Q4 Systems Launches State-of-the Art, Cloud-Based Solution for the Benefits
Enrollment - Billing Process for Its Healthcare Exchange Platform
Q4 Health is Currently Finalizing Over 20 New Private Healthcare Exchanges for
Businesses Across the US
IRVINE, Calif., Dec. 6, 2013 (GLOBE NEWSWIRE) -- Q4 Systems Corporation
(OTCQB:QFOR) today launched their 1nvoice® unified billing system for its
healthcare exchange platform. 1nvoice® facilitates the consolidation of
multiple products from different benefit providers in a single billing
statement, which dramatically simplifies payroll deduction processes for
employers using private healthcare exchanges. This product is designed to
streamline payroll deduction processes across multiple providers for improved
efficiency and accuracy, and is timed to meet the growing array of choices
offered to consumers under the Affordable Care Act.
According to consultant Josh Weisbrod, a partner in the health-care practice
at consultant Bain & Co., within four years 80 million people in the United
States may get their healthcare insurance using private exchanges ("A Guide to
Health-Insurance Exchanges Untouched by Obamacare," Bloomberg BusinessWeek,
October 17, 2013).
Industry leaders such as Aetna, an American managed health care company,
providing a range of traditional and consumer directed health care insurance
products and related services, believe "private healthcare exchanges are going
to change the way millions of Americans view their health insurance – whether
it's how they shop for a plan, what plan they decide to buy or how they use
their benefits"("Health Care Reform: What is a health insurance
While the public healthcare exchanges at the Federal and State level are
experiencing extreme technological problems, the Q4 healthcare exchange
platform is now enrolling members. Private healthcare exchanges give
employers the option to provide employees with a fixed amount of money to shop
for and design a personalized healthcare plan.
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.Q4 Systems has already enrolled 50,000 members
to its healthcare exchange platform and is now finalizing over 20 new private
healthcare exchanges for businesses across the US. The Company estimates that
these exchanges will connect between 2.5 to 3 million new members by the
fourth quarter of 2014.
Q4 Health's exchange platform, allows employers and employees to plug in data
such as age, budget, and other details and shop for a wide variety of benefits
with ease and convenience.Members can choose from up to 20 different plans.
The 1nvoice unified billing system complements Q4 Systems' QHIX Health
Exchange platform, and is backed by Q4 Systems' 30 years of technology
leadership in the healthcare and benefits arena.
In addition to unified billing for traditional insurance and employee benefit
products, 1nvoice will also be used by our partners to manage the complex
payment gateway for private exchanges. The key element will be the billing,
collection and remittance of both payroll deduction and direct payments using
PayPal, ACH or other modes of payment from employees and consumers.
"Q4 System's 1nvoice represents a natural progression of our comprehensive and
robust healthcare exchange technology offerings to our clients," says Robert
Steele, Q4 Systems' Chief Sales and Marketing Officer. "Cloud-based,
fully-featured, highly-secured and scalable, 1nvoice is poised to meet the
demands of the growing $5.4 billion dollar benefits administration market as
our partners roll out our private healthcare exchange platform."
An interview with Q4 Chairman and CFO Dhru Desai, which airs on "The RedChip
Money Report: Small Stocks Big Money" on Fox Business News and Bloomberg
Europe, provides additional information about Q4's healthcare exchange
platform and is available at: www.youtube.com/watch?v=bn45v0F3fAs.
About Q4 Systems Corporation
Q4 Systems is an IT software company that develops and implements
mission-critical cloud-based enterprise systems for both Fortune 500 companies
and smaller enterprises. With over 500 employees operating in 5 countries, Q4
Systems services over 150 companies worldwide.The company is a leading
provider of Health Exchange platforms and a proprietary set of SMAC (social
media, mobility, analytics and cloud computing) technology solutions to
enterprise clients in the Financial Services, Health Care, Retail,
Manufacturing and Telecommunication sectors. More information about Q4 Systems
can be found at http://www.qfor.com.
This release contains forward-looking statements, which are subject to the
inherent uncertainties in predicting future results and conditions. Any
statements that are not statements of historical fact should be considered to
be forward-looking statements. Certain factors could cause actual results and
conditions to differ materially from those projected in such forward-looking
statements. We do not undertake any obligation to release publicly revised or
updated forward-looking information, and such information included in this
release is based on information currently available and may not be reliable
after this date.
CONTACT: Investor Relations:
Phone: 800.733.2447, ext. 110
Q4 Systems Corporation
VP of Marketing
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