Healthedge Revenue Growth, Customer Wins and Successful Implementations Highlight
Best Year In Company History

HealthRules now widely recognized as the premier platform for payors competing in the new healthcare economy

Burlington, MA, February 15, 2011—HealthEdge, provider of the only modern, enterprise-class software platform for healthcare payors, today announced that the company enjoyed a landmark year in 2010, and that strong demand for the award-winning, industry-changing HealthRules product suite continues into 2011. HealthEdge's revenues more than doubled last year, while the company increased the number of members managed by the HealthRules platform by more than 1.5 million lives.

Building on the market's need for next-generation technology that enables greater business agility and efficiency, enhances customer service, addresses healthcare reform imperatives and meets compliance demands associated with changing industry regulations, HealthEdge closed five new deals in 2010. These included:

  • POMCO Group – one of the nation's largest independent professional benefits administrators, POMCO is focused on optimizing benefits for their members while reducing administrative costs;
  • A widely-recognized benefit trust fund based in the northeast U.S. – this organization offers a variety of PPO, HMO and consumer directed health plans for a diverse member population that includes state employees, non-Medicare eligible retirees and Medicare eligible retirees and their dependents;
  • Operating Engineers Funds – an independent professional benefits administrator operating under the Taft-Hartley labor act, OEFI administers the employee benefit programs of the International Union of Operating Engineers (IUOE), Local 12, and its dependents and beneficiaries;
  • FirstCare Health Plans – FirstCare offers a number of different health care options and services in Texas, including: employer health plans, Medicare, Medicaid, CHIP, administrative services and state, federal and teacher plans;
  • A prominent NY-based health plan – serving over 400,000 members, this organization manages a number of different lines of business including commercial, individual, Medicare and Medicaid.

“Today's payors are faced with a number of important business challenges,” said Ray Desrochers, chief operating officer of HealthEdge. “They need to rapidly offer new options like value-based benefits, quickly address industry changes, adopt new standards including ICD-10, address the various healthcare reform initiatives and enhance customer service. We are thrilled that so many of these organizations have recognized the unique capabilities and power of the HealthRules platform.”

Other notable achievements in 2010 included:

  • Industry Awards

    For the second consecutive year, and the third time in four years, HealthEdge received industry accolades at the 2010 Healthcare IT Summit, an event that brought senior IT executives from healthcare organizations around the country together with industry analysts and leading healthcare vendors. HealthEdge's presentation titled “Surviving the Perfect Storm: The Need For 21st-Century Healthcare Technology” was voted Best Case Study Presentation in the payor category by the healthcare executives who attended last year's event.

  • Enhanced Product Offerings

    In the second quarter of 2010, HealthEdge announced several new additions to the HealthRules product suite, including the release of the revolutionary, component-based HealthRules Portal, an application that can be deployed as either a complete, customizable, end-to-end solution or as a set of components that can be embedded in a payor's existing portal, significantly enhancing capabilities while maximizing the payor's existing technology investments.

  • Successful Implementations

    HealthEdge completed a number of successful implementations of the patented HealthRules product suite in 2010, including:

    • Mississippi Administrative Services – one of the oldest and largest third-party administrators (TPA) in the South
    • SeeChange Health – the first commercial payor to focus exclusively on offering value-based benefit plans to the healthcare market

“We couldn't be more pleased with HealthEdge's success in 2010,” said Rob Gillette, chief executive officer of HealthEdge. “Our ability to uniquely address the rapidly evolving needs of the 21st century healthcare marketplace has helped to drive our explosive growth over the past 12 months. We are looking forward to another exceptional year in 2011.”

 

About HealthEdge

HealthEdge provides the only modern, enterprise-class software platform for healthcare payors. Using the patented, award-winning HealthRules software suite, health plans and other payors can respond to business opportunities and market changes within hours rather than the usual months or years, while drastically reducing both IT and operational costs. Leveraging an investment of more than $125 million, HealthRules is the most modern, scalable, and cost-effective technology in the industry. HealthEdge provides the competitive advantage that enables payors to thrive in the dynamic healthcare environment. For more information, visit http://www.healthedge.com or call 781-285-1300.

Contact:
Michael Sullivan
PAN Communications
978-474-1900