NEW YORK, Aug. 3 /PRNewswire-FirstCall/ -- Health Management Systems, Inc. will provide coordination of benefits services to help contain the costs of the Virginia Medicaid program, under a six-month contract extension granted recently by the Commonwealth’s Department of Medical Assistance Services. Under the extension, HMS will continue its recoveries of Medicaid expenditures that are the responsibility of other parties, such as commercial insurance plans.
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HMS, a wholly owned subsidiary of HMS Holdings Corp. , helps Medicaid and other government health care programs contain costs by coordinating benefits with liable third-party sources of health insurance. Medicaid, the federal/state health care initiative for low-income individuals and families, will cost the nation more than $300 billion in 2004, and is the most rapidly growing component of spending by states.
The contract extension builds on HMS’s long-standing success in serving Virginia Medicaid. Since receiving an initial contract in 1987, HMS has recovered nearly $110 million on behalf of the program and its more than 500,000 enrollees.
HMS President William Lucia commented: “HMS and the Virginia DMAS have worked together as a true team to help the Commonwealth make the best use of its Medicaid resources. Each year, the goals for this team have become greater, the demands more challenging. But we are confident that together, we can continue to achieve success.”
ABOUT HMS
Health Management Systems, Inc. is a national leader in revenue recovery and cost containment for government health care programs. HMS has recovered more than $2 billion from third parties and other funding sources on behalf of its clients, and today has active contracts in more than 20 states. HMS’s solutions are non-duplicative and require no up-front funding or additional agency resources. HMS, a wholly owned subsidiary of HMS Holdings Corp. (listed on NASDAQ under the symbol HMSY), is headquartered in New York and operates offices nationwide.
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CONTACT: Investor Relations - Laura Jo Snyder-Cruz, +1-212-857-5986,ir@hmsy.com, or Media - William Hall, +1-212-857-5407, whall@hmsy.com, both ofHMS Holdings Corp.
