LOS ANGELES, Oct. 25 /PRNewswire-FirstCall/ -- Cash Technologies, Inc. (Amex: TQ) announced that its wholly owned subsidiary, Claim-Remedi Services, Inc. has entered into a Services Agreement (the "Agreement") with TriCap Health Group, LLC to incorporate Claim-Remedi's products into TriCap's ARxChange(TM) debt disposition platform. TriCap's ARxChange system is the first centralized on-line marketplace for the disposition of healthcare debt and accounts receivables. ARxChange represents a core solution in TriCap's compelling product portfolio dedicated to helping solve many of today's pressing healthcare-related business, financial, and technology challenges.
Under the two-year Agreement, TriCap shall utilize Claim-Remedi's products to identify portions of patient-debt portfolios that can be recovered from insurance companies, rather than through patient collections, thus substantially increasing the value of such receivables. Fees are based on the value of recovered collections and will be shared between TriCap and Claim-Remedi on an equal basis. The Agreement also permits the parties to market each other's products to their respective growing client constituencies.
"We expect Claim-Remedi's products to play an invaluable role in helping us substantially increase the recovery rate of healthcare receivables, thereby enhancing the value of our core ARxChange(TM) platform," stated Joseph E. LaManna, TriCap's CEO.
Healthcare providers in the U.S. set aside $129 billion annually to cover bad debt, amounting to roughly 7 percent of the industry's revenues, which is twice the industry's average net profits of 3 percent according to industry research.
LaManna added, "Growing bad debt has severely compressed profitability and lessened liquidity; consequently TriCap's clients have looked to substantially increase financial performance through the deployment of TriCap's proven debt disposition and receivables management tools. The addition of Claim-Remedi's synergistic products will add appreciably to our efforts in these important areas."
Claim-Remedi's insurance search engine, called ProIdentify Elsee, can locate valid healthcare insurance when a patient's carrier has changed or is unknown, turning certain uncollected receivables into valid and highly collectable insurance claims. In addition, for insurance claims that have been denied due to claim preparation errors, Claim-Remedi's Pro837 Claim Editor, with its large database of sophisticated business rules, can identify the exact corrections needed for the claims to be paid by carriers, thus substantially reducing uncertainty and risk when pricing a portfolio of receivables.
Bruce Korman, CEO of Claim-Remedi, remarked, "We are excited to partner with TriCap and participate in their innovative ARxChange platform. Reducing collection costs and maximizing recoverability of receivables assets are two of the most important initiatives currently underway within the healthcare industry today. TriCap's solution for debt portfolio management and Claim-Remedi's expertise in maximizing insurance recovery rates create a powerful combination designed to help healthcare executives maximize their revenue cycle and receivables management efforts, both on the front and back-end of the collection process."
TriCap delivers unique, compelling receivables management business solutions designed to solve many of today's most pressing healthcare-related business and financial challenges thus substantially maximizing return and the overall recoverability of these important asset classes. For more information, visit http://www.arxchange.com.
About Cash Technologies, Inc.
Cash Technologies, Inc. develops and markets innovative data processing solutions in the healthcare and financial services industries. Its ClaimRemedi Services, Inc. subsidiary creates and markets healthcare revenue acceleration solutions -- learn more at http://www.Claim-Remedi.com.
Matters discussed in this release include forward-looking statements that involve risks and uncertainties, and actual results may be materially different. Factors that could cause actual results to differ include technical barriers that prevent the implementation or success of Cash Tech's technologies and products, competition within the debit card, employee benefits and healthcare industries, activity levels in the securities markets and other risk factors disclosed in Cash Tech's reports to the Securities and Exchange Commission, including its Forms 10-QSB and Forms 10-KSB on file with the SEC.
213-745-2000 Ext. 114
|SOURCE Cash Technologies, Inc.|
Copyright©2007 PR Newswire.
All rights reserved