APPLETON, Wis. and DALLAS, May 10, 2010 (BUSINESS WIRE) -- American CareSource Holdings, Inc. (NASDAQ: ANCI), the nation's leading ancillary health care system, announced today that it has signed and implemented an agreement with Appleton, WI-based Cypress Benefit Administrators, a third party administrator (TPA) representing an additional 82,000 covered lives.
David S. Boone, Chief Executive Officer of American CareSource ("ACS"), noted, "The addition of Cypress Benefit Administrators (Cypress) to our client portfolio has provided us with an opportunity to be an integral part of Cypress' solution to providing affordable healthcare. The Cypress Solution suite of services is the first of its kind to merge claims administration and employee decision-making together with cost containment and tracking measure to create customized consumer-driven health plans." Marsha Phillips, Chief Operating Officer at Cypress Benefit, stated, "We are equally pleased to have solidified this important partnership with ACS. Our company has been pioneering the way toward cost containment in healthcare as the country's first TPA to bring claims administration, consumer-driven health plans, and proven cost control measures together in one package. Through our agreement with ACS we can continue to deliver our clients more choices, more care and more savings." About American CareSource Holdings, Inc.
American CareSource Holdings, the first national, publicly traded ancillary care network services company, offers a comprehensive national network of over 4,100 ancillary service providers at more than 33,000 sites through its subsidiary, Ancillary Care Services. Ancillary Care Services provides ancillary health care services through its network that offers cost effective alternatives to physician and hospital-based services. This market is estimated at $574 billion and has grown to over 20% of total national health expenditures. These providers offer services in 31 categories including laboratories, dialysis centers, free-standing diagnostic imaging centers, non-hospital surgery centers, as well as durable medical equipment such as orthotics and prosthetics and others.
The Company's ancillary network and management provides a complete outsourced solution for a wide variety of health care payors and plan sponsors including self-insured employers, indemnity insurers, preferred provider organizations, health maintenance organizations, third party administrators and both federal and local governments. For additional information, please visit www.anci-care.com.
About Cypress Benefit Administrators Cypress Benefit Administrators is a privately held organization that believes an employee benefit plan administrator must have the means to adapt to the constantly changing healthcare environment and ever-evolving needs of each client. Cypress Benefit Administrators provides a customized employee benefit plan that combines the right mix of health insurance options to make sense for employers of 25 to 18,000 throughout the United States. For more information about Cypress Benefit Administrators, visit their website at www.cypressbenefit.com.
ANCI-G Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995: Any statements that are not historical facts contained in this release, including with respect to future engagements by clients, revenue growth, earnings, and guidance are forward-looking statements. It is possible that the assumptions made by American CareSource Holdings, Inc. for purposes of such statements may prove to be inaccurate or may not materialize. Actual results may differ materially from those projected or implied in any forward-looking statements. Such statements may involve further risks and uncertainties, including but not limited to those relating to demand for our services, pricing, market acceptance, our ability to integrate with our clients, our ability to attract and maintain providers, our ability to manage growth, the effect of economic, political and regulatory conditions, the effect of competition, risks in product development, the ability to complete transactions, and other risks identified in this release, and the Securities and Exchange Commission filings of American CareSource Holdings, Inc.
SOURCE: American CareSource Holdings, Inc.
CONTACT: American CareSource Holdings, Inc. Angela Cloud, Marketing Manager, 972-308-6934 or Investor Relations: The Cockrell Group Rich Cockrell, 404-942-3369 rich.cockrell@thecockrellgroup.com Copyright Business Wire 2010 -0- KEYWORD: United States
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Managed Care SUBJECT CODE: Contract/Agreement