Monday October 23, 8:09 am Eastern Time
Press Release
HealthAxis.com to License Internet Software Applications for Benefits Enrollment and Administration to Optate
HealthAxis.com to Provide Advanced Internet Software For Employee Benefits Management Technology
EAST NORRITON, Pa.--(BUSINESS WIRE)--Oct. 23, 2000-- HealthAxis.com, a subsidiary of HealthAxis Inc. (NASDAQ:HAXS - news), and a leading provider of Web-enabling software solutions for health care payers and intermediaries, and Optate, Inc. (formerly Focus Health, Inc.), a privately held application service provider of Web-based decision support and benefits enrollment tools, today announced an agreement whereby HealthAxis.com will license a suite of its proprietary software applications to Optate.
The software covered by today's agreement will power Optate's benefits enrollment platform and customer tailored content.
Under the terms of the agreement, HealthAxis.com will provide Optate with both its Insur-Web(TM) and Insur-Enroll(TM) software applications. This software will enable Optate to expand the range of services of BENEFITcompanion(TM) to include Web-based benefits enrollment and a variety of employee benefit services.
Optate offers BENEFITcompanion(TM) to large organizations interested in adopting technological solutions to attain workforce satisfaction, motivation and productivity. The BENEFITcompanion(TM) platform reduces the administrative complexity for corporate benefits departments and simultaneously improves the ability of employees to make informed decisions about their benefit elections.
The HealthAxis.com software will enable employees using BENEFITcompanion(TM) to conduct research on available plans, get plan rates, find a doctor, access lifestyle enhancement programs, select and enroll in benefit options, store private documents in a secure online space, and access plan information throughout the year. In addition, HealthAxis.com will also provide Web hosting services to Optate for applications under license.
Optate is backed by Internet HealthCare Group, a leading e-health holding company based in Avon, Connecticut, that identifies, invests in, and grows profitable B2B businesses.
HealthAxis.com will earn a combination of recurring, per-employee-per-month (PEPM) and professional service fees. HealthAxis.com anticipates its first year revenue under the agreement to be in the mid -six- figure range with the opportunity to scale upward as Optate grows its installed base and increases the number of employees subject to PEPM fees. HealthAxis.com will also earn recurring fees for the Web hosting services provided to Optate.
Michael Ashker, chief executive officer of HealthAxis.com said, ``Today's agreement with Optate extends HealthAxis.com's leadership as the supplier of choice to the emerging e-Benefits community. As this agreement indicates, our proprietary technology is uniquely capable of delivering the Web connectivity and robust functionality essential to success as a benefits provider. We are further gratified in that Optate represents the second Internet HealthCare Group-backed customer to partner with HealthAxis.com within the past few months, which I believe is testimony to both the quality of our software and our unquestioned leadership within the space.''
David Vinson, chief executive officer of Optate said, ``HealthAxis.com provides us with the proven proprietary software that enables us to provide our clients with a high degree of reliability and connectivity relating to benefits enrollment and administration. Optate partners with excellence and HealthAxis.com has the proven track record we look for in a partner. HealthAxis.com shares our vision and offers technology that assists us in achieving our mission.''
About HealthAxis.com
HealthAxis.com, a subsidiary of HealthAxis Inc., is a proven leader in Web-enabling both healthcare payers and the intermediaries through which product is sold and serviced. The Company's proprietary Insur-Web(TM), Insur-Enroll®, and Insur-Admin(TM) product line allows clients to participate in the emerging digital economy by integrating client legacy systems into the World Wide Web.
HealthAxis customers enjoy reduced costs and enhanced productivity in their core business operations -- including plan rating, distribution, enrollment, and member services -- through the integration of the Company's advanced, XML-enabled product line. Additionally, HealthAxis provides payers with software and services for claims processing, plan administration, and imaging through the following products: Insur-Claims(TM), Insur-Dental(TM), Insur-Image(TM), and Insur-Voice(TM).
The Company's customers include leading health insurers, Blue Cross/Blue Shield organizations, third-party administrators, and Web-based insurance and benefits marketers. HealthAxis.com is headquartered in suburban Philadelphia, with significant operations in Dallas, as well as offices in eight additional locations both domestic and abroad. The company employs over 350 IT professionals.
About Optate, Inc.
Optate, Inc. (www.optate.com; formerly Focus Health, Inc.) is an e-Benefits decision support and enrollment application service provider. Optate's BENEFITcompanion(TM) is a fully tailored, interactive, and people-centric solution for large organizations interested in adopting technological solutions to reduce administrative effort and realize new economy efficiencies by implementing standardized applications for communications, connectivity, and enrollment management.
Optate develops interactive and responsive benefit decision-making tools with the user in mind. The BENEFITcompanion(TM) is a suite of solutions designed to meet the needs of employers, reduce the costs of benefit communications and administration, and increase organizational productivity. Among Optate's partners are several Fortune 500 employers and benefits providers. Optate is based in Ann Arbor, Michigan, with an office in Chicago. Optate is funded by Internet Healthcare Group, (www.ihcg.com) of Avon, Connecticut.
Safe Harbor Statement
Under the Private Securities Litigation Reform Act of 1995:
Certain statements made by the Companies, which are not historical facts may be considered forward-looking statements, including, without limitation, statements as to trends, management's beliefs, expectations, forecasts and opinions, which are based upon a number of assumptions concerning future conditions that ultimately may prove to be inaccurate.
Such forward-looking statements are subject to risks and uncertainties and may be affected by various factors, which may cause actual results to differ materially from those in the forward-looking statements. For further information, which could cause actual results to differ from the Companies' expectations as well as other factors, which could affect the Companies' financial statements, please refer to HealthAxis Inc.'s reports filed with the Securities and Exchange Commission or the Optate, Inc. Company contact listed above.
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Contact:
HealthAxis Inc.
Investor and Media Contact:
Steven M. Kaplan, 610/275-3800
skaplan@healthaxis.com
or
Optate Inc.
Media Contact:
Victoria Elpers, 734/332-0670 x221
velpers@optate.com |
