Majority-Owned Adaptis Offshore Provider Continues Growth Trend
Tēla Closes 2006 with significant growth and kicks off 2007 with signing of 2 new clients
February 26, 2007
Seattle, WA – Adaptis, a leading provider of Business Process Integration solutions for health payers, today announced that its majority-ownership stake in privately-held Tēla Sourcing Inc., headquartered in Baltimore, MD, is paying off in continued year-over-year growth. So far this year Tēla has signed two new three-year business process outsourcing contracts. In 2006 Tēla increased its client base to 23 (from 13 in 2005), and expanded its existing multi-year work order contracts from 18 in 2005 to 47 in 2006. One of the new 2007 contracts is with a leading Michigan-based provider of third party administration (TPA) services, serving the needs of mid-size to large employers. The other is a Texas-based TPA that provides coverage services for workers compensation, property, liability and special risks. Tēla is providing claims processing and pre-adjudication services to both new clients and additional adjudication services to one of the clients. Their prestigious client list includes leading healthcare management companies such as Blue Cross organizational subsidiaries, HMOs, PPOs, TPAs and credentialing organizations nationwide and in Canada.
Brij Sharma, CEO of Tēla Sourcing, Inc., attributes the Company’s tremendous growth to a track record of exceptionally high performance service delivery and ability to execute on client needs for consistent high quality and real cost savings. Sharma stated, “Tēla’s clients receive very efficient and cost-effective service with optimum resource use and advanced technology. Our clients realize results through the gain of significant efficiencies in their processes, with many achieving cost-savings of 30-50%. Tēla’s use of OCR-based technology combines a highly efficient recognition capability with advanced tools to apply validations and client business rules, and as a result, our clients are seeing significantly improved auto-adjudication rates.” Tēla’s work order expansions and glowing references reflect the satisfaction clients have with Tēla services and the company’s willingness to increase their service commitments over time. Sharma added, “In 2007 we will continue to make customer service a priority and expect another year of significant growth as more health payers look for U.S.-based partners to oversee their expansion into offshore claims processing in addition to other higher value services.”
As the cost of healthcare rises from $1.5 trillion in 2002 to a projected $2.6 trillion in 2010, health plans will face increasing pressure on already limited resources. Offshore BPO, leveraging technology and cost-effective resources, can save health plans in excess of 40% of total administrative costs. These significant savings can lead to better allocation of capital and resources for pressing business needs.
According to Jim Anderson, Adaptis Chief Executive Officer and Tēla Chairman of the Board, “The healthcare industry is showing growing realization that a combination of onshore and offshore solutions are needed to gain the quality and cost improvements to be competitive and this validates our unique flexible approach of offering any combination of these services to our clients.” The Adaptis solution portfolio includes onshore and offshore claims management, in addition to medical management, subrogation, credentialing, pharmacy benefit management, data collection and reporting for health outcomes studies, including HEDIS®, and real-time online claims submission. Anderson added, “We are very proud of the quality and value that Tēla provides our clients and the broader market. Market acceptance of offshore services continues to increase and Tēla stands ready to serve those clients with not only front-end claims processing, but with high value services such as claims adjudication.”
