Attention: Business and Financial Editors
Resolve Corporation (“Resolve”) (TSX: RBO.UN) and Health Claims for Auto Insurance Processing (“HCAI Processing”) announced today a three-year partnership that will see Resolve manage transcription of paper forms for a major new auto insurance health claims submission system (HCAI).
As of February 1, 2008, regulations from the Ontario government will require Ontario health care facilities to submit certain key forms to auto insurers (including invoices for health care services) through HCAI. Insurers will also be required to use HCAI to review and approve the forms. Although the system is designed for direct on-line submission and approval, the transcription service is being offered in order to make HCAI accessible to facilities without internet capabilities.
An initiative of Ontario auto insurers led by Insurance Bureau of Canada (IBC), HCAI was developed in consultation with various other stakeholders in the auto insurance system. The objective of the project is to improve the collection of auto insurance health claims data by requiring that all such claims be submitted through a Central Processing Agency (HCAI).
“The agreement with HCAI Processing gives Resolve the opportunity to further extend our range of service offerings, while leveraging our past experience and success in related industries,” said Lawrence Zimmering, President and CEO of Resolve. “This is an important industry initiative and we are very pleased to have been selected as a key servicing partner.”
The contract, with an initial 3 year term with multiple one year renewals, includes the data entry of claim forms, imaging, call centre, detailed reporting to the insurance carriers and the fulfillment of provider/facility welcome kits.
“We are confident that Resolve is the right choice to manage this channel of the initiative for us,” said Michael Smith, General Manager, HCAI Processing. “A proven track record in managing critical processes for high-profile clients in both the health care and insurance areas, along with a commitment to quality service, make Resolve a trusted partner for this important initiative.”
Resolve works with businesses as an outsourced resource taking on critical processes and managing them better, faster and more cost-effectively. We have over 35 years experience managing processes for Fortune 500 clients in the financial services, retail, government, consumer goods and communications industries. Headquartered in Toronto, Canada, Resolve employs more than 4,500 people in 29 locations and is listed on the Toronto Stock Exchange as Resolve Business Outsourcing Income Fund, symbol RBO.UN. For more information, visit www.resolve.com.
About Health Claims for Auto Insurance Processing (HCAI Processing)
HCAI Processing is a not-for-profit company entrusted with implementing and maintaining the Health Claims for Auto Insurance (HCAI) system. The organization has an independent Board of Directors comprised of representatives from the auto insurance and health care industries. For more information, visit www.hcaiinfo.ca.
CAUTIONARY STATEMENT ON FORWARD-LOOKING INFORMATION
This press release may include certain statements that constitute forward-looking information within the meaning of applicable securities laws. Such forward-looking information may involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of Resolve, or industry results, to be materially different from any future results, performance, achievements or opportunities expressed or implied by such forward-looking information. This forward-looking information includes estimates, forecasts and statements as to management’s and others’ expectations with respect to, among other things, growth strategies and the outlook for Resolve and the business process outsourcing industry and may use words such as “may”, “will”, “estimate”, “expect”, “anticipate”, “believe”, “intend”, “plan”, “could”, “continue” and other similar terminology. This information reflects current expectations regarding future events and operating performance and speaks only as of the date of this press release. Forward-looking information involves significant risks and uncertainties and should not be read as a guarantee of future performance or results and will not necessarily be an accurate indication of whether or not such results will be achieved. A number of factors could cause actual results to differ materially from the results discussed in the forward-looking information, including, but not limited to, loss of key customer contracts or reduction of services purchased by key customers, foreign exchange rates, increases in costs to Resolve that cannot be passed on to customers, disputes with key customers, competition, the ability of Resolve to manage operations and execute growth strategies, stability of internal and government information systems and technology, technological changes, the ability to maintain software licenses, changes in privacy laws, and risks inherent in bidding on government contracts. These risk factors are discussed in greater detail under “Risks” on page 14 of Resolve’s MD&A for the period ended December 31, 2006, which is available on SEDAR at www.sedar.com. Although the forward-looking information contained in this press release is based upon what management believes are reasonable assumptions, Resolve cannot assure that actual results will be consistent with this forward-looking information. This forward-looking information is made as of the date of this press release, and Resolve assumes no obligation to update or revise it to reflect new events or circumstances.
Contacts: Resolve Corporation John Nevins Director, Corporate Communications (905) 306-2642 Website: www.resolve.com Health Claims for Auto Insurance Processing Michael Smith General Manager (416) 644-3120 Website: www.hcaiinfo.ca
SOURCE: Resolve Business Outsourcing Income Fund