Zavata Announces Significant Growth in Healthcare Outsourcing New Business.ATLANTA -- Zavata, Inc., a provider of healthcare 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 (BPO BPO Business Process Outsourcing BPO Benevolent & Protective Order (of Elks of the USA) BPO Benzoyl Peroxide BPO Business Process Optimization BPO Broker Price Opinions BPO Buffalo Philharmonic Orchestra ) services, has announced a significant increase in its Payor Healthcare BPO division as a result of its continued growth through the acquisition of new customers and expansion of services within its existing customer base. Zavata's recently opened state-of-the-art center in Hyderbad will deliver the newly contracted business, resulting in anticipated employee growth of over 35% in the next six months. "Zavata's business momentum is extremely exciting for the Company and our existing employees, in a large part because it's a testament to the high quality of delivery of our BPO services to our existing customers," stated Satish Sanan, Executive Chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Zavata. "We are very pleased that several of our current Healthcare Payor customers have recognized our delivery expertise through awarding us an expansion of our scope of services. We are also thrilled to welcome our new customers to Zavata, and are confident that they will experience the same degree of satisfaction with the quality our services. This overall increase in Healthcare Payor business is the primary driver for our growth in the Hyderbad facility throughout 2006." The company has recently expanded its Hyderbad facility to meet these new business requirements and extensive recruitment is underway. Zavata's new customer contracts include a long-term agreement with one of the leading U.S. Managed Care Organizations to provide end-to-end, comprehensive BPO services. Additionally, Zavata has added two national Preferred Provider Organization's ("PPO's") as customers, providing provider database management services and has expanded the scope of our existing services with a leading PPO PPO abbr. preferred provider organization PPO Managed care Preferred provider organization, see there Infectious disease Pleuropneumonia-like organism, see there to include In- and Out-of-Network re-pricing. About Zavata Zavata provides Business Process Outsourcing (BPO) services and Enterprise Support solutions for the healthcare, insurance, and commercial enterprises industries. Zavata helps its customers improve their business performance and profitability by delivering guaranteed business process outsourcing services ranging from claims processing to technical help desk. By optimizing these knowledge intensive services, Zavata enables customers to focus on their core business. Headquartered in Atlanta, Georgia, Zavata was founded in 1995 and employs approximately 1,000 professionals internationally. Zavata's Technical Help Desk Outsourcing services have been recognized in Gartner Group's Magic Quadrant The Gartner Magic Quadrant is a proprietary research tool developed by Gartner Inc., a US based research and advisory firm. It is designed to provide an unbiased qualitative analysis of a “markets’ direction, maturity, and participants. of Help Desk Outsourcers for the third consecutive year. For more information, visit www.zavata.com. Financial Information In 2003, noted technology entrepreneur Satish Sanan, Mellon Ventures and BV-Cornerstone Ventures, LP (BV-CV) made a strategic investment in Zavata, Inc, formerly known as STI STI systolic time intervals. Knowledge, Inc. A year later, Zavata acquired HPS See Seer*HPS. Paradigm, Inc., to augment its healthcare administrative services. In mid-2004, additional funding was secured from WestBridge Capital Partners to strengthen the company's growth strategy. Zavata acquired Symphony Data based in Hyderabad, India, in February, 2005 to provide a blended-shore delivery model for customers and to further strengthen the company's BPO services to the healthcare marketplace, specifically to PPOs, HMOs, TPAs, and MGUs. In August of 2005, the Company acquired the Revenue Cycle Managed Services An umbrella term for third-party monitoring and maintaining of computers, networks and software. The actual equipment may be inhouse or at the third-party's facilities, but the "managed" implies an ongoing effort; for example, making sure the equipment is running at a certain quality division of Siemens Medical Health Services health services Managed care The benefits covered under a health contract , to establish its leading Healthcare Provider BPO practice. To date, the Company has raised approximately $80 million in equity financing Equity Financing The act of raising money for company activities by selling common or preferred stock to individual or institutional investors. In return for the money paid, shareholders receive ownership interests in the corporation. from its world-class Investors to fund its acquisition strategy. |
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