PRGX Awarded the District of Columbia's Department of Health Care Finance Medicaid Recovery Audit Contract
ATLANTA, Jan. 2, 2013 (GLOBE NEWSWIRE) -- PRGX Global, Inc. (Nasdaq: PRGX), the world's leading provider of recovery audit services and the pioneer in Profit Discovery™, today announced that it has been awarded the recovery audit contract for the District of Columbia's Medicaid program.
PRGX will perform a comprehensive recovery audit of Medicaid claims on behalf of the Department of Health Care Finance (DHCF). DHCF provides a multitude of services and benefits to more than 210,000 District of Columbia citizens at an annual cost of approximately $2 billion per year. PRGX will work to identify and recover payments, benefits or expenditures that have been erroneously processed. The initial term of the contract is one year, with up to four additional one-year optional contract extensions.
"We are pleased to add the District of Columbia Department of Health Care Finance to our list of Medicaid agency clients," said Christine Castelli, vice president and general manager PRGX Healthcare. "PRGX healthcare professionals are committed to providing exceptional client service and satisfaction while recovering erroneous payments. We are also dedicated to providing best practice recommendations for process improvements and look forward to working with the Department of Health Care Finance."
"The D.C. Medicaid award is yet another testament to our continued penetration of the healthcare claims recovery audit market," said Romil Bahl, PRGX president and CEO. "We look forward to serving the Department of Health Care Finance and delivering best-in-class savings with minimal provider appeals," added Bahl.
About PRGX Global, Inc.
Headquartered in Atlanta, Georgia, PRGX Global, Inc. is the world's leading provider of recovery audit services. With over 1,600 employees, the Company operates and serves clients in more than 30 countries and provides its services to over 75% of the top 30 global retailers. PRGX is also pioneering Profit Discovery, a unique combination of audit, analytics and advisory services that improves client financial performance. For additional information, please visit PRGX at www.prgx.com.
In addition to historical information, this press release includes certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include both implied and express statements regarding the Company's financial condition, growth strategy, business development efforts, service offerings and service delivery models, and penetration of the healthcare claims recovery audit market. Such forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company to differ materially from the historical results or from any results expressed or implied by such forward-looking statements. Risks that could affect the Company's future performance include revenues that do not meet expectations or justify costs incurred, the Company's ability to develop material sources of new revenue in addition to revenues from its core accounts payable recovery audit services, changes in the market for the Company's services, the Company's ability to retain and attract qualified personnel, changes to Medicare and Medicaid recovery audit contractor programs, the Company's ability to integrate recent and future acquisitions, uncertainty in the credit markets, the Company's ability to maintain compliance with its financial covenants, client bankruptcies, loss of major clients, and other risks generally applicable to the Company's business. For a discussion of other risk factors that may impact the Company's business, please see the Company's filings with the Securities and Exchange Commission, including its Form 10-K filed on March 15, 2012. The Company disclaims any obligation or duty to update or modify these forward-looking statements.