LOS ANGELES, Sept. 19 /PRNewswire-FirstCall/ -- Cash Technologies, Inc. , announced today that its Heuristic Technologies, Inc. (“Heuristic”) subsidiary, has signed a data processing agreement with Benefit Recovery Specialists, Inc. (“BRSI”) a leading provider of medical data processing services for veterans affairs hospitals and military treatment facilities nationwide. The agreement provides for Heuristic to process pharmacy claim transactions for the U.S. Air Force, pursuant to BRSI’s Air Force master contract, using Heuristic’s ProClaimSubmit(TM) product.
Under the agreement, Heuristic will receive per-transaction fees for each claim processed totaling approximately $1,000,000 during the life of the four year (with renewals) agreement based upon current transaction volumes. ProClaimSubmit will enable BRSI to convert paper-based and non-conforming insurance claims to standardized electronic claims for automated billing and processing.
Ray Pedden, CEO of Heuristic, remarked, “The implementation of our ProClaimSubmit product by BRSI is expected to significantly improve the efficiency of their military claims processing capabilities and demonstrates their commitment to bringing higher standards to healthcare operations.”
Tony Stegman, President of BRSI commented, “Currently, only limited electronic billing has been possible for clinical claims in the U.S. military. Electronic pharmacy billing using the Heuristic ProClaimSubmit product will be the first of its kind in the Department of Defense.”
About BRSI
Benefit Recovery Specialists, Inc. is a leading provider of third party claims services for commercial hospitals, veterans affairs hospitals and military treatment facilities. In September 2004, Benefit Recovery was awarded a national contract with the United States Air Force to provide commercial best practice business office functionality to 32 Air Force military treatment facilities. For more information, please visit: www.benefitrecovery.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 www.cashtechnologies.com and 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 and Heuristic’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., +1-213-745-2000, Ext. 114,eking@cashtech.com
