ROLLING MEADOWS, Ill., Aug. 14, 2014 (GLOBE NEWSWIRE) -- Quadrant 4 System Corporation (OTCQB:QFOR) ("Quadrant 4" or the "Company") announced today that one of the largest insurance marketing organizations in Indiana, JA Benefits, LLC, selected the Company to develop both its group and individual healthcare exchanges.
A major driver behind JA Benefits selection of Quadrant 4 was the Company's recent U.S. Federally Facilitated Exchange Web Broker Entity (WBE) Agreement with the Centers for Medicare & Medicaid Services (CMS), which provides critical access to data that allows employees to quickly and easily determine eligibility status and enroll in government funded healthcare options. Quadrant 4's proprietary Payment Gateway, which enables payroll deduction and direct pay capabilities, was also a critical element behind JA Benefits decision to adopt Quadrant 4's healthcare exchange technology.
"Integrating insurance, wellness, and primary care in a private exchange offering is consistent with the new paradigm of the employee benefit world, and JA Benefits is excited to launch our private exchange for group and individual health, wellness and related benefit products. Quadrant 4 has the right solution that allows us to take their technology and adopt it to our business model," stated Doug Johnson, Managing Partner of JA Benefits. "We are committed to improving the health and wellness of our clients, and Quadrant 4 is assisting us in integrating our on-site and near site medical clinic product into our overall platform. The on-site and near-site clinics will bend the healthcare cost curve in a significant way, as preventative care at the worksite reduces time off, makes employees more productive and is the most cost effective solution."
JA Benefits' group and individual exchanges will offer life, medical, dental, disability, and supplemental products. As part of its comprehensive offering of services, JA Benefits also provides on-site and near-site medical clinic capabilities through its partnership with Accelerate Health and is opening retail centers in Indiana and will expand to Illinois, Ohio, and other Midwestern states. JA Benefits' exchange platform is expected to reach more than 50,000 employees and consumers in the first three years of operation for a total contract value of approximately $2.2 million.
Experts predict that 45% of employers will use private healthcare exchanges by 2018. Quadrant 4's best-in-class exchange (qHIX) has already enrolled 100,000 members and is expected to reach 2.5 million lives in 2015. As one of the largest employee benefits practices in the Midwest, JA Benefits use of Quadrant 4's qHIX platform is another important milestone toward the Company reaching this target.
Robert Steele, president of Quadrant 4 Health, stated, "This is an exciting time for Quadrant 4 and our qHIX product. We are quickly moving towards our ultimate target of 25 private exchanges representing more than three million employees and consumers, and JA Benefits is a great addition to the exclusive alliance we are building. Their on-site and near-site clinic model, when fully integrated into our qHIX platform, will provide JA Benefits a distinct competitive advantage in the marketplace."
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.
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Source:Q4 Systems Corporation