Open EC Softcare Signs Recurring Revenue Agreement With Gen4 for Healthcare Plan Benefit Enrolment Processing.
May 12 2011 - 2:24PM
Marketwired
Open EC Technologies, Inc. ("Open EC" or the "Company") (TSX
VENTURE: OCE) is pleased to announce its subsidiary, SoftCare EC
Solutions Inc., has executed a revenue development agreement with
Gen4 Solutions, LLC ("Gen4") in Washington D.C. to offer a
recurring revenue based Electronic HealthCare Benefit Enrolment
Solution for the processing of Employer/Employee member health plan
enrolments.
Under the agreement Gen4 will exclusively use the SoftCare
Electronic Enrolment Solutions integrated to its Software as a
Service (SaaS) based, Gen4 Agency Management System for the
implementation, support and operations of their Electronic Data
Interchange (EDI) HealthCare Benefit Enrolment requirements with
Insurance Carriers, Brokers, Employers and Government Agencies.
Gen4 will supply the SoftCare's EDI HealthCare Benefit Enrolment
add-on to their existing 1,800 Insurance Broker customers and will
market a stand-alone "Enrolment Engine" for general health plan
enrolment applications. The parties will share in the recurring
subscription fees generated from the Gen4 customers and additional
stand-alone enrolment solutions.
Joshua Cameron, Director of Sales at Gen4 states: "This
excellent strategic fit with SoftCare will strengthen our market
position as the leading Benefit Management Solution company. With
the addition of SoftCare's advanced HIPAA EDI software technology
for Electronic Health Benefit Enrolments, our Broker customers,
their thousands of employers and millions of employees, will
benefit with this joint solution to manage their Health plan
enrolments electronically, reducing the paperwork, errors and
additional costs of health plan management."
In addition, SoftCare will also have the right to market the
joint Gen4 Enrollment Solution to Employers, Preferred Provider
Organizations, Third Party Administrators, HMOs and Government
Health programs as a general HIPAA EDI Enrolment solution for the
HealthCare Industry under its SoftCare brand.
Martyn Armstrong, CEO of Open EC states: "SoftCare's revenue
development agreement with Gen4 will position our Company to offer
HealthCare Plan Benefit Enrolment processing services to Gen4
customers that will directly strengthen our recurring subscription
services and continue to grow our market share in the US HealthCare
Industry. Our business plan is to aggressively grow our base of
HealthCare processing subscription services by offering highly
beneficial solutions like the combination of our TradeLink HIPAA
Compliant EDI Enrolment solution integrated to the Gen4 Benefit
Administration Solutions."
In the United States the majority of the Employer Group Health
Plans are marketed through the Broker Industry.
Approximately 69% of US Employers offer Health Plans to their
employees, the average annual premiums for employer-sponsored
health insurance in 2010 are $5,049 for single coverage and $13,770
for family coverage.
About Gen4 Solutions, LLC
Gen4 is the nation's leading provider of web-based management
systems for both the Individual Life and Group Benefits industries.
Gen4 delivers innovative and cost effective agency and broker
management systems to companies of all sizes across the country.
Headquartered in the Washington D.C. metro area, Gen4 has branch
locations and distribution partners throughout the United States.
(www.gen4systems.com )
About Open EC Technologies, Inc.
Open EC is a TSX Venture Exchange listed company. Its
subsidiary, SoftCare EC Solutions Inc. is an e-business software,
services and solution provider. SoftCare's OpenEC® TradeLink
e-business software includes solutions for Electronic Data
Interchange (EDI), Healthcare Interoperability and Business Process
Management. The Company sells the OpenEC® products and solutions to
the healthcare, financial services and retail supply chain in North
America. The company has a growing focus on turnkey solutions for
US Healthcare Information Technology Reforms funded by the US
Federal Government ARRA programs for Healthcare IT Interoperable
mandates. Additional product and solution information is available
on the web at www.SoftCareHealthcare.com, www.iPlexus.net and
www.softcare.com and additional public company information is
available on the web at www.openec.com. The Company's common shares
trade on the TSX Venture Exchange under the symbol: OCE.
ON BEHALF OF THE BOARD
Martyn A. Armstrong, President and CEO
Further information about the Company can be found on SEDAR
(www.sedar.com) or by contacting Mr. Martyn A. Armstrong, President
& CEO of the Company
The TSX Venture Exchange does not accept responsibility for the
adequacy or accuracy of this release. This news release may contain
forward-looking statements within the meaning of The Private
Securities Litigation Reform Act of 1995. Forward-looking
statements address future events and conditions and therefore,
involve inherent risks and uncertainties. Actual results may differ
materially from those currently anticipated in such statements.
Contacts: Open EC Technologies, Inc. - Corporate Inquires Martyn
Armstrong President & CEO (604) 983-8083 (604) 983-8056 (FAX)
investors@openec.com www.openec.com SDNL Financial Communications
Sylvain Laberge Investor Relations (514) 380-5610
slaberge@sdnlfinancial.com
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