|Page (1) of 1 - 02/08/12||email article||print page|
Open EC Technologies, Inc.: SoftCare Subsidary Reaches Milestone With Gen4 for Health Plan Benefits Enrolment Processing Joint Venture(February 08, 2012)
NORTH VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 02/08/12 -- Open EC Technologies, Inc. ("Open EC" or the "Company") (TSX VENTURE:OCE) is pleased to announce its subsidiary SoftCare EC Solutions Inc. ("SoftCare") has reached new milestones in the previously announced revenue development agreement with Gen4 Solutions, LLC ("Gen4") of Washington D.C.
Gen4 has launched the EDI Enrolment subscription solution and has commenced marketing and generating recurring revenue from the SoftCare EDI Enrolment solution. To service the Gen4 customers, SoftCare has implemented several EDI Enrolment Health Plan connections and expects to have more completed over the coming months. These Health Plan connections include Blue Cross Blue Shield of Georgia, Guardian Insurance, Blue Cross Blue Shield of Rhode Island, Tufts, Neighborhood Health, Fallon, United Healthcare, Health New England and Harvard Pilgrim. As Gen4 continues to add customers, SoftCare will continue to add to the list of supported Health Plans to the EDI 834 Software as a Service subscription solution.
Under the agreement Gen4 will exclusively use the SoftCare Electronic Enrolment Solutions integrated to its Software as a Service (SaaS) based, Gen4 Agency Management System for the implementation, support and operations of their Electronic Data Interchange (EDI) HealthCare Benefit Enrolment requirements with Insurance Carriers, Brokers, Employers and Government Agencies.
Joshua Cameron, Director of Sales at Gen4 states: "This excellent strategic solution with SoftCare has strengthened our market position as the leading Benefit Management Solution company. By adding SoftCare's advanced HIPAA EDI software technology for Electronic Health Benefit Enrolments, our Broker customers, their thousands of employers and millions of employees, will benefit from this joint solution to manage their Health plan enrolments electronically by reducing the paperwork, errors and additional costs of health plan management."
In addition, SoftCare will also have the right to market the joint Gen4 Enrollment Solution to Employers, Preferred Provider Organizations, Third Party Administrators, HMOs and Government Health programs as a general HIPAA EDI Enrolment solution for the HealthCare Industry under its SoftCare brand.
Martyn Armstrong, CEO of Open EC states: "SoftCare's revenue development agreement with Gen4 will position our Company to offer HealthCare Plan Benefit Enrolment processing services to Gen4 customers that will directly strengthen our recurring subscription services and continue to grow our market share in the US HealthCare Industry. Our business plan is to aggressively grow our base of HealthCare processing subscription services by offering highly beneficial solutions like the combination of our TradeLink HIPAA Compliant EDI Enrolment solution integrated to the Gen4 Benefit Administration Solutions."
In the United States the majority of the Employer Group Health Plans are marketed through the Broker Industry. Approximately 69% of US Employers offer Health Plans to their employees, the average annual premiums for employer-sponsored health insurance in 2010 were $5,049 for single coverage and $13,770 for family coverage.
About Gen4 Solutions, LLC
Gen4 Systems is the nation's leading provider of web-based management systems for both the Individual Life and Group Benefits industries. Gen4 delivers innovative and cost effective agency and broker management systems to companies of all sizes across the country. Headquartered in the Washington D.C. metro area, Gen4 has branch locations and distribution partners throughout the United States. (www.gen4systems.com )
About Open EC Technologies, Inc.
Open EC Technologies is an e-Business Information Technology company with our corporate head office, marketing and development in Vancouver, BC, main HealthCare IT Solutions Operations office in San Antonio, Texas and Medical Practise Billing Operations office in Spring Hill, Florida. The company has software development and data center hosting operations in Maine, with Sales and Executive Management staff in Atlanta, Georgia.
The Company's focus is to provide software solutions and transaction processing services to assist Physicians, Hospitals, Health Plans, Insurance Brokers and State Governments to exchange information for HIPAA EDI Health Plan Enrolment, Health Insurance Eligibility, Health Insurance Claims, Claim Payments and HealthCare Provider Collaboration of supporting patient referral and industry compliance/reporting documentation.
Additional product and solution information is available on the web at www.SoftCareHealthcare.com, www.iPlexus.net and www.softcare.com and additional public company information is available on the web at www.openec.com. The Company's common shares trade on the TSX Venture Exchange under the symbol: OCE.
ON BEHALF OF THE BOARD
Martyn A. Armstrong, President and CEO
Further information about the Company can be found on SEDAR (www.sedar.com).
This news release may contain forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. Forward-looking statements address future events and conditions and therefore, involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
Open EC Technologies, Inc.
Martyn A. Armstrong
President and CEO
(604) 983-8056 (FAX)
Copyright @ Marketwire
Related Keywords: Open EC Technologies, Inc. , Sales, Marketing, Insurance, Sales & Marketing, Internet, Software Development, Administration, Management, Sales, CEO/CFO, Sales, England, USA, Marketwire, Inc., , IT (Information Technology), Software Development, Insurance, healthcare, Surgery, Insurance Companies, Internet Technology, Computer Science, Business, england, Family,