CTG Announces Four Major Healthcare IT Contracts
BUFFALO, N.Y., June 29, 2012 /PRNewswire/ -- CTG (NASDAQ: CTGX), an IT solutions and services company, announced today the award of four contracts totaling $16 million in revenue over a two-year period. The new projects include:
- A two-year application management outsourcing engagement for a major university-affiliated children's hospital.
- Business process re-engineering and application implementation services for a regional health insurer for HealthEdge, a leading enterprise-class software vendor for healthcare payers
- A two-year project to expand CTG's IT medical management model for a healthcare provider organization
- A one-year consulting engagement to provide implementation support for a statewide health information exchange (HIE)
"While anticipated, we are pleased to see these four major projects move from our pipeline to billable work," said James R. Boldt, CTG chairman and chief executive officer. "These new engagements also reflect that growth in our healthcare business is coming from multiple, diverse sources. This latest HIE project brings us into a new state and builds on the work we have already done for state and regional HIEs. The medical management tool is part of our comprehensive suite of analytics solutions for healthcare providers and payers that support better and lower cost healthcare. The new payer project expands our HealthEdge vendor practice to three large health insurers. CTG is a HealthEdge partner and based on the growing popularity of HealthEdge's HealthRules suite as an enterprise-class software platform for healthcare payers, we see significant additional growth opportunity for new health payer business."
Mr. Boldt added, "The new outsourcing engagement supports the maintenance of multiple outgoing and ongoing provider applications. Application management outsourcing is already a significant part of CTG's healthcare business and we see further growth in this area as more healthcare organizations move toward permanently outsourcing some of their application portfolio."
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