Monday, January 19th 2004
Kryptiq Corporation Acquires T.H.I.S. Computer Solution, Inc.
Kryptiq Provides Transparency to Contract Management for US Health Insurance Providers
PORTLAND, Ore — January 19, 2004 — Kryptiq Corp., a leading provider of secure messaging and healthcare workflow automation platforms, announced today that it has acquired T.H.I.S. Computer Solution, Inc., a Vancouver, Washington software company. This acquisition is Kryptiq’s third in six months and dramatically expands its product offering to address the needs of healthcare insurers.
T.H.I.S. Computer Solution’s primary product, the Provider Contract Automated Database (PCAD), offers an enterprise-wide, end-to-end solution for contract management within HMOs and other healthcare insurers. Developed in conjunction with Regence BlueCross BlueShield of Oregon and BlueCross and BlueShield of Minnesota, PCAD helps insurers transition away from highly problematic, paper-based methods of contract management.
Paper contracts are expensive to maintain and are frequently misplaced, slowing corporate negotiations, auditing, and analysis. Contracts are critically important to bottom-line business in healthcare and most organizations lack a formal way to electronically manage the contract life-cycle. According to Gartner, a research and advisory firm, a single capital-intensive enterprise with more than 60,000 contracts under management can extend more than 60 percent of active service contracts by default. Because of this, Gartner predicts the contract management market to be $20 Billion by 2007.
“This acquisition gives Kryptiq a real and significant presence in the US healthcare payer market. Health insurance companies manage thousands of contracts with providers on an ongoing basis and struggle to keep track of contracts and their revision histories", said Luis Machuca, chief executive officer for Kryptiq Corporation. “PCAD simplifies the process and makes it more reliable by maintaining all contract information electronically. It makes everyone involved more productive and delivers substantial cost savings.”
PCAD manages the entire contract management process electronically and allows any contract to be rapidly located, enabling insurers to comply with federal legislation such as HIPAA and the Sarbanes-Oxley Act. The solution tracks revision histories to ensure contracts are managed properly and provides assessment tools that improve the control and visibility of contractual relationships.
T.H.I.S. Computer Solution’s employees will join the Kryptiq team. Since its incorporation in 1990, T.H.I.S customers have included Regence BlueCross BlueShield of Oregon, Blue Cross and Blue Shield of Minnesota, Intel, Tektronix, Synopsys, Kyocera, Hewlett Packard, MCI-Worldcom, Dow Chemical, US Forest Service, Fort James, United States Geological Survey, and over 400 other companies in the Pacific Northwest. T.H.I.S. was recognized as one of the Top 100 Fastest Growing Private Companies in both 1997 and 1998 by the Portland Business Journal and the Puget Sound Business Journal.
“Kryptiq and T.H.I.S. are both passionate about serving the healthcare industry”, said Brian Lloyd, president of T.H.I.S. Computer Solution. “Combining PCAD with the Kryptiq RosettaStone Gateway creates an impressive solution for contract management in healthcare that will make payers and providers more efficient. We’re really happy to join the Kryptiq team.”
About Kryptiq Corporation
Kryptiq provides secure messaging, clinical workflow automation and contract management solutions for streamlining healthcare communications among providers, patients, and payers. Kryptiq adds security and workflow components to the existing email infrastructure to enable trusted transport of health information across organizations and between users and databases. Kryptiq solves real business problems by providing increased access to data and automating the movement of health information where and when it is needed. For more information, visit the company on the Web at http://www.kryptiq.com/.
About T.H.I.S. Computer Solution, Inc.
T.H.I.S. is an enterprise contract management software platform provider. T.H.I.S. has developed PCAD, a suite of powerful contract management tools that specifically meets the needs of US Health Insurers, in collaboration with the Regence BlueCross BlueShield Group of Oregon, Washington, Idaho and Utah, and at Blue Cross and Blue Shield of Minnesota. Since its incorporation in 1990, T.H.I.S has been retained on National projects by such clients as Intel, Tektronix, Synopsys, Kyocera, Hewlett Packard, MCI-Worldcom, Dow Chemical, US Forest Service, Regence BlueCross BlueShield of Oregon, Blue Cross and Blue Shield of Minnesota, Fort James, United States Geological Survey, and over 400 other companies in the Pacific Northwest.
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For more information, press only:
Lisa MacKenzie
MacKenzie Marketing Group
lisam@mackenzie-marketing.com
(503) 225-0725
