ACS Signs $84 Million Medicaid Contract with Commonwealth of Virginia.
DALLAS -- Affiliated Computer Services Affiliated Computer Services (ACS) (NYSE: ACS) is a Fortune 500 company that provides information technology outsourcing as well as business process outsourcing solutions to businesses, government agencies, and non-profit organizations. , Inc. (NYSE NYSE
See: New York Stock Exchange : ACS (Asynchronous Communications Server) See network access server. ) today announced a five-year, $84 million contract with the Virginia Department of Medical Assistance Services (DMAS DMAS Department of Medical Assistance Services (Virginia)
DMAS Data Management and Analysis Subcommittee
DMAS Dyna-Metric Microcomputer Analysis System
DMAS Digital Modular Avionics System
DMAS Distributed Multi-Agent System ) to manage its Medicaid program.
Under the contract, ACS will provide fiscal agent and provider enrollment services for the Commonwealth's Medicaid Management Information System (MMIS MMIS Medicaid Management Information System (various US states)
MMIS Microsoft Mobile Information Server
MMIS massively multiparticipant Internet sport
MMIS Master of Management Information Systems ). 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 FAMIS Financial Accounting and Management Information System
FAMIS Family Assistance Management Information Systems
FAMIS Financial and Management Information System
FAMIS Facilities Asset Management Information System
FAMIS Foreign Affairs Management Information System ) 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 District of Columbia, federal district (2000 pop. 572,059, a 5.7% decrease in population since the 1990 census), 69 sq mi (179 sq km), on the east bank of the Potomac River, coextensive with the city of Washington, D.C. (the capital of the United States). , 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 Business process outsourcing (BPO) is the contracting of a specific business task, such as payroll, to a third-party service provider. Usually, BPO is implemented as a cost-saving measure for tasks that a company requires but does not depend upon to maintain its position in 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 New York Stock Exchange (NYSE)
World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. 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 The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and 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.