ACS Signs $84 Million Medicaid Contract with Commonwealth of Virginia.
Under the contract, ACS will provide fiscal agent and provider enrollment services for the Commonwealth's Medicaid Management Information System (MMIS). The contract includes a 14-month transition and solutions enhancement period followed by four base years of operations. Additionally, four optional one-year extensions allow for a potential nine-year contract term.
As part of the contract, ACS will assume the existing MMIS system and deliver additional system enhancements providing long-term operational improvements and cost savings to the Commonwealth. Specific improvements will include facilitating online provider enrollment and a Web portal, which will give providers 24/7 point-of-access for claims entry, prior authorizations, retrieval of recipient eligibility, download of remittance advices and messaging.
"ACS' commitment to the Commonwealth means that we will provide Virginia's Medicaid program with outstanding services, as well as leverage our health care expertise and cost saving initiatives to assist them in meeting their current economic challenges while also addressing future federal requirements," said Christopher Deelsnyder, senior vice president and managing director for ACS Government Healthcare Solutions.
ACS has been a long-term partner to DMAS having managed its Family Access to Medicaid Insurance Security (FAMIS) program since its implementation in 2001.
ACS is a national leader in state healthcare program administration, offering a full spectrum of systems and complementary services through an integrated solution, from care management solutions and child health programs to pharmacy benefits management and traditional Medicaid fiscal agent services. ACS supports more than 23 million program recipients and processes nearly 550 million Medicaid healthcare claims annually, representing close to $50 billion in provider payments. As the nation's largest government program pharmacy benefits administrator, ACS serves 28 states, the District of Columbia, and the Department of Labor with drug expenditures totaling more than $13 billion.
ACS, a global FORTUNE 500 company with 74,000 people supporting client operations reaching more than 100 countries, provides business process outsourcing and information technology solutions to world-class commercial and government clients. The company's Class A common stock trades on the New York Stock Exchange under the symbol "ACS." Learn more about ACS at http://www.acs-inc.com.
The statements in this news release that do not directly relate to historical facts constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are subject to numerous risks and uncertainties, many of which are outside the Company's control. As such, no assurance can be given that the actual events and results will not be materially different than the anticipated results described in the forward-looking statements. Factors could cause actual results to differ materially from such forward-looking statements. For a description of these factors, see the Company's prior filings with the Securities and Exchange Commission, including our most recent filing. ACS disclaims any intention or obligation to revise any forward-looking statements, whether as a result of new information, future event, or otherwise.
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|Date:||May 6, 2009|
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