U.S. County Affordable Health Insurance Provider Invests Nearly $1.0 Million in Kofax Software

Kofax^® Limited (NASDAQ and LSE: KFX), a leading provider of smart process applications that simplify and transform the First Mile™ of customer engagement, today announced that one of the largest U.S. county affordable health insurance providers has invested $945,000 in Kofax Capture™, Kofax Transformation Modules™, Kofax Analytics for Capture™ and Kofax Medical Claims Add-on Pack™ to speed payments, improve compliance and reduce costs.

The insurer will use the Kofax solution to bring previously outsourced functions in house and automate the processing of more than 800,000 medical claims and related documents annually. The solution will improve regulatory compliance by automatically identifying Medicare versus non-Medicare claims and utilize applicable business rules to ensure process accuracy. The customer plans to expand its Kofax solution across the entire organization to ultimately process more than 10 million pages of information a year.

"This customer selected Kofax based on our domain expertise, superior accuracy and processing speed," said Howard Dratler, Executive Vice President of Field Operations at Kofax. "While its primary objective was to improve compliance, this customer quickly realized that Kofax’s solution could also deliver a major boost to its operational efficiency."

Kofax Capture provides industry leading scan-to-archive capabilities by scanning documents and forms to create digital images, extracting index data for retrieval purposes and delivering the images and associated data to a variety of repositories and applications.

Kofax Transformation Modules is an integrated platform of applications that streamline the transformation of different document types into structured electronic information, ready for delivery into business systems and processes.

The Kofax Medical Claims Add-on Pack is designed for Kofax Transformation Modules to support the standard CMS 1500 and UB-04 claims forms. It automatically detects and classifies the different types of claims forms, including the CMS 1500 (05/08), CMS 1500 (02/12) and UB-04 forms, and uses a variety of image registration techniques, OCR engines and data locators to automatically read and extract data from any of 170 to 400 potentially populated fields on the CMS 1500 and UB-04 forms. The Add-on Pack enables validation workers to quickly review or correct missing or invalid data and to accept, escalate or deny claims as appropriate.

Kofax Analytics for Capture provides intelligent dashboards for increasing the effectiveness of Kofax capture software. It is an interactive visualization tool that delivers process intelligence and comprehensive insight into system performance, accuracy and productivity, enabling administrators to improve efficiencies and system throughput.

This sale closed in the second quarter of Kofax's fiscal year 2015 and totaled more than $550,000 in software license and $380,000 in maintenance and professional services.

About Kofax

Kofax is a leading provider of smart process applications to simplify and transform the First Mile of customer engagement. Success in the First Mile can dramatically improve the customer experience, greatly reduce operating costs and increase competitiveness, growth and profitability. Kofax software and solutions provide a rapid return on investment to more than 20,000 customers in financial services, insurance, government, healthcare, supply chain, business process outsourcing and other markets. Kofax delivers these through its direct sales and service organization, and a global network of more than 800 authorized partners in more than 75 countries throughout the Americas, EMEA and Asia Pacific. For more information, visit kofax.com.

© 2015 Kofax Limited. Kofax is a registered trademark and First Mile, Kofax Capture, Kofax Transformation Modules, Kofax Medical Claims Add-on Pack and Kofax Analytics for Capture are trademarks of Kofax Limited.

Source: Kofax