HCL Selected by Blue Cross and Blue Shield Association (BCBSA) as Vendor for ICD 10 Transition
Sunnyvale, Calif. /Noida, India –July 28th, 2011 – HCL Technologies Ltd. (HCL), a leading global IT services provider, today announced it has been chosen by the Blue Cross and Blue Shield Association (BCBSA) to be part of a national purchasing arrangement for the ICD-10 transition. Through this arrangement, HCL’s products and service capabilities will be available to the 39 independent Blue Cross and Blue Shield companies across the country.
The ICD transition is one of the many paradigms of the healthcare industry that is changing in the complicated processes of healthcare reform. The transition to ICD-10 (the 10th revision of coding put out by the International Statistical Classification of Diseases and Related Health Problems) goes into effect in October, 2013. This unfunded mandate will put heavy financial and operational burdens on payer organizations and impact Payers’ ability to accurately process and pay claims. “The transition to ICD-10 will have an enormous impact on both payer and provider organizations. Not only will their coding sets change, but also their interfaces and reports used in clinical, financial and quality analysis, organization training needs etc. These organizations need to start preparing today,” said Pradep Nair, Senior Vice President for Healthcare, HCL Technologies. “HCL is pleased to offer tools to help insurance companies prepare well for the healthcare reform-related changes and ensure a smooth, timely and successful transition to ICD-10, he added." HCL Technologies’ Healthcare Practice is one of the fastest growing business verticals for the company. Leading pharmaceutical companies, healthcare payers, and healthcare providers turn to the HCL’s Healthcare Practice for domain expertise-driven information management, compliance solutions, and future-ready business process optimization. The Healthcare practice consists of 1,800+ associates who provide solutions and services to the healthcare industry, across the globe. Additional information can be found at: http://www.hcltech.com/healthcare/. About HCL Technologies HCL Technologies is a leading global IT services company, working with clients in the areas that impact and redefine the core of their businesses. Since its inception into the global landscape after its IPO in 1999, HCL focuses on ‘transformational outsourcing’, underlined by innovation and value creation, and offers integrated portfolio of services including software-led IT solutions, remote infrastructure management, engineering and R&D services and BPO. HCL leverages its extensive global offshore infrastructure and network of offices in 26 countries to provide holistic, multi-service delivery in key industry verticals including Financial Services, Manufacturing, Consumer Services, Public Services and Healthcare. HCL takes pride in its philosophy of ‘Employees First, Customers Second’ which empowers our 77,046 transformers to create a real value for the customers. HCL Technologies, along with its subsidiaries, had consolidated revenues of US$ 3.5 billion (Rs. 16,034 crores), as on 30 June 2011 (on LTM basis). For more information, please visit www.hcltech.com About HCL HCL is a $5.9 billion leading global technology and IT enterprise comprising two companies listed in India – HCL Technologies and HCL Infosystems. Founded in 1976, HCL is one of India's original IT garage start-ups. A pioneer of modern computing, HCL is a global transformational enterprise today. Its range of offerings includes product engineering, custom & package applications, BPO, IT infrastructure services, IT hardware, systems integration, and distribution of information and communications technology (ICT) products across a wide range of focused industry verticals. The HCL team consists of over 80,000 professionals of diverse nationalities, who operate from 31 countries including over 500 points of presence in India. HCL has partnerships with several leading global 1000 firms, including leading IT and technology firms. For more information, please visit www.hcl.com About Blue Cross Blue Shield Association The Blue Cross and Blue Shield Association is a national federation of 39 independent, community-based and locally-operated Blue Cross and Blue Shield companies that collectively provide healthcare coverage for more than 99 million members - one-in-three Americans. For more information on the Blue Cross and Blue Shield Association and its member companies, please visit www.BCBS.com Forward-looking Statements Certain statements in this release are forward-looking statements, which involve a number of risks, uncertainties,assumptions and other factors that could cause actual results to differ materially from those in such forward-looking statements. All statements, other than statements of historical fact are statements that could be deemed forward looking statements, including but not limited to the statements containing the words 'planned', 'expects', 'believes’, ‘strategy', 'opportunity', 'anticipates', 'hopes' or other similar words. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding impact of pending regulatory proceedings, fluctuations in earnings, our ability to manage growth, intense competition in IT services, BusinessProcess Outsourcing and consulting services including those factors which may affect our cost advantage, wage increases in India, customer acceptances of our services, products and fee structures, our ability to attract and retain highly skilled professionals, our ability to integrate acquired assets in a cost effective and timely manner, time and cost overruns on fixed-price, fixed-time frame contracts, client concentration, restrictions on immigration, our ability to manage our international operations, reduced demand for technology in our key focus areas, disruptions in telecommunication networks, our ability to successfully complete and integrate potential acquisitions, the success of our brand development efforts, liability for damages on our service contracts, the success of the companies /entities in which we have made strategic investments, withdrawal of governmental fiscal incentives, political instability, legal restrictions on raising capital or acquiring companies outside India, and unauthorized use of our intellectual property, other risks, uncertainties and general economic conditions affecting our industry. There can be no assurance that the forward looking statements made herein will prove to be accurate, and issuance of such forward looking statements should not be regarded as a representation by the Company, or any other person, that the objective and plans of the Company will be achieved. All forward looking statements made herein are based on information presently available to the management of the Company and the Company does not undertake to update any forward-looking statement that may be made from time to time by or on behalf of the Company. For More Information, Contact: Avena Suri HCL America Inc. Avena.email@example.com 949-310-7209 Danielle Millerick ThinkMedia PARTNERS for HCL Technologies firstname.lastname@example.org 978-740-1013