The Department of Veterans Affairs Awards $23.4 Million Contract to QuadraMed for HIM and Revenue Cycle Management Technology
December 15 2008 - 4:35PM
Business Wire
QuadraMed� 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.
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