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Oklahoma Agency Signs Contract Renewal With HPHP to Help Improve Healthcare Claims Processing, Administrative Services for State Workers (May 30, 2012)
PALO ALTO, CA -- (Marketwire) -- 05/30/12 -- HP Enterprise Services today announced the Oklahoma State and Education Employees Group Insurance Board (OSEEGIB) has signed a contract for HP (NYSE: HPQ) to continue providing claims processing and other services.
The agreement, which takes effect Jan. 1, 2014, is for one year with four one-year renewals. If all five years are executed, the contract is valued at $90 million.
OSEEGIB is a state agency that provides insurance benefits to Oklahoma's employees and educators. Under the terms of the contract, HP will help OSEEGIB to continue delivering a range of healthcare administration services while helping it prepare for program changes in a cost-effective manner.
As OSEEGIB's third-party insurance administrator, HP manages the agency's Health Risk Assessment program, providing online coaching and preventive care suggestions to help plan members better understand their health and how to improve it.
"In today's economy, both healthcare providers and members have choices, making it critical for us to deliver on our vision to efficiently and effectively process claims and help our citizens improve their overall health," said Frank Wilson, program administrator, Oklahoma State and Education Employees Group Insurance Board. "HP has already proven its effectiveness by dramatically speeding up our claims processing and using its knowledge of our culture to help Oklahomans achieve healthier outcomes."
HP will continue to maintain and enhance the HP MetaVance health solution, which automates a number of administrative processes for OSEEGIB. In addition, HP will continue to update the member and provider portals that enable healthcare organizations to administer many program benefits online and provide business process outsourcing services to support ongoing operations and new claims administration.
Recently, HP helped OSEEGIB comply with federal HIPAA 5010 requirements and is currently assisting the agency in meeting the national ICD-10 standards ahead of the deadline.
Under HP's management, claims processing is more efficient, accurate and faster, with most claims processed in one business day. From its facilities in Oklahoma City, HP processes approximately 3 million claims a year for more than 160,000 members and dependents, which includes state employees, teachers and retirees.
"Insurance providers must focus on everything from regulatory compliance to cost containment and improving people's health, making service, efficiency and value top priorities," said Susan Arthur, vice president, U.S. Healthcare Industry, HP Enterprise Services. "The HP team brings a proven solution as well as deep expertise and a passion for helping the agency improve efficiencies and the health of its members."
HP's premier client event, HP Discover, takes place June 4-7 in Las Vegas.
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This news release contains forward-looking statements that involve risks, uncertainties and assumptions. If such risks or uncertainties materialize or such assumptions prove incorrect, the results of HP and its consolidated subsidiaries could differ materially from those expressed or implied by such forward-looking statements and assumptions. All statements other than statements of historical fact are statements that could be deemed forward-looking statements, including but not limited to statements of the plans, strategies and objectives of management for future operations, including execution of cost reduction programs and restructuring and integration plans; any statements concerning expected development, performance or market share relating to products and services; any statements regarding anticipated operational and financial results; any statements of expectation or belief; and any statements of assumptions underlying any of the foregoing. Risks, uncertainties and assumptions include macroeconomic and geopolitical trends and events; the competitive pressures faced by HP's businesses; the development and transition of new products and services (and the enhancement of existing products and services) to meet customer needs and respond to emerging technological trends; the execution and performance of contracts by HP and its customers, suppliers and partners; the protection of HP's intellectual property assets, including intellectual property licensed from third parties; integration and other risks associated with business combination and investment transactions; the hiring and retention of key employees; expectations and assumptions relating to the execution and timing of cost reduction programs and restructuring and integration plans; the resolution of pending investigations, claims and disputes; and other risks that are described in HP's Quarterly Report on Form 10-Q for the fiscal quarter ended January 31, 2012 and HP's other filings with the Securities and Exchange Commission, including HP's Annual Report on Form 10-K for the fiscal year ended October 31, 2011. HP assumes no obligation and does not intend to update these forward-looking statements.
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