�s
Encoder Product Suite (EPS), and for related training services for
all Veterans Affairs (VA) Medical Centers nationwide during the
government�s 2008 fiscal year (FY08). VA Medical Centers have been
licensed to use QuadraMed EPS since 2005. QuadraMed EPS is a
comprehensive VistA-integrated Health Information Management (HIM)
and Revenue Cycle Management solution used by the HIM and billing
departments of all VA medical centers. It includes software for
inpatient and outpatient coding, compliance, claims editing and
revenue cycle workflow. �This Task Order underscores the quality
and value that we believe QuadraMed has consistently delivered to
the Department of Veterans Affairs,� said Keith Hagen, QuadraMed
President and CEO. �By delivering this value solution, QuadraMed
has and will continue to take an active role in helping VA medical
centers more efficiently manage the high quality of care they
provide, while helping to contain the cost of that care to
taxpayers.� This $21.8 million Task Order�includes annual term
software licenses of $18.3 million, providing an increase of
approximately $4.8 million in FY over FY contracted license fees,
and services of $3.5 million for the government�s fiscal year 2008
which ends on September 30, 2008. Additionally, QuadraMed was
granted an extension�to the fiscal year 2007 contract through March
2008, in order for it�to deliver the remaining $2.3 million of the
services under that order. The following QuadraMed functionality
has been found to provide value across the VA Medical Center
network: Increased data integrity and productivity through coding
wizards, real-time compliance monitoring, and customizable billing
and coding edits Electronic work assignment Customizable reporting
for inpatient and outpatient encounters CMS and UB claims scrubber
Communication tools supporting inter-departmental efficiency and
encounter workflow Proven QuadraMed integrated HIM technology The
QuadraMed EPS solution integrates key clinical elements through the
VA�s clinical package, CPRS, with revenue cycle coding and billing
tools. These tools provide an integrated healthcare information
system for the VA. QuadraMed�s valued subcontractors include DSS,
Inc., MEGAS, and Unicor, with their VistA-integration utilities,
case assignment, reporting, claims auditing and professional fee
coding tools. For information about all QuadraMed products and
related services, visit www.quadramed.com or call 800-393-0278.
About QuadraMed Corporation QuadraMed Corporation advances the
success of healthcare organizations through IT solutions that
leverage quality care into positive financial outcomes. QuadraMed
provides real-world solutions that help healthcare professionals
deliver outstanding patient care efficiently and cost-effectively.
Behind the company�s products and services is a staff of 750
professionals whose experience and dedication have earned QuadraMed
the trust and loyalty of clients at over 2,000 healthcare provider
facilities. Cautionary Statement on Risks Associated with QuadraMed
Forward-Looking Statements This press release contains
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995 by QuadraMed that are
subject to risks and uncertainties. The words "believe," "expect,"
"anticipate," "intend," "plan," "estimate," "may," "should,"
"could," and similar expressions are intended to identify such
statements. Forward-looking statements are not guarantees of future
performance and are to be interpreted only as of the date on which
they are made. QuadraMed undertakes no obligation to update or
revise any forward-looking statement except as required by law.
QuadraMed advises investors that it discusses risk factors and
uncertainties that could cause QuadraMed�s actual results to differ
from forward-looking statements in its periodic reports filed with
the Securities and Exchange Commission ("SEC"). QuadraMed�s SEC
filings can be accessed through the Investor Relations section of
our website, www.quadramed.com, or through the SEC�s EDGAR Database
at www.sec.gov (QuadraMed has EDGAR CIK No. 0001018833).
Notwithstanding any statement or expression contained herein,
nothing contained in this press release states or implies that the
Department of Veterans Affairs endorses a product, project or
commercial line of endeavor. QuadraMed is a registered trademark of
QuadraMed Corporation. All other trademarks are the property of
their respective holders.
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