ROLLING MEADOWS, Ill., July 17, 2014 (GLOBE NEWSWIRE) -- Quadrant 4 System Corporation (OTCQB:QFOR) announced today that it was awarded a U.S. Federally Facilitated Exchange Web Broker Entity (WBE) Agreement with the Centers for Medicare & Medicaid Services (CMS).
The Agreement represents a critical milestone for Quadrant 4's healthcare exchange platform (qHIX). Quadrant 4's healthcare exchange platform will now provide real-time access to the federal government's data network, enabling qHIX users, including employers and employees, insurance agencies and brokers, to provide tax subsidy and eligibility qualification information necessary for enrollment. This new certification will allow employees to determine whether they are eligible for federal tax subsidies and directly enroll and access those benefits.
Quadrant 4 Health is the only pure technology company to achieve Web Broker Entity Agreement status with the Centers for Medicare & Medicaid Services (CMS) that offers benefits administration, private exchanges for groups, and private exchanges for individual consumers, with the ability to administer both payroll deduction and direct payments from individuals using PayPal, ACH, debit cards, credit cards, and monthly invoices. Experts predict that by 2018 45% of employers will use private healthcare exchanges. Quadrant 4 has built a best-in-class healthcare exchange and has already enrolled 100,000 members. The Company reiterates its target to have 2.5 million lives using its platform by 2015.
The Affordable Care Act continues to create new healthcare options for individuals. Quadrant 4's health exchange platform (qHIX) meets these changing demands with a comprehensive end-to-end solution which manages all elements of a health exchange. With its proprietary marketplace, which can now offer options for enrollment in subsidized health plans, individual consumers or employees of companies of all sizes can compare, purchase, enroll, and manage their health insurance needs.
Robert Steele, president of Quadrant 4 Health, stated, "The transition to private healthcare exchanges is well underway in the U.S. It is estimated that 80 million people will use some form of private healthcare exchanges to select and design their healthcare plan within the next 3-5 years. We are at the forefront of this industry revolution, and with this U.S. Federal Government Agreement, we are now able to provide critical access to data that allows employees to determine eligibility status quickly and easily and enroll in government funded healthcare options. The fact that we are the only pure technology company to receive this certification is significant and further validates that we are an emerging leader in healthcare exchange technology solutions."
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.