SCHAUMBURG, Ill., June 30, 2015 (GLOBE NEWSWIRE) -- Quadrant 4 System Corporation (QFOR) ("Quadrant 4" or the "Company") announces its breakthrough online exchange solution, QHIX Hybrid Exchange™.
The QHIX Hybrid Exchange brings together employers, benefits products, associates/team members, service providers, payroll and banking solutions into a single place. It is a robust administrative eco-system providing sophisticated benefits administration where employers, employees, brokers, and insurance companies come together in an online environment to buy, sell and manage insurance and other benefits-related products. The QHIX Hybrid Exchange™ is unique because it combines the functionality to service the largest group exchanges in addition to serving the exchange needs of a single individual.
HealthSmart Benefit Solutions, Inc., the nation's largest independent Third Party Administrator for healthcare benefits (www.healthsmart.com) was attracted by the versatility of the QHIX Hybrid Exchange™ platform and has begun implementing various back-office components for billing, reconciliation, commission tracking and commission remittance.
Mark Stadler, Chief Marketing Officer at HealthSmart states, "QHIX has proven to be a powerful tool for us, not only to manage our front-end eligibility and enrollment but also our support needs for premium accounting, broker management and commission tracking. We are also excited about how this product will aid us in helping our clients adhere to the rigorous regulations of the Affordable Care Act."
"The development of the QHIX Hybrid Exchange™ is a revolution that eliminates the piecemeal approach to benefits solutions that has plagued the administrators of insurance coverage and the consumers of those health and other insurance coverages," said Robert Steele, President of Quadrant 4 Health, a business unit of Quadrant 4. "Providing our clients with the ability to manage both group and individual products on the same platform is a game changer. Our QHIX Hybrid Exchange™ is an all-in-one innovation that we believe will be the only solution that our clients will ever need," continued Mr. Steele.
Exchange Features
Hybrid Exchange™
The solution offers a single marketplace where full-time employees, part-time employees, seasonal workers, retirees and contractors can all shop for and purchase products in a single place either as a group or individually.
Versatile Market Place
QHIX Hybrid Exchange™ has the capability to empower employers to offer and administer a full host of products, including health insurance, dental insurance, disability insurance, life insurance, supplemental coverage and 401(k) and 403(b) offerings as well.
Financial Flexibility
The Exchange services self-funded accounts, flexible spending accounts, HRAs, and HSAs efficiently and easily. It provides the capability of a single payment gateway along with the execution of payroll deductions and ACH payments on the same platform; human resources personnel are offered a more streamlined way to administer benefits products.
Compliant
QHIX Hybrid Exchange™ integrates the business rules of TPA/MGA system requirements, along with complete regulations as mandated by the Internal Revenue Service. The architecture and functionality of the solution are based on the best practices of 11 of the foremost state exchanges.
User-friendly
Employees and consumers find an easily navigable interface that makes shopping for products and enrolling in those products streamlined and simple – including a full spectrum of decision support tools. Employers will find a plug-and-play functionality that enables them to integrate a fully turnkey administration and management solution. HR departments can push important updates; plan information and wellness resources in an instant.
Secure
Fully compliant and secure data transfer occurs between employees, carriers, payroll services and third-party service providers. Information is password-protected and safeguarded by industry-leading protocols.
SMAC integration
Our solutions interweave Social, Mobile, Analytic and Cloud (SMAC) capabilities through proven technology that is ready to be deployed for clients the moment we are engaged.
About Quadrant 4 System Corporation
Quadrant 4 System Corporation is a SMAC (Social, Mobile, Analytics and Cloud) technology company offering state-of-the art SaaS (Software as a Service) and PaaS (Platform as a Service) based Exchange Solutions in Healthcare (QHIX), Media (QBLITZ) and Education (QEDU). Quadrant 4's highly scalable vertical cloud platforms, coupled with our Global Professional Services organization, provide our clients with a competitive advantage in the marketplace. Please visit www.qfor.com for more information.
Forward-Looking Statements
This release contains forward-looking statements, which are subject to the inherent uncertainties in predicting future results and conditions. Any statements that are not statements of historical fact should be considered to be forward-looking statements. Certain factors could cause actual results and conditions to differ materially from those projected in such forward-looking statements. We do not undertake any obligation to release publicly revised or updated forward-looking information, and such information included in this release is based on information currently available and may not be reliable after this date.