CALGARY, AB, Feb. 15, 2022 /CNW/ – Comprehensive Healthcare Systems Inc. (TSXV: CHS) (The “Company” Or “Chs“), An Industry Leader In Healthcare Benefits Administration Software And Data Analytics, Has Entered Into A Non-binding Letter Of Intent With Claimreturn Inc. (“Claimreturn“), Effective February 10, 2022 To Acquire Claimreturn Inc. (The “Transaction“), A San Diego, California-based Premier Artificial Intelligence (“Ai“) Provider In The Healthcare Analytics And Financial Recovery Space.
ClaimReturn uses advanced AI technology to drive down the cost of healthcare by rapidly analyzing an organization’s benefit plan and medical claims data. ClaimReturn provides payment integrity solutions for payers that want to maximize over-payment recovery, reduce improper payment waste, and promote the proper payment of medical claims. ClaimReturn works with third-party administrators (TPAs), self-administered plans, regional health plans, and insurance companies — as well as technology companies, medical providers, facilities, and carriers — to restore medical claims payment and pricing integrity.
“We’re pleased to partner with ClaimReturn. ClaimReturn complements the Comprehensive Healthcare Systems family of technology products and services,” said Chris Cosgrove, CHS President and CEO. “This transaction demonstrates our continued commitment to expanding our footprint in analytics, advanced technology, and data advancements in the healthcare industry. ClaimReturn’s capabilities will afford CHS the ability to continue to provide high-quality services to our clients nationwide. With healthcare claims in the US exceeding $1.2 trillion dollars per year, we see a continued market opportunity to help drive down the cost of healthcare. ClaimReturn shares our dedication to delivering technology-based healthcare payment and benchmarking services, and will allow us to forward our mission in developing technology and analytics that streamline the process for patients and consumers to better manage their healthcare.”
“We are excited to expand our market presence with this investment from Comprehensive Healthcare Systems,” said Kevin Tomkiel, ClaimReturn CEO and President. “As we look to the future of AI and healthcare analytics, the creation of this new partnership is second to none.”
A subsequent news release will be issued confirming the terms of the Transaction once determined.
About Comprehensive Healthcare Systems
Comprehensive Healthcare Systems Inc. is a corporation incorporated under the laws of the Province of Alberta and is the parent company of Comprehensive Healthcare Systems Inc. (Delaware). The Company is a vertically integrated software as a services (SaaS) company focused on digitizing healthcare with Telehealth and Healthcare Benefits Administration solutions, providing reliable and high-volume transaction capable systems. The Company’s state of the art HPS Novus Healthcare Welfare and Benefits Administration (HWBA) SaaS platform is used by clients for all aspects of healthcare benefit administration (including insurance companies, hospitals, doctors and labor unions, through various corporation in which the majority shareholder has controlling ownership), providing healthcare administrative software, licensing and maintenance services.
This news release contains certain “forward-looking information” and “forward-looking statements” (collectively referred to as “forward-looking statements“). These forward-looking statements relate to future events or the Company’s future performance. All statements other than statements of historical fact are forward-looking statements. Often, but not always, forward-looking statements can be identified by the use of words such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”, “continues”, “forecasts”, “projects”, “predicts”, “intends”, “anticipates” or “believes”, or variations of, or the negatives of, such words and phrases, or state that certain actions, events or results “may”, “could”, “would”, “should”, “might” or “will” be taken, occur or be achieved. Particularly, information regarding our expectations of future results, targets, performance achievements, prospects or opportunities is forward-looking information. Forward-looking statements in this news release include, but may not be limited to, statements about the expansion of the Company’s footprint in analytics and technology to streamline better healthcare and the use of artificial intelligence in the Company’s business.
Forward-looking statements are based on management’s assumptions as at the date the forward-looking statements are provided, including assumptions regarding: the Company’s management ability to execute its business strategy and the parties will satisfy all necessary conditions to complete the Transaction. Though management believes that its assumptions are reasonable in the circumstances, forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the Company’s actual results, performance, or achievements to differ materially from all or any of the future results, performance or achievements expressed or implied by forward-looking statements. Risk factors that could cause the Company’s actual results, performance, or achievements to differ from the forward-looking statements in this news release include but may not be limited to: the inability of the Company’s management to execute its business strategy, adverse or unexpected changes to regulatory regimes related to the medical industry, the ability of the Company and ClaimReturn to achieve all necessary approvals to complete the Transaction, and general market and economic risks. Accordingly, readers should not place undue reliance on forward-looking statements.
The Company undertakes no obligation to update these forward-looking statements, other than as required by applicable law.
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE Comprehensive Healthcare Systems Inc.
For further information: COMPREHENSIVE HEALTHCARE SYSTEMS INC., Mariam Cather, Chief Strategy Officer and Director, E-mail: email@example.com, Phone: 732-362-2000