GTESS Corporation's revenue for the first six months of 2009 increases 9% over the same period in 2008

Sep 17 2009

GTESS Corporation, a provider of claims pre-adjudication technology and services to the healthcare industry, today announced strong financial performance in the first half of 2009, as well as new client contracts and extensions.

Y-O-Y Growth

The company’s revenue for the first six months of 2009 increased 9% over the same period in 2008. Profitability and cash flow also improved as the company’s technology platform, including patent-pending applications, was used by health plans and payers nationally to convert, clean and process tens of millions of claims over the period. The company’s claims pre-adjudication technology provides low-cost, high-quality claim cleansing and claim handling and payment workflow improvements.

“Automated claim processing remains an important cost-saving opportunity for health care organizations,” said GTESS COO, Donna Taylor. “Savvy plans and payers – especially those that have experienced the rising costs and reduced quality of an offshore labor arbitrage approach – are now opting for a technology-based solution.”

To help capitalize further growth, GTESS increased and restructured its financing with BlueCrest Venture Finance Master Fund. The expanded and restructured facility increases the company’s access to capital, allowing it to continue aggressive new product development and roll-out. Mark King, Managing Director at BlueCrest, said, “BlueCrest invested in GTESS two years ago because we believed that their innovative use of technology to redesign workflow and processes provided them a sustainable competitive advantage in the pre-adjudication healthcare claims process. GTESS’ recent financial improvements driven by the executive team and key employees strengthened our belief that we made the right investment. We are excited about the direction GTESS is headed and look forward to being a partner in their success.”

New Contracts and Extensions

GTESS announced that it has signed business agreements with two new clients, including a large Medicaid payer and a national HMO. The company has also recently penned extension contracts with two long-standing clients. Under the renewal agreements, both clients will extend pre-adjudication claim processing services from GTESS for multiple years.

Source: GTESS Corporation