Tier Signs New Contracts Expanding Its HIPAA Practice and Insurance Markets.Business Editors WALNUT CREEK Walnut Creek, residential city (1990 pop. 60,569), Contra Costa co., W Calif., in the San Francisco Bay area; inc. 1914. It is the trade and shipping center of an extensive agricultural area where walnuts are among the major product. , Calif.--(BUSINESS WIRE)--July 23, 2001 Adds HIPAA (Health Insurance Portability & Accountability Act of 1996, Public Law 104-191) Also known as the "Kennedy-Kassebaum Act," this U.S. law protects employees' health insurance coverage when they change or lose their jobs (Title I) and provides standards for patient health, Privacy Assessment Engagement for Healthcare Provider and Expands Business Process Reengineering See reengineering. Project for Major Life Insurer's Retirement Services Division Tier Technologies, Inc. (Nasdaq: TIER) announced two new expanded contracts in its Commercial Services business unit. Tier previously announced on November 16, 2000 that it had been engaged to perform an initial HIPAA scoping engagement for a major US Healthcare client. Tier has recently been awarded an additional $700,000 engagement to bring this healthcare client into HIPAA compliance readiness through a gap analysis and implementation planning Operational planning associated with the conduct of a continuing operation, campaign, or war to attain defined objectives. At the national level, it includes the development of strategy and the assignment of strategic tasks to the combatant commanders. engagement. Tier will assess compliance readiness and PHI (protected health information protected health information Health informatics Any individually identifiable health informatlon that is used or circulated by an entity that falls under the governance of HIPAA; the privacy regulations mandate safeguards for protected health information, and the ) in several departments and functional divisions, including State Functions, Government Programs and Direct Markets for this client. With this recent contract award, Tier has been engaged to deliver approximately $900,000 in total HIPAA-related consulting services to this healthcare client. In its insurance vertical market, Tier will implement a performance management system into selected departments of the retirement services division of a major life insurance company. After completing the initial assessment and design work, Tier was selected to assist in various phases of the implementation. This latest engagement will include the development of service metrics for partner management, and the continued development of a point of sale signature document. This recent contract award brings the total project value to over $600,000 for this insurance client. "These additions in our Commercial Services business unit demonstrate the value of our domain expertise and vertical market strategy, " said James L. Bildner, Tier's Chief Executive Officer. "In an extremely challenging market, we continue to see evidence of our clients' willingness to partner with Tier in their efforts to meet federal and state compliance mandates and to invest in projects that provide bottom line value to their ongoing operations." ABOUT TIER Tier is a vertically-focused global consulting firm Noun 1. consulting firm - a firm of experts providing professional advice to an organization for a fee consulting company business firm, firm, house - the members of a business organization that owns or operates one or more establishments; "he worked for a that provides business and information technology consulting Information technology consulting (IT consulting or business and technology services) is a field that focuses on advising businesses on how best to use information technology to meet their business objectives. , application development including e-commerce, software engineering services, vertical application service centers, systems and technology training, 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 business process re-engineering See reengineering. (business) Business Process Re-engineering - (BPR) Any radical change in the way in which an organisation performs its business activities. BPR involves a fundamental re-think of the business processes followed by a redesign of business activities to for its clients. Tier brings specific industry knowledge, proven delivery capability and proprietary applications to its client relationships. The combination of expertise and capability allow Tier to provide solutions that link increased operating efficiencies with systems and technology improvements. Tier serves Fortune 1000 companies and government entities through its offices in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. , Australia, and the United Kingdom. This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements include, but are not limited to, the Company's ability to build its presence in its core vertical markets, the development of the Company's services and markets, future demand for the Company's services, and other statements regarding matters that are not historical facts. Such forward-looking statements involve risks and uncertainties; consequently, actual results may differ materially from those expressed or implied thereby. Factors that could affect actual results include risks associated with the failure to obtain new contracts or contract renewals; failure to achieve anticipated gross margin levels with respect to individual contracts; the possible termination of projects by major clients or strategic partners; variations in the timing, initiation or completion of client assignments; unanticipated costs incurred in projects; unanticipated claims as a result of project performance; the Company's dependence on a limited number of large clients; the Company's ability to recruit, train and retain consultants and key personnel; the Company's ability to effectively manage growth and acquisitions; risks associated with rapid technological advances; risks associated with international operations Internal Operations (I.O., IO or I/O) is a fictional American Intelligence Agency in Wildstorm comics. It was originally called International Operations. I.O. first appeared in WildC.A.T.S. volume 1 #1 (August, 1992) and was created by Brandon Choi and Jim Lee. , including unanticipated unfavorable changes in exchange rates; the failure of the Company's marketing and branding efforts to achieve expected results; and other risk factors listed from time to time in the Company's filings and reports with the Securities and Exchange Commission, including the Company's 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. Form 10-K See 10-K. for the year ended September 30, 2000, and it's most recent Quarterly Report on Form 10-Q Form 10-Q See 10-Q. . The forward-looking statements contained in this press release are made as of the date hereof, and the Company does not assume any obligation to update these statements or the reasons why actual results could differ materially from those projected in these statements. Tier...Expect A Lot(sm) |
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