WELLINGTON, Fla., Nov. 25 The Quantum Group,Inc. (NYSE Alternext US: QGP) (www.QuantumMD.com), a solutions provider forthe healthcare industry, announced today that Quantum subsidiary RenaissanceAdministrative Solutions, Inc. (RASI) has received approval and a Certificateof Authority from the State of Florida to become a Third Party Administrator(TPA). RASI has been established to provide administrative claims processingservices to existing partners of the Company and to other potential payers inFlorida.
A TPA provides an outsourced solution to payers such as traditional HMOs,PPOs, governmental agencies and self insured employers. While the risk ofloss remains with the organization providing the insurance, the TPA offers thecapability to provide access to a credentialed delivery system of physicians,hospitals and other ancillary providers, plus manage the claims process whichmay include enrollment, payment, premium collection and other administrativeactivities.
Noel J. Guillama, President & CEO, commented, "We are extremely pleased toreceive approval of our application from the State of Florida and to mark theachievement of another major benchmark in our 2008 business plan. We will nowbe able to integrate the services of RASI into our menu of solutions as wecontinue our corporate mission to increase efficiencies in healthcareadministration for our partners by reducing redundancy, paperwork andminimizing waste. With the addition of RASI, we believe that our collectiveefforts will yield a higher quality of care for healthcare consumers."
Formally, Renaissance Administrative Solutions, Inc. (RASI) has executed aconsent order with the Florida Office of Insurance Regulation that has grantedRASI with a Certificate of Authority to act as an Insurance Administrator alsoreferred to as a Third Party Administrator (TPA) in the state of Florida. Theorder executed by The Quantum Group, Inc. (as ultimate parent), RenaissanceHealth Systems, Inc. (as parent) and RASI (as applicant) sets terms andconditions considered routine in the control and operation of RASI.
The Company expects initial TPA operations to begin January 1, 2009.
About Renaissance Administrative Services, Inc.
Renaissance Administrative Solutions, Inc., is dedicated to providingpayers, such as self-insured employers and managed care organizations (MCOs),in the state of Florida with a claims administration program that willexpedite payments to healthcare providers and enable organizations to managerisk, increase efficiencies and control health benefits costs while allowingpatients within their plans to have access to better quality, more costeffective healthcare.
About The Quantum Group, Inc.
The Quantum Group provides business process solutions, service chainmanagement, strategic consulting and leading edge technology innovations tothe healthcare industry.
Through our dynamic patient-centric architecture, we empower thecommunication that is critical for the coordination of care and take aim atthe $700 billion inefficiency gap in the United States healthcare industry. Weare guided by a mission to develop efficiencies, improve the quality ofpatient care and achieve cost reductions for the nation's largest and fastestgrowing industry.
We have developed leading-edge technology with the creation and deploymentof a series of innovative patent-pending initiatives. Through approximately2,000 healthcare providers and multiple insurance company relationships undermanagement, we are positioned to be a catalyst for change to the Floridahealthcare industry.
Certain statements contained in this news release, which are not based onhistorical facts, are forward-looking statements as the term is defined in thePrivate Securities Litigation Reform Act of 1995, and are subject tosubstantial uncertainties and risks in part detailed in the respectivecompany's Securities and Exchange Commission 10-KSB, 10-QSB, S-8 and 8-Kfilings (and amendments thereto) that may cause actual results to materiallydiffer from projections. Forward-looking statements can be identified by theuse of words such as "expects," "plans," "will," "may," "anticipates,""believes," "should," "intends," "estimates" and other words of similarmeaning. These statements are subject to risks and uncertainties that cannotbe predicted or quantified and, consequently, actual results may differmaterially from those expressed or implied by these forward-lookingstatements. Such risk factors include, without limitation, the ability of theCompany to properly execute its business model, to raise substantial andimmediate additional capital to implement its business model, to show 2008fiscal year revenues in the range discussed in this press release, to continuerevenue growth trend in fiscal year 2009, to attract and retain executive,management and operational personnel, to continue growing its patient base, tonegotiate favorable current debt and future capital raises, to negotiatefavorable agreements with a diversified provider base and to continue tosupply the services needed by its HMO clients as well as physician clients.The Company does not undertake any obligation to publicly update any forward-looking statements. As a result, investors should not place undue reliance onthese forward-looking statements.FOR MORE INFORMATION, PLEASE CONTACT: PR Financial Marketing Jim Blackman: 713-256-0369 email@example.com or The Quantum Group, Inc. Danielle Amodio: 561.798.9800 firstname.lastname@example.org
SOURCE The Quantum Group, Inc.