ADVFN Logo ADVFN

We could not find any results for:
Make sure your spelling is correct or try broadening your search.

Trending Now

Toplists

It looks like you aren't logged in.
Click the button below to log in and view your recent history.

Hot Features

Registration Strip Icon for monitor Customisable watchlists with full streaming quotes from leading exchanges, such as LSE, NASDAQ, NYSE, AMEX, Bovespa, BIT and more.

OCE Open EC Technologies

0.00
0.00 (0.00%)
Last Updated: -
Delayed by 15 minutes
Share Name Share Symbol Market Type
Open EC Technologies TSXV:OCE TSX Venture Common Stock
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 0 -

Open EC Softcare Signs Recurring Revenue Agreement With Gen4 for Healthcare Plan Benefit Enrolment Processing.

12/05/2011 7:24pm

Marketwired Canada


Open EC Technologies, Inc. ("Open EC" or the "Company") (TSX VENTURE:OCE) is
pleased to announce its subsidiary, SoftCare EC Solutions Inc., has executed a
revenue development agreement with Gen4 Solutions, LLC ("Gen4") in Washington
D.C. to offer a recurring revenue based Electronic HealthCare Benefit Enrolment
Solution for the processing of Employer/Employee member health plan enrolments. 


Under the agreement Gen4 will exclusively use the SoftCare Electronic Enrolment
Solutions integrated to its Software as a Service (SaaS) based, Gen4 Agency
Management System for the implementation, support and operations of their
Electronic Data Interchange (EDI) HealthCare Benefit Enrolment requirements with
Insurance Carriers, Brokers, Employers and Government Agencies. 


Gen4 will supply the SoftCare's EDI HealthCare Benefit Enrolment add-on to their
existing 1,800 Insurance Broker customers and will market a stand-alone
"Enrolment Engine" for general health plan enrolment applications. The parties
will share in the recurring subscription fees generated from the Gen4 customers
and additional stand-alone enrolment solutions.


Joshua Cameron, Director of Sales at Gen4 states: "This excellent strategic fit
with SoftCare will strengthen our market position as the leading Benefit
Management Solution company. With the addition of SoftCare's advanced HIPAA EDI
software technology for Electronic Health Benefit Enrolments, our Broker
customers, their thousands of employers and millions of employees, will benefit
with this joint solution to manage their Health plan enrolments electronically,
reducing the paperwork, errors and additional costs of health plan management."


In addition, SoftCare will also have the right to market the joint Gen4
Enrollment Solution to Employers, Preferred Provider Organizations, Third Party
Administrators, HMOs and Government Health programs as a general HIPAA EDI
Enrolment solution for the HealthCare Industry under its SoftCare brand.


Martyn Armstrong, CEO of Open EC states: "SoftCare's revenue development
agreement with Gen4 will position our Company to offer HealthCare Plan Benefit
Enrolment processing services to Gen4 customers that will directly strengthen
our recurring subscription services and continue to grow our market share in the
US HealthCare Industry. Our business plan is to aggressively grow our base of
HealthCare processing subscription services by offering highly beneficial
solutions like the combination of our TradeLink HIPAA Compliant EDI Enrolment
solution integrated to the Gen4 Benefit Administration Solutions."


In the United States the majority of the Employer Group Health Plans are
marketed through the Broker Industry.


Approximately 69% of US Employers offer Health Plans to their employees, the
average annual premiums for employer-sponsored health insurance in 2010 are
$5,049 for single coverage and $13,770 for family coverage. 


About Gen4 Solutions, LLC 

Gen4 is the nation's leading provider of web-based management systems for both
the Individual Life and Group Benefits industries. Gen4 delivers innovative and
cost effective agency and broker management systems to companies of all sizes
across the country. Headquartered in the Washington D.C. metro area, Gen4 has
branch locations and distribution partners throughout the United States.
(www.gen4systems.com )


About Open EC Technologies, Inc. 

Open EC is a TSX Venture Exchange listed company. Its subsidiary, SoftCare EC
Solutions Inc. is an e-business software, services and solution provider.
SoftCare's OpenEC(R) TradeLink e-business software includes solutions for
Electronic Data Interchange (EDI), Healthcare Interoperability and Business
Process Management. The Company sells the OpenEC(R) products and solutions to
the healthcare, financial services and retail supply chain in North America. The
company has a growing focus on turnkey solutions for US Healthcare Information
Technology Reforms funded by the US Federal Government ARRA programs for
Healthcare IT Interoperable mandates. Additional product and solution
information is available on the web at www.SoftCareHealthcare.com,
www.iPlexus.net and www.softcare.com and additional public company information
is available on the web at www.openec.com. The Company's common shares trade on
the TSX Venture Exchange under the symbol: OCE.


ON BEHALF OF THE BOARD

Martyn A. Armstrong, President and CEO

Further information about the Company can be found on SEDAR (www.sedar.com) or
by contacting Mr. Martyn A. Armstrong, President & CEO of the Company 


The TSX Venture Exchange does not accept responsibility for the adequacy or
accuracy of this release. This news release may contain forward-looking
statements within the meaning of The Private Securities Litigation Reform Act of
1995. Forward-looking statements address future events and conditions and
therefore, involve inherent risks and uncertainties. Actual results may differ
materially from those currently anticipated in such statements.


1 Year Open EC Technologies Chart

1 Year Open EC Technologies Chart

1 Month Open EC Technologies Chart

1 Month Open EC Technologies Chart

Your Recent History

Delayed Upgrade Clock