SOUTHBOROUGH, Mass.--(BUSINESS WIRE)--
ikaSystems, the premier provider of enterprise, cloud-based business process and automation solutions for payers, today announced funding from its existing investors following the record financial performance it achieved in 2013.
The record 2013 results were driven by a combination of broader adoption of the company’s solutions by existing customers, and considerable new customer growth, having recently added Affinity Health Plan, Harvard Pilgrim Health Care, SCAN Health Plan, and the Community Health Plan of Washington. “Our singular focus on customer success has driven substantial improvements in health plan processing quality, business flexibility, regulatory compliance, efficiency, and total cost for those plans that have implemented our solutions,” said Joe Marabito, the CEO of ikaSystems. “We drive key competitive advantages for our customers, who are successfully capitalizing on them. Our customers are winning in the market. As a result, we have become the clear leader in modern cloud/SaaS solutions for health plans, serving a broad base of health plans: large and small, commercial and government, Medicare and Medicaid, Blue and non-Blue, stand alone and provider-owned. Making our customers successful has fueled our rapid growth and business success.”
ikaSystems continues to innovate, improve, and deliver. In 2013, ikaSystems launched new solutions which enable health plans to quickly enter new markets, compete on Federal, state, and private health exchanges, and simplify adherence to Centers for Medicare & Medicaid Services (CMS) regulations. The company has also extended the availability of ikaSystems’ best-in-class CMS membership solution to smaller Medicare Advantage plans.
- ikaExchange – complete solution supporting payers’ participation in the Federal and state health insurance exchanges, offering exchange connectivity, membership, claims, billing, data management, workflow management, and reporting capabilities
- ikaClaims for Medicare – complete claims processing solution for Medicare Advantage and other Medicare lines of business that eases benefit configuration and simplifies adherence to CMS regulations
- ikaMedicareGateway Fundamentals – tailored solution for health plans serving less than 20,000 Medicare lives that streamlines essential business functions and increases enrollment speed and accuracy
“With so many changes in the industry, including exchanges, ICD-10 and MLR requirements, health plans see the basis of competition shifting,” said Joe Marabito, CEO, ikaSystems. “Old technologies and business models are constraining health plans in today’s environment. Those who have waited on the sidelines to update their core technology are now jumping in with both feet and embracing flexible systems and business models to meet the demands of the market. Having extensive experience and a broad base of customers on a modern technology and business platform, ikaSystems is the company the market is turning to. We expect that trend to accelerate in 2014 and beyond. Our recent financing will further enable that growth.”
Serving payers since 1999, ikaSystems’ solutions deliver agility and high levels of service. ikaSystems’ customers are located across the United States and include payers of all types and sizes, from small provider-owned plans to the largest insurers. Together, they represent about 20 million covered lives across all lines of business—commercial, Medicaid, Medicare—and include traditional insurers, managed Medicaid plans, Medicare Advantage plans, PBMs, and delegated risk providers.
ikaSystems delivers business automation and process solutions that transform how health plans conduct commercial, Medicare, Medicaid, Exchange, and ACO business. Our solutions automate key processes for sales, marketing, regulatory compliance, claims administration, customer service, quality management, and revenue optimization—all on an integrated, Web-based platform that’s fast and scalable. Partner with us, and take a bold step forward: one that can lower costs, increase agility, and improve constituent satisfaction for all your lines of business. For more information visit us at www.ikasystems.com.
- Health Care Industry
- Medicare Advantage
Jessica Cohen, 617-332-9999, x203