Exela Technologies Inc (NASDAQ:XELA) is moving up marginally after falling about 6% over the past week.
Market Action
As of 10:02, XELA stock is up 1 cents or 0.64% to $1.57 with more than 681K shares, compared to its average volume of 11.53 million shares. The stock has moved within a range of $1.5700 – 1.6300 after opening the trade at $1.61.
Major Trigger:
Exela Technologies Expands PCH Global Deployment for One of the Largest Specialty Care Services Insurance Companies in the U.S.
Key Highlights:
- today announced extension and expansion of its partnership with one of the largest specialty care services insurance carriers in the country.
- This engagement leverages Exela’s powerful cloud-based digital exchange platform for the insurance industry, PCH Global, that provides a single point of access for claims management, correspondence and payments, to expand the current deployment to approximately 3,800 specialists as registered users within the customer organization using Exela’s proprietary workflow and rule engines across all aspects of the health claims spectrum including behavioral health.
- As part of a broader evolution of this relationship, Exela will collaborate with the customer to ultimately connect 27,000 unique providers to PCH Global to help drive digital clean claims submission and communication to improve transparency and reduce administrative costs.
- Exela continues to invest in expanding PCH Global capabilities to provide a cloud hosted solution with one of the best edit resolutions for healthcare claims. This expansion of deployment marks another milestone in PCH Global platform’s growing value proposition in healthcare to digitally connect members, providers and insurance companies for clean claims, payment transparency and digital appeals.
Key Quote
“Behavioral health claims are complex by nature and require a thorough understanding of levels and types of procedural codes, procedural terminology database updates and coordination of benefits. We can leverage our PCH Global patented intelligent workflow and rules engines to digitally collaborate, edit and clean claims for payment accuracy in this rapidly growing part of the healthcare ecosystem,” said Srini Murali, Exela’s President for Americas & APAC.
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