Fortis Health Selects Captiva's ClaimPack; Company Purchases Health Claims Processing Software after Comprehensive Evaluation.Business Editors/High-Tech Writers
SAN DIEGO--(BUSINESS WIRE)--Nov. 3, 2003
Captiva Software Captiva Software is now part of EMC Software Group, a division of EMC Corporation. Captiva makes software solutions for document information processing and data capture from paper and electronic documents and provides related services. Corp. (NASDAQ NASDAQ
in full National Association of Securities Dealers Automated Quotations
U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : CPTV CPTV Connecticut Public Television ), a leading provider of input management solutions, today announced that Fortis Health, one of the nation's leading health insurance providers, has selected ClaimPack(TM), Captiva's award-winning claims processing solution, to capture and process the roughly 4 million HCFA HCFA
Health Care Financing Administration
n.pr See Health Care Financing Administration. and UB92 medical claim forms and related documents the organization processes every year. The value of the contract to Captiva is approximately $350,000.
Fortis Health agreed to purchase ClaimPack after a comprehensive evaluation of its abilities. With ClaimPack, Fortis Health will be able to replace its current, limited claims capture system, eliminate much of the manual keying of claims and automatically capture and process a wider variety of claim forms that it couldn't before, such as multi-page black HCFA forms. Finally, ClaimPack will empower Fortis Health to process significantly higher volumes of claims, reduce claims processing times and increase information capture accuracy.
"We're pleased ClaimPack surpassed Fortis Health's stringent processing requirements," said Jim Vickers, Captiva's chief marketing officer. "We're confident ClaimPack will streamline Fortis Health's entire claims processing practice, increase productivity and accelerate the company's ability to serve its one million customers."
ClaimPack is Captiva's claims processing software that automates data and image capture from complex paper and electronic HCFA and UB92 claim forms. Using the latest developments in scanning, image processing image processing
Set of computational techniques for analyzing, enhancing, compressing, and reconstructing images. Its main components are importing, in which an image is captured through scanning or digital photography; analysis and manipulation of the image, accomplished and optical character recognition optical character recognition (OCR), method for the machine-reading of typeset, typed, and, in some cases, hand-printed letters, numbers, and symbols using optical sensing and a computer. (OCR OCR
in full optical character recognition
Scanning and comparison technique intended to identify printed text or numerical data. It avoids the need to retype already printed material for data entry. ) technologies, ClaimPack automatically "reads" the information on these forms, analyzes, corrects and validates the data and enters it into enterprise workflow or database management systems. This streamlined process reduces manual data entry costs and processing times, increases the accuracy of the data collected and improves customer service.
About Fortis Health
Fortis Health is a national health insurance company developing and providing individual medical, small group, short term and student health insurance products, issued and underwritten by Fortis Insurance Co., John Alden John Alden (1599?–September 22 1687) was one of the Pilgrims who emigrated to America in 1620 on the Mayflower and founded the Plymouth Colony. He was originally hired by William Bradford and others to be their cooper. Life Insurance Co. and Fortis Benefits Insurance Co. In business since 1892, the company provides health insurance coverage for over one million people nationwide. With almost 3,000 employees, Fortis Health has headquarters in Milwaukee, Wis adv. 1. Certainly; really; indeed.
v. t. 1. To think; to suppose; to imagine; - used chiefly in the first person sing. present tense, I wis. See the Note under Ywis. ., and has operations offices in Minnesota, Idaho and Florida, as well as sales offices across the country. More information can be found at: http://www.etdbw.com/fh/fortishealth/index.jsp.
Fortis Health is part of Fortis Inc., a financial services The examples and perspective in this article or section may not represent a worldwide view of the subject.
Please [ improve this article] or discuss the issue on the talk page. company that, through its operating companies operating company
A business that engages in transactions with outsiders. and affiliates, has built leadership positions in a number of specialty insurance market segments. Fortis Inc. is part of Fortis, a financial services provider active in the fields of insurance, banking and investment. As of year-end, 2002, Fortis had total assets of approximately $500 billion. As one of the world's largest financial services companies, Fortis ranks 73rd based on revenues on the Fortune "Global 500" (July 21, 2003) and 40th based on revenues on Forbes' International 500 list (July 3, 2003). More information can be found at: http://www.us.fortis.com/index_flash.html.
About Captiva Software
Captiva Software Corp. (Nasdaq: CPTV) is a leading provider of input management software solutions. Since 1989, the company's award-winning products have been used to manage business critical information from paper, faxed and scanned forms and documents, Internet forms and XML XML
in full Extensible Markup Language.
Markup language developed to be a simplified and more structural version of SGML. It incorporates features of HTML (e.g., hypertext linking), but is designed to overcome some of HTML's limitations. data streams into the enterprise in a more accurate, timely and cost-effective manner. These products automate the processing of billions of forms and documents annually, converting their contents into information that is usable in database, document, content and other information management systems. Captiva's technology serves thousands of users in insurance, financial services, government, 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 , direct marketing and other markets. For more information, visit www.captivasoftware.com.
ClaimPack is a trademark of Captiva Software Corp. All other trademarks or registered trademarks are the property of their respective owners.
This press release may contain forward-looking statements forward-looking statement
A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. that involve risks and uncertainties, as well as assumptions that, if they prove incorrect, could cause our results to differ materially from those expressed or implied by such forward-looking statements. All statements other than statements of historical fact are statements that could be deemed forward-looking statements, including, among other things, any projections of earnings, revenues (including where the underlying contract has already been signed), or other financial items; any statements of the plans, strategies and objectives of management for future operations; any statements concerning proposed new products, services or developments; any statements regarding future economic conditions or performance; statements of belief and any statement of assumptions underlying any of the foregoing. The risks, uncertainties and assumptions referred to above include, among other things, performance of contracts by customers and partners; employee management issues; the timely development, production and acceptance of products and services and their feature sets; the challenge of managing asset levels, including inventory; the flow of products into third-party distribution channels; and the difficulty of keeping expense growth at modest levels while increasing revenues. Announcements of contract awards should not be interpreted as reflecting revenue in any particular period and may relate to revenue recorded in prior periods. These and other risks and factors that could cause events or our results to differ from those expressed or implied by such forward-looking statements are described in our most recent annual report on Form 10-K Form 10-K
A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information.
See 10-K. and quarterly reports on Form 10-Q Form 10-Q
See 10-Q. , as well as other subsequent filings with the Securities and Exchange Commission. We assume no obligation and do not intend to update these forward-looking statements.