ROLLING MEADOWS, Ill., July 15, 2014 (GLOBE NEWSWIRE) -- Quadrant 4 Health, a division of Quadrant 4 System Corporation (OTCQB:QFOR) ("Quadrant 4" or the "Company"), is pleased to announce the release of version 2.0 of its private healthcare exchange platform (qHIX), which will be demonstrated at the Private Healthcare Exchanges Conference, sponsored by Employee Benefit News and Employee Benefit Advisor, both Source Media properties, July 16-17, in Chicago, IL.
Over the last 12 months, Quadrant 4 Health signed 5 contracts to implement its healthcare exchange platform, representing 100,000 lives currently under contract. The Company reaffirms its 2015 year-end target of 2.5 million lives using the qHIX platform to create and manage their healthcare plans by year-end 2015.
Quadrant 4 is leading the charge for managing the complex and almost ever changing healthcare landscape through its private exchange platform which manages all elements of a health exchange. With its proprietary marketplace, individual consumers or employees of companies of all sizes can compare, purchase, enroll, and manage their health insurance needs.
Results from a December 2013 survey conducted by the Private Exchange Evaluation Consortium, whose members include PwC and multiple employer groups, showed that 45% of employers will be using private health exchanges by 2018.
According to Forbes contributor Paul Howard, "Accenture even predicts that by 2018, enrollment on private health insurance exchanges could outpace enrollment on public exchanges. (Financial analysts including Goldman Sachs, William Blair, and others project similar growth results.)" ("Private Health Insurance Exchanges Unleash 'Transformational Change'" http://bit.ly/Forbes20140124).
Private healthcare exchanges are now enrolling members from blue-chip companies such as Walgreen (WAG) and Sears (SHLD), but also employees from thousands of small businesses. Quadrant 4 has already enrolled 100,000 members on its healthcare exchange platform and is now finalizing over 20 new private healthcare exchanges for businesses across the U.S.
The Company's qHIX exchange platform encompasses features and functions for managing every single aspect of a private exchange. This includes employers, employees, consumers, agents and brokers, health plans, insurance companies, third-party administrators, payroll service providers, and our exchange partners.
"With the release of qHIX 2.0, we have made several enhancements based on feedback from clients, employers, brokers, and administrators on where we believe the market is going and what the industry needs to be successful," stated Robert Steele, president of Quadrant 4 Health. "The latest upgrades further strengthen our leadership position in the changing healthcare insurance landscape, as we help employers and employees shop for a wide variety of benefits with ease and convenience."
The major enhancements include:
- An engagement framework with enhanced consumer experience, including our proprietary "Reach and Teach" methodology for meeting employees and consumers where they are, on the device they know and trust, with the information they need to make critical healthcare and benefit decisions;
- Marketplace that supports both individual and group options including employee choice and employer choice with both defined benefit and defined contribution capabilities;
- Full range of product features with mature benefit administration business rules that will manage either benefits administration, private exchange, or a hybrid of the two, through a single platform;
- Payment gateway that allows for both payroll deduction or direct payments by employees and consumers through PayPal, ACH, monthly billing, credit cards and debit cards;
- Mobile app for employee/consumer, employer, and administrator administration for iOS and Android platforms.
Quadrant 4 Health is an exhibitor and sponsoring the conference attendee bags for the Private Healthcare Exchanges Conference, July 16-17, at the Swissotel in Chicago, IL. At the conference, Quadrant 4 Health will demonstrate the new capabilities of qHIX 2.0 while showcasing its current exchange clients preparing for the upcoming open enrollment season of www.healthcare.gov.
About Quadrant 4 System Corporation
Quadrant 4 System is a leading Platform-as-a-Service (PaaS) and Software-as-a-Service (SaaS) company. The Company develops, implements, and operates PaaS and SaaS systems, including qHIX for the health insurance markets; qBLITZ for the digital media business; and qSKU for retailers. These platforms have a built in proprietary set of SMAC (social media, mobility, analytics and cloud computing) components and focus on providing solutions for Fortune 500 companies. Please visit www.qfor.com for further information.
CONTACT: Investor Relations RedChip Companies, Inc. Mike Bowdoin, 800-733-2447, ext. 110 email@example.comSource:Q4 Health