Healthia Awards KARVY Global Services the Contract for Data Processing in the Healthcare Industry
Hyderabad, India and Sunnyvale, CA — (January 24, 2006) — KARVY Global Services Limited, the Business Process and Knowledge Process Outsourcing subsidiary of KARVY, the largest non-banking financial institution in India, today officially launched its Transaction Processing Outsourcing (TPO) unit with the announcement of its first client in the healthcare industry.
The Client, Healthia, is the U.S.A.’s first integrated comparison-shopping portal for healthcare products and services. Today Healthia is launching a comprehensive website (www.healthia.com) that allows businesses and consumers to research and rate health insurance plans, Health Savings Accounts (HSAs) and doctors across North America. Healthia’s portal will save American consumers thousands of dollars by providing information consumers need to “shop around” for health services.
According to terms of the agreement, KARVY Global Services is building a Healthcare Savings Account (HSA) and health insurance plan database for Healthia, a US-based comparison-shopping portal for healthcare and HSA service providers.
“More and more companies are recognizing the value for outsourcing their transaction processing services,” said ARthur Flew, CEO of KARVY Global Services. “With our team’s deep experience in the healthcare and insurance industries, working with companies such as Aetna, Blue Cross Blue Shield and New York Life, it only made sense to concentrate on this market as our next area of focus. We are very proud to announce Healthia as our first client in this area.”
KARVY Global Services’ Transaction Processing Outsourcing (TPO) unit covers the entire spectrum of back office processing for insurance services ranging from policy administration to claims processing for life (including pensions and annuities) and non-life (property and casualty) policies. Services include policy administration services (endorsements, cancellations, renewals, expirations), billing services (premiums, invoicing, payment plans, reconciliation), recovery services (subrogation, premium and dues collection) as well as audit and reporting services (reviews, statement audits, data management, statutory and regulatory reporting).
About KARVY Global Services
KARVY Global Services Limited is the Business Process (BPO) and Knowledge Process Outsourcing (KPO) subsidiary, of KARVY, the largest non-banking financial services institution in India. KARVY is ranked in India as the number one registrar, the number two depository participant, one of the top five brokers and the number five investment bank.
With a combined capacity of 3200 seats, KARVY Global Services provides a full range of services including Finance and Accounting Outsourcing (FAO — process management, end-to-end accounting, taxation, analysis and reporting), Transaction Processing Outsourcing (TPO — data capture, data processing, administration, customer services), Knowledge Processing Outsourcing (KPO) investment analytics, CRM analytics, SCM analytics, market research), Human Resources Outsourcing (HRO — payroll management, benefit management, records management, compliance and reporting) and Voice and Technology Support Services (inbound calling, outbound calling, transcription and technology support). KGS has its India headquarters and three operations centers in Hyderabad, India, and its U.S. headquarters in New York City with offices in India, New York, California, London and Toronto. Additional information on KARVY Global Services can be found at www.KARVYGlobal.com.
Healthia (www.healthia.com) is the U.S.A.’s first practical comparison-shopping website for healthcare products and services. Healthia’s comprehensive website lets businesses and consumers research, rate and shop for insurance plans, health savings accounts and doctors across North America. Funded by Bessemer Venture Partners and founded by industry veterans from WebMD and Valicert, Healthia can save the average American consumer thousands of dollars by helping them “shop around” for healthcare — just like they do for other big expenditures.