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HCL Wins ICD 10 Transformation Deal With Blue Shield of CaliforniaAccelerating ICD-10 Compliance Efforts (February 21, 2012)
FLORHAM PARK, NJ -- (Marketwire) -- 02/21/12 -- HCL Technologies, a leading global IT services provider, today announced that Blue Shield of California will leverage HCL's iCRM web based tool to complete its ICD 10 remediation to meet the compliance deadline of October 2013.
According to the agreement, HCL's Proprietary ICD 10 Transformation Framework will help Blue Shield of California to transition people, processes, and technology from ICD-9 to ICD-10. HCL's ICD 10 Transition framework with built-in proprietary tools, takes a comprehensive approach to assessment & remediation, and automates a significant amount of the transition exercise to streamline compliance efforts. The iCRM (ICD Crosswalk and Reimbursement Mapping) web based tool can be integrated with any application or system in the Payer organization's portfolio. It addresses all types of integration and data handling with respect to real-time, batch and user queries while ensuring an improvement in the quality measurement of data, research, organizational monitoring, and performance.
"Blue Shield of California is committed to achieving clinical equivalence with ICD-10. HCL's experience and tools are in line with our mission to make care affordable by helping us manage risks to benefit neutrality, financial neutrality, and operational efficiency," said Karen Rossbach, Senior Director and ICD-10 Executive Driver at Blue Shield of California.
"HCL understands that the transition to ICD-10 is a complex compliance mandate with significant impact on payer organizations' processes, technology, as well as people," said Pradep Nair, Senior Vice President for Healthcare, HCL Technologies. "We are committed to helping Blue Shield of California make a seamless transition."
In addition to Blue Shield of California, several other Blue Cross Blue Shield Association member companies and national plans including United Health Group are working with HCL Technologies on ICD-10 transition initiatives.
About HCL Technologies
HCL Technologies is a leading global IT services company, working with clients in the areas that impact and redefine
the core of their businesses. Since its inception into the global landscape after its IPO in 1999, HCL focuses on 'transformational outsourcing,' underlined by innovation and value creation, and offers integrated portfolio of services including software-led IT solutions, remote infrastructure management, engineering and R&D services and BPO. HCL leverages its extensive global offshore infrastructure and network of offices in 26 countries to provide holistic, multi-service delivery in key industry verticals including Financial Services, Manufacturing, Consumer Services, Public Services and Healthcare. HCL takes pride in its philosophy of 'Employee First, Customer Second' which empowers our 83,076 transformers to create a real value for the customers. HCL Technologies, along with its subsidiaries, has reported consolidated revenues of US $3.9 billion (` 18,334 crores), as on 31 December 2011 (on LTM basis). For more information, please visit www.hcltech.com
About HCL Enterprise
HCL is a $6.2 billion leading global technology and IT enterprise comprising two companies listed in India -- HCL Technologies and HCL Infosystems. Founded in 1976, HCL is one of India's original IT garage start-ups. A pioneer of modern computing and a transformational enterprise, HCL's diverse range of hardware and software offerings span a wide array of focused industry verticals. The HCL team consists of 88,000 professionals of diverse nationalities, who operate from 31 countries including over 500 points of presence in India. For more on HCL, please visit www.hcl.com.
About Blue Shield of California
Blue Shield of California, an independent member of the Blue Cross Blue Shield Association, is a not-for-profit health plan with 3.3 million members, 4,800 employees, and one of the largest provider networks in California. Founded in 1939 and headquartered in San Francisco, Blue Shield of California offers a wide range of commercial and government products throughout the state. The company has contributed more than $125 million over the past four years to the Blue Shield of California Foundation -- which was named one of BusinessWeek's top 20 most generous corporate foundations. For more information, visit the Blue Shield web site at www.blueshieldca.com.
Certain statements in this release are forward-looking statements, which involve a number of risks, uncertainties, assumptions and other factors that could cause actual results to differ materially from those in such forward-looking statements. All statements, other than statements of historical fact are statements that could be deemed forward-looking statements, including but not limited to the statements containing the words 'planned,' 'expects,' 'believes,' 'strategy,' 'opportunity,' 'anticipates,' 'hopes' or other similar words. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding impact of pending regulatory proceedings, fluctuations in earnings, our ability to manage growth, intense competition in IT services, Business Process Outsourcing and consulting services including those factors which may affect our cost advantage, wage increases in India, customer acceptances of our services, products and fee structures, our ability to attract and retain highly skilled professionals, our ability to integrate acquired assets in a cost effective and timely manner, time and cost overruns on fixed-price, fixed-time frame contracts, client concentration, restrictions on immigration, our ability to manage our international operations, reduced demand for technology in our key focus areas, disruptions in telecommunication networks, our ability to successfully complete and integrate potential acquisitions, the success of our brand development efforts, liability for damages on our service contracts, the success of the companies/entities in which we have made strategic investments, withdrawal of governmental fiscal incentives, political instability, legal restrictions on raising capital or acquiring companies outside India, and unauthorized use of our intellectual property, other risks, uncertainties and general economic conditions affecting our industry. There can be no assurance that the forward-looking statements made herein will prove to be accurate, and issuance of such forward-looking statements should not be regarded as a representation by the Company, or any other person, that the objective and plans of the Company will be achieved. All forward-looking statements made herein are based on information presently available to the management of the Company and the Company does not undertake to update any forward-looking statement that may be made from time to time by or on behalf of the Company.
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