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 exchange?" http://www.aetna.com/health-reform-connection/reform-explained/video-exchanges.html).
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.
Forward-Looking Statements
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