ROLLING MEADOWS, Ill., Aug. 21, 2014 (GLOBE NEWSWIRE) -- Quadrant 4 System Corporation (OTCQB:QFOR) ("Quadrant 4" or the "Company") signed a new contract with DragonFly HIX ("DragonFly"), a private healthcare exchange and benefits administration provider based in Jacksonville, Florida. The new contract, which is in addition to the previously announced private healthcare exchange contract with DragonFly, represents an additional $250,000 in revenue for Quadrant 4 over the next 12 months.
Under the terms of the new contract, Quadrant 4 will implement a benefits administration ("qHIX BA") platform for DragonFly to manage its small and mid-size cases. The qHIX BA platform is a separate product from the Company's private healthcare exchange platform and includes enrollment, communication, and administration functions for employees, using a wizard approach rather than a marketplace solution.
Aimed at smaller work groups with less than 50 employees, the state-of-the-art qHIX BA platform provides an additional solution for DragonFly that manages open enrollment cases and provides full benefits administration for employers who are not ready to move to Quadrant 4's private healthcare exchange platform.
"We're excited to expand our relationship with DragonFly," stated Robert Steele, President of Quadrant 4 Health. "DragonFly is a solid partner with a significant book of business being moved to our platform. This latest contract will position DragonFly nicely as employers need to enroll and re-enroll their benefits under a traditional defined benefits arrangement."
Mark Sizemore, Founder and CEO of DragonFly, stated, "Quadrant 4 continues to prove to be the right partner for our company as we position ourselves for where healthcare reform will finally land. We have immediate clients that are looking for benefits administration and Quadrant 4's qHIX BA platform meets our needs perfectly. The mature business rules, proven deployment methodology, and successful track record of Quadrant 4 will allow me to continue to grow DragonFly's business now and in the future."
Quadrant 4's previously announced contract with DragonFly is one of the Company's five private healthcare exchanges ("qHIX") currently in the implementation stage. This implementation of qHIX is estimated to reach more than 200,000 lives over the next three years.
The qHIX implementation for DragonFly, which began in January 2014, is a full marketplace solution that includes shopping, enrollment, and an integrated payment gateway that allows individuals and employer groups the ability to purchase the complete set of health and non-health benefit products in an exchange environment from multiple carriers.
Experts predict that 45% of employers will use private healthcare exchanges by 2018. Quadrant 4's best-in-class exchange (qHIX) has already enrolled 100,000 members and is expected to reach 2.5 million lives in 2015.
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.