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The Department of Veterans Affairs Awards $23.4 Million Contract to QuadraMed for HIM and Revenue Cycle Management Technology
Reston, VA — December 15, 2008 —
RESTON, Va.--(BUSINESS WIRE)--Dec. 15, 2008--QuadraMed(R)
Corporation (NASDAQ:QDHC) today announced that the Department of
Veterans Affairs has renewed its annual Task Order contract under its
existing Blanket Purchase Agreement, with a value of $23.4 million for
the current option period, which represents an increase of 7% over the
value of the prior year's award. This renewal includes the term license
for QuadraMed's Encoder Product Suite (EPS), and for related training
services for all Veterans Affairs (VA) medical centers nationwide during
the government's 2009 fiscal year (FY09). All VA medical centers have
been licensed to use QuadraMed EPS since 2005 under the current BPA.
QuadraMed EPS is a comprehensive VistA-integrated Health Information
Management (HIM) and Revenue Cycle Management solution that enables VA
medical centers to enhance workflow through efficient inpatient and
outpatient coding, compliance, claims editing and revenue cycle
management.
"VA medical centers continue to lead the nation in delivering high
quality, cost-effective care by leveraging the latest innovations in
healthcare technology," said Keith Hagen, QuadraMed President and CEO.
"The VA's renewal for FY09, and its ongoing commitment to QuadraMed
technology since 2005, demonstrates the tangible value that it derives
from our solutions. We are pleased to continue this strong partnership
and look forward to a productive 2009."
The $23.4 million Task/Delivery Order includes annual term software
licenses of $19.9 million, providing an increase of approximately $1.6
million in FY09 over FY08 contracted license fees, and services of $2.6
million for the government's fiscal year 2009 which will end on
September 30, 2009. The Task/Delivery Order also provides for
approximately $900,000 for travel expenses for the provision of such
services.
QuadraMed solutions provide the following valuable functionality to the
VA medical center network:
-- Increased data integrity and productivity through coding wizards,
real-time compliance monitoring, and customizable billing and coding
edits
-- Electronic work assignment
-- Customizable reporting for inpatient and outpatient encounters
-- CMS 1500 and UB 04 claims scrubber
-- Communication tools supporting interdepartmental efficiency and
encounter workflow
-- Proven QuadraMed integrated HIM technology
The QuadraMed EPS solution integrates key clinical elements through the
VA's clinical packages and CPRS with revenue cycle coding and billing
tools, as part of an integrated healthcare information system.
QuadraMed's valued subcontractors include DSS, Inc., MEGAS, and Unicor
with their VistA-integration utilities, case assignment, reporting,
claims auditing and professional fee coding tools. For information about
all QuadraMed products and related services, visit www.quadramed.com
or call 800-393-0278.
About QuadraMed Corporation
QuadraMed Corporation advances the success of healthcare organizations
through IT solutions that leverage quality care into positive financial
outcomes. QuadraMed provides real world solutions that help healthcare
professionals deliver outstanding patient care efficiently and cost
effectively. Behind the company's products and services is a staff of
600 professionals whose experience and dedication have earned QuadraMed
the trust and loyalty of clients at over 2,000 healthcare provider
facilities. For more information about QuadraMed, visit http://www.quadramed.com/.
Cautionary Statement on Risks Associated with QuadraMed
Forward-Looking Statements
This press release contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995 by
QuadraMed that are subject to risks and uncertainties. The words
"believe," "expect," "anticipate," "intend," "plan," "estimate," "may,"
"should," "could," and similar expressions are intended to identify such
statements. Forward-looking statements are not guarantees of future
performance and are to be interpreted only as of the date on which they
are made. QuadraMed undertakes no obligation to update or revise any
forward-looking statement except as required by law. QuadraMed advises
investors that it discusses risk factors and uncertainties that could
cause QuadraMed's actual results to differ from forward-looking
statements in its periodic reports filed with the Securities and
Exchange Commission ("SEC"). QuadraMed's SEC filings can be accessed
through the Investor Relations section of our website, www.quadramed.com,
or through the SEC's EDGAR Database at www.sec.gov
(QuadraMed has EDGAR CIK No. 0001018833).
Notwithstanding any statement or expression contained herein, nothing
contained in this press release states or implies that the Department of
Veterans Affairs endorses a product, project or commercial line of
endeavor.
QuadraMed is a registered trademark of QuadraMed Corporation. All other
trademarks are the property of their respective holders.
CONTACT:
Amendola Communications for QuadraMed Corporation
Jodi Amendola
480-664-8412, ext. 11
jamendola@ACMarketingPR.com
or
QuadraMed Corporation
Investor Relations
David L. Piazza
703-742-5393
InvestorRelations@QuadraMed.com
Source:
QuadraMed Corporation
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