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Quadrant4 Systems Corporation Announces Development of National Cloud Enabled Health Insurance Exchange Platform(March 02, 2012)
ROLLING MEADOWS, IL -- (Marketwire) -- 03/02/12 -- Quadrant 4 Systems Corporation (Quadrant) (OTCBB: QFOR) (OTCQB: QFOR) today announced that it has begun development of its cloud enabled comprehensive platform for the US national health insurance exchanges which will become operational in 2014.
The Affordable Care Act (ACA) of the United States seeks to increase insurance coverage for 32 million uninsured individuals, including 24 million who are expected to obtain coverage through a health insurance exchange according to a Congressional Budget Office projection. The number who might eventually obtain coverage through these exchanges may be up to 65 million if employers curtail employer-sponsored insurance programs or larger numbers of individuals pursue coverage.
ACA must be operational by 2014 and many States are in the final stages of requesting formal bids to develop, participate and/or operate these health exchanges per Federal guidelines. The significant part of these exchanges will be the core software platform that provides functionalities to qualify and enroll and process the individuals. Quadrant believes that it is a huge opportunity and has begun architecting and developing a cloud based platform that will have comprehensive set of functionalities that will satisfy the requirements of private health exchanges as well as exchanges being proposed by many US States. The platform will offer a complete set of functionalities and interfaces for Health Plan Administrator, Payers, and Health Care providers as well as groups and individuals looking to purchase insurance through the health insurance exchange market place.
Dr. Nandu Thondavadi, CEO of Quadrant, said, "Through this platform, Quadrant4's addressable market, just in exchange space for the software development opportunity alone, would run into at least $5 million per State, and every dollar spent on software development would lead into at least $5 in recurring managed services revenues. This will be a very substantial market for our company to be in, which should eventually make us a standout in the industry through our healthcare practice."
Dhru Desai, Chairman of Quadrant, commented, "There is a tremendous opportunity to introduce advanced Information Technology in healthcare infrastructure to help control costs while improving the quality of healthcare. Quadrant4's Health Insurance Exchange platform architecture is based on advanced technology stack that the company has been developing over last six months and represents a true convergence of Cloud Computing, Mobility Solutions and a Social Media based tool set. The platform envisions advanced analytics capabilities to monitor the cost and quality of healthcare."
About Quadrant 4 Systems Corporation
Quadrant 4 Systems Corporation delivers end-to-end information technology solutions to its clients through a unique blend of consulting, software development & maintenance, cloud based products and technology from its global delivery centers. The company currently focuses on Financial Services, Health Care, Retail, Manufacturing and Telecommunication sectors with a broad spectrum of services and technology practices that include ERP, SCM, CRM, e-Commerce, m-Commerce, SFA, Microsoft, Java and Legacy platforms, BI/DW, testing, platform migration, web technologies and others. The company plans to expand its offerings in the IT enabled managed services and cloud computing software products through internal development as well as through business acquisitions.
This release contains forward-looking statements which are subject to the inherent uncertainties in predicting future results and conditions. Any statements that are not statements of historical fact (including statements containing the words "believes," "plans," "anticipate," "expects," "estimates," and similar expressions) should be considered to be forward-looking statements, within the meaning of Section 27A of the Securities Act of 1933, and Section 21E of the Exchange Act of 1934, as each is amended, for which the Private Securities Litigation Reform Act of 1995 provides a safe harbor. Certain factors (including but not limited to those risk factors identified from time to time in our filings with the Securities and Exchange Commission as well as changes in economic conditions; outcome of negotiations; changes in the Company's access to necessary capital; outcome of litigation; volatility of capital markets; variability and timing of business opportunities; changes in accounting policies and practices; the effects of internal organizational changes; adverse state and federal regulation and legislation; and the occurrence of extraordinary or catastrophic events and terrorist acts; or other unforeseen changes in circumstances) could cause actual results and conditions to differ materially from those projected in such forward-looking statements. We do not undertake any obligation to release publicly revised or updated forward-looking information, and such information included in this release is based on information currently available and may not be reliable after this date.
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