Quadrant4 Systems Corporation Announces Development of National Cloud Enabled Health Insurance Exchange Platform
March 02 2012 - 8:30AM
Marketwired
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.
Forward-Looking Statements 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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Investor Contact BPC Financial Marketing John Baldissera
800-368-1217