LOS ANGELES, Feb. 3 /PRNewswire-FirstCall/ -- Cash Technologies, Inc. announced today that its subsidiary, Heuristic Technologies, Inc. (“Heuristic”), has signed an amendment to its agreement with ClaimRemedi, Inc., a California developer of healthcare-related data processing software, which, subject to certain minimum transaction volume requirements, grants Heuristic the exclusive worldwide right to use, sell or sub-license ClaimRemedi’s medical claims processing software. The amendment also extends the term of the ClaimRemedi agreement from 3 to 8 years.
A third or more of the billions of medical claims processed each year in the United States contains mistakes such as diagnostic or procedure code errors which prevent the claims from being automatically processed and paid. These claims must be manually evaluated, rejected, edited and resubmitted, creating vast inefficiency and unnecessary costs. ClaimRemedi’s software permits healthcare insurers and providers to electronically analyze these claims and rapidly identify and correct the data errors, providing dramatic reductions in processing costs.
The software has been extensively tested and successfully deployed nationwide. Testing recently conducted by Heuristic with a large healthcare insurer demonstrated extraordinary results, reducing overall processing costs for the insurer by an estimated 40%.
The ClaimRemedi software will be marketed as the central component of Heuristic’s Pro837(TM) product. Pro837 is part of Heuristic’s suite of healthcare products which includes innovative claims processing tools such as electronic verification of patient insurance eligibility, automated analysis of paper-based claims using optical character recognition (OCR) and other tools that will employ Cash Tech’s patented EMMA(TM) technology. Heuristic receives recurring revenues from fees generated as each claim is processed.
Robert Bleyhl, President of ClaimRemedi, stated, “The partnership with Heuristic takes advantage of their outstanding industry relationships and product knowledge. This allows us to focus on our core competency -- creating the best of breed technology for claims editing and processing.”
“Deepening our relationship with ClaimRemedi is invaluable to Heuristic’s strategic plan,” explained Ray Pedden, CEO of Heuristic. “Their excellent product will help expand Heuristic’s participation in the enormous medical data processing marketplace.”
About ClaimRemedi
ClaimRemedi has developed an automated, single-source, all-payer, medical claims scrubbing solution that applies all seven levels of SNIP/WEDI edits as well as payer-specific business rules. This combination of service and functionality is unique in the industry, giving clients a cost effective solution to the claims automation issues they face. For more information please visit http://www.claimremedi.com/.
About Cash Technologies
Cash Technologies, Inc. develops and markets innovative data processing systems, including the BONUS((TM)) and MFS((TM)) financial services systems and EMMA((TM)) transaction processing software. Its Heuristic subsidiary creates and markets healthcare and employee benefits data processing solutions and debit card programs. For more information, visit http://www.cashtechnologies.com/ and http://www.heuristictech.com/.
Matters discussed in this release include forward-looking statements that involve risks and uncertainties, and actual results may be materially different. Factors that could cause actual results to differ include technical barriers that prevent the implementation or success of Cash Tech’s technologies, competition within the debit card, employee benefits and healthcare industries, activity levels in the securities markets and other risk factors disclosed in Cash Tech’s reports to the Securities and Exchange Commission, including its Forms 10-QSB and Forms 10-KSB on file with the SEC.
Media Contact: Ed King 213-745-2000 Ext. 114 eking@cashtech.com
Cash Technologies, Inc.
CONTACT: Ed King of Cash Technologies, Inc., +-213-745-2000 Ext. 114,eking@cashtech.com
Web site: http://www.claimremedi.com/
Web site: http://www.heuristictech.com/
Web site: http://www.cashtechnologies.com/