CALGARY, AB, April 12, 2023 /CNW/ - Comprehensive Healthcare Systems Inc. (TSXV: CHS) (the "Company" or"CHS"), an industry leader in healthcare benefits administration software and services, is pleased to announce the addition of a large education consortium to the Company’s expanding client portfolio.
The new contract will generate over C$ 4.3M in recurring revenues over a period of 5 years for the Company and has the potential to expand during the length of the contract. The new client will be leveraging the Company’s innovative Novus 360 solutions platform and Third-PartyAdministrator (TPA) services to streamline their benefits management through one centralized system.
The Company went through a rigorous bidding process and competed against several vendors to win the contract. The management believes that the successful addition of a large client is testimony to the value that the Company’s platform can offer to prospective clients.
In Novus 360, CHS has developed the first fully integrated benefits admin solution that modernizes how organizations administer their plans and offers a comprehensive suite of customizable tools.This technology will provide support for the client’s annual benefits enrollment for members and eligible dependents, with key features including Working Spouse Rule verification, district billing and premium collection, and COBRA management. In addition, CHS will be producing tailored video guides to educate consortium members on how to efficiently utilize the platform’s member portal for enrolling in their benefits.
“We are excited to welcome a new large education consortium to our evolving client portfolio,” said CHS Chief Executive Officer Chris Cosgrove. “Our powerful Novus 360 benefits administration solution will enable this client to maximize efficiencies in processing claims, billing, and eligibility, while our step-by-step video tutorials will support all members through the enrollment process. We also believe that this new contract will help the Company to expand its reach within the unions focused on school districts and the education sector overall, who seek solutions to similar challenges.”
The Company continues to build a robust sales pipeline and believes that its value proposition resonates strongly with prospective clients. Chris Cosgrove, commented that “the Company remains focused on a two-fold growth strategy first by increasing revenue organically and through an acquisition strategy within the Third-Party Administration (TPA) market. The TPA market is a fragmented sector with many small players who heavily rely on human services. With the combination of the sales and M&A pipeline the company has developed, we believe that 2023 should be a pivotal year with regards to potentially adding new revenue opportunities”.
In the TPA space, 83.5% provide services to health and welfare funds that provide employer-sponsored health insurance. Collectively, the TPA industry represents a USD $274 billion revenue market. (Source: 2022 IBISWorld Industry Report 52429 titled "Third-Party Administrators &Insurance Claims Adjusters in the US.")
AboutComprehensive Healthcare Systems Inc.
Comprehensive Healthcare Systems Inc. is a corporation incorporated under the laws of the Province of Alberta and is the parent company of Comprehensive Healthcare Systems Inc. (Delaware). The Company is a vertically integrated software as a services (SaaS) company focused on digitizing healthcare with Healthcare Benefits Administration solutions, providing reliable and high-volume transaction capable systems. The Company's state-of-the-art Novus 360 Healthcare Welfare and Benefits Administration (HWBA) SaaS platform is used by clients for all aspects of healthcare benefits administration (including self-funded employers, providers, and labor unions), providing healthcare administrative software and technology-enabled services.
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SOURCE Comprehensive Healthcare Systems Inc.
For further information:
COMPREHENSIVE HEALTHCARE SYSTEMS INC.
Chris Cosgrove, Chief Executive Officer
E-mail: chris.cosgrove@comphealthcare.com
Phone: 1-732-362-2010
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