Shares of Exela Technologies (XELA) surged 150% today on news that the company has won a $90 million dollar contract for its health services platform PCH Global.
Exela Technologies, a global business process automation (BPA) leader, today announced a 10 year, $90 million venture blending automation technologies, SaaS, and services through its PCH Global platform, which officially launched in September of last year. This effort will accelerate the digital transformation efforts for a major US health insurance company and is part of a broader relationship that included over $28 million in revenue in 2020.
This venture is the first of its kind for Exela in the healthcare industry, as it involves the large-scale deployment of Exela’s digital exchange platform, PCH Global, in the cloud and onsite to deliver healthcare solutions. The venture involves the end-to-end processing of complex health insurance claims and multi-channel correspondence between the insurance company and their provider and member networks.
The solution also leverages an integrated data fabric used for discovering patterns, monitoring the health of platforms, collaboration, and reporting analytics to help drive actionable intelligence and the launch of new services for Exela’s customers.
Exela’s strategy is to migrate existing and future healthcare relationships to PCH Global’s cloud network in order to offer greater scalability and business continuity protections, as well as improved data analytics built into the platform and accessible via a self-service model.
With Exela’s team of data scientists leveraging intelligent data processing capabilities powered by neural networks, and combined with Exela’s Business Process Management teams, Exela will help healthcare and insurance customers digitize and optimize business processes, generate deeper insights, and achieve greater process flexibility and control.
The combination of proprietary technology, global service delivery and industry expertise, positions Exela as a leader in enrollments, complex claims processing, appeals and grievance management and payment solutions, our goal has been to set ourselves apart by developing PCH Global as a complete payment integrity solution for the insurance industry, handling everything from claims ingestion and validation, to correspondence, adjudication and payments.Suresh Yannamani – vice president, exela technologies