IRVING, Texas, Sept. 08, 2020 (GLOBE NEWSWIRE) -- Exela Technologies, Inc. ("Exela") (NASDAQ:XELA) today announced that it has launched the healthcare industry's first all-encompassing, cloud-based claims processing gateway. The platform – PCH Global – enables healthcare providers (physicians and other healthcare practitioners) to streamline submission of healthcare claims, and enables payers (health insurers) to more efficiently process claims and related payments. The real benefit of the platform is the expected reduction in claim denials, faster processing of payments to providers, and ultimately, a better healthcare experience for patients.
PCH Global builds upon Exela's dominant position in the healthcare automation market. According to Everest's 2019 Healthcare Business Process Automation Solution PEAK Matrix™ Assessment, Exela has the largest client base of all service providers and is one of the few service providers that has built most of its automation solutions in-house.
PCH Global leverages its distributed architecture to integrate Exela's multiple industry offerings including two industry leading edit engines to enable cleaner claims at point of service, which significantly reduces risk of denial and delay. It also includes processing and application of payments, and on top of it the healthcare analytics feature generates insights enabling further actions and process improvement. To further reduce dependency on separate vendors, the platform incorporates revenue integrity, denial and appeals management. This new ecosystem is available for deployment in various business models including SaaS and BpaaS.
Exela has been licensing some of these individual technology solutions and services to customers but is now offering them in one platform, on the cloud. Target customers are either those who currently use one of the existing solutions or those looking for a bidirectional solution and whose ultimate objective is liquidity improvement.
"Every year, more than $260 billion worth of claims are denied. The denials are often the result of errors in the process, many of which should not be impacting patients," said Suresh Yannamani, President, Exela. "By rolling out an all-encompassing platform that connects all stakeholders in the healthcare claims ecosystem, we are not just helping providers and payers operate in a more efficient manner – we are also doing our part to help improve the patient experience."