American CareSource Holdings, Inc. (NASDAQ: ANCI) announced today
that it has signed a new client service contract with JMS and
Associates, Inc., to provide a full range of ancillary care
services, initially to one of JMS' key clients, Insurance Design
Administrators (IDA). JMS provides Business Process Outsourcing
(BPO) solutions including Paper Claim Conversion Services to TPAs,
HMOs, PPOs, Health Plans, MHOs and Cost Containment organizations
supporting the Health Claim Payor industry. IDA is a recognized,
national leader in the design and administration of self-funded
health benefits plans for employers and government agencies across
the United States and is a subsidiary of UHY, one of the world's
leading business advisory, consulting and accounting networks.
Under the agreement with JMS, American CareSource will make
available its full complement of ancillary care services to IDA's
clients through a network of ancillary care providers. American
CareSource expects to realize an estimated $1 - $2 million in
additional annual revenue once the agreement is fully
implemented.
Commenting on today's news, David S. Boone, Chief Executive
Officer of American CareSource, stated, "We are delighted to be
working with JMS and IDA -- one of the firm's most important
clients. The contract with JMS serves to expand our penetration of
the all-important TPA market, a key segment of the healthcare
industry. By providing our affordable ancillary healthcare benefits
to IDA, a leading company in the field of self-funded health
benefits plans, we will help to enhance their focus of offering
high quality services. IDA's strong presence across the United
States, and in particular, the Northeast, will also allow us to
gain a foothold in this all important market. Over time, we look
forward to expanding our relationship with JMS in order to provide
our services to additional clients across the United States."
Frank Gigliotti, Chief Executive Officer of JMS, stated, "For
over 30 years, JMS has been assisting its clients in the healthcare
industry -- including TPAs -- to meet the challenges of document
conversion and information management, while increasing
efficiencies and reducing operating costs. By making American
CareSource's ancillary care services available to our clients, we
are providing yet another value-added solution to counter rising
health care costs."
Paul Sabina, President of IDA, added, "Our agreement with
American CareSource enables us to proactively respond to the
continuous changes in the healthcare industry. With access to their
nationwide ancillary benefits network we have the flexibility to
design unique coverage options to help each client meet their
individual health benefits goal."
About Ancillary Healthcare Services
American CareSource provides ancillary healthcare services
through its network that offers cost effective alternatives to
physician and hospital-based services. This market is estimated at
$574 billion, and has grown to 30% of total national health
expenditures. These providers offer services in over 30 categories,
including laboratories, dialysis centers, free-standing diagnostic
imaging centers, non-hospital surgery centers, as well as durable
medical equipment such as orthotics and prosthetics, and
others.
About American CareSource Holdings, Inc.
American CareSource Holdings, the first national, publicly
traded ancillary care network services company offers a
comprehensive national network of approximately 2,500 ancillary
service providers at over 25,000 sites. The Company's ancillary
network and management provides a complete outsourced solution for
a wide variety of healthcare payors and plan sponsors including
self-insured employers, indemnity insurers, PPOs, HMOs, third party
administrators and both federal and local governments. For
additional information, please visit www.anci-care.com.
About JMS and Associates, Inc.
JMS and Associates, Inc. (JMS) is a Michigan based corporation
doing business for over 30 years with its headquarters located in
Farmington Hills, Michigan. BPO Services are provided and supported
by over 300 personnel worldwide that perform most back-office
services and include paper scanning and EDI claim conversion
services, claim repricing, claim examining, provider maintenance,
and eligibility maintenance services. Stateside processing centers
are located in both Michigan and California and additional Sales
and Professional Support personnel are located in the Boston,
Massachusetts, Phoenix, Arizona, and Los Angeles, California
regions. Alternative offshore processing services are provided
through operational centers located in both China and India that
offer additional cost processing reductions, high quality, quick
turn-around, and are blended with a stateside project management
and operations team providing the highest level of customer
satisfaction. Secured online systems provide image hosting and
retrieval for both paper and EDI claims and other document types.
For more information visit www.jmsassoc.com.
About Insurance Design Administrators
Insurance Design Administrators (IDA) was founded in 1981, and
is now the largest independent TPA in New Jersey, providing service
to companies and governments covering more than 125,000 member
lives. IDA designs cost-savings programs for any size firm or
government employer. The Company services clients with 50 employees
to 5,000 employees whether they are all located in one area or
spread over several states. IDA has become a recognized national
leader in designing and administering self-funded health benefits
plans for employers. For more information visit www.idatpa.com.
Safe Harbor Statement Under the Private Securities Litigation
Reform Act of 1995:
Any statements that are not historical facts contained in this
release are forward-looking statements. It is possible that the
assumptions made by American CareSource Holdings, Inc. for purposes
of such statements may not materialize. Actual results may differ
materially from those projected or implied in any forward-looking
statements. Such statements may involve further risks and
uncertainties, including but not limited to those relating to
product demand, pricing, market acceptance, the effect of economic
conditions, and intellectual property rights, and the outcome of
competitive products, risks in product development, the ability to
complete transactions, and other risks identified in this release,
and the Securities and Exchange Commission filings of American
CareSource Holdings, Inc.
Contact: Steven J. Armond Chief Financial Officer American
CareSource Holdings, Inc. Tel: 972-308-6847
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