Enhanced Security Capabilities Provide Greater Ability to Integrate with Business Applications; Higher Accuracy and Throughput Enable More Efficient Medical Claims Processes
SUNNYVALE, Calif - 2004-09-14 - Verity Inc. (NASDAQ: VRTY), a leading provider of enterprise software that enables organizations to maximize the return on their intellectual capital investment, today announced the availability of Verity® MediClaim™ 9.0, the latest version of the industry-leading high volume, high accuracy, medical claims processing content capture solution.
Verity MediClaim is a proven software solution that replaces the costly manual data entry of standardized healthcare information forms, such as HCFA 1500 and UB 92 with efficient paper-to-digital processing. This solution automates the processing of forms and documents, improving medical claims' throughput and productivity rates. Kaiser Permanente, UFCW Trust Funds, Blue Cross Blue Shield of Hawaii, and State of North Dakota are some of the clients who have standardized on Verity's MediClaim technology.
"MediClaim has been core to our business for more than two years," said Patricia Mathieu, director, information services at Southern California United Food and Commercial Workers (UFCW) Trust Funds. "Using MediClaim to process UB92 and HCFA forms, we have been able to significantly reduce processing and data entry costs. We immediately saw value in Verity's ease of use, giving us the ability to implement solutions quickly, enjoy rapid user adoption, and process a wide variety of form types with form identification features that have reduced processing time."
To better meet evolving customer strategies for deployment, and to make Verity MediClaim more flexible and customizable for application integration and scalability, the company has incorporated broad extensibility through Microsoft VBA (Visual Basic for Applications), tight integration with Microsoft SQL Server, and enhanced security capabilities in this new version.
"Verity MediClaim makes medical claims processing more efficient, allowing health care organizations to enhance customer satisfaction, increase throughput and capacity, and vastly improve accuracy and quality," said Anthony J. Bettencourt, Verity's president and CEO. "Our customers are very excited about the product's new security and accuracy features as well as its business benefits."
The new Verity MediClaim release includes enhancements that will allow the software to be distributed more efficiently across the enterprise, integrating with enterprise-level business applications more easily, securely, reliably and with better alpha-numeric and image recognition performance. The key improvements are:
• Integration with Microsoft SQL Server to let customers better utilize existing infrastructure to expand business applications and take advantage of the database's capabilities such as transactional rollback support and real-time replication and backup;
• Support of Microsoft VBA to facilitate easy customization of application-specific business rules while permitting enhanced script editing and debugging capabilities done within the familiar development interface of Visual Basic for Applications;
• Significant Security Enhancements that include expanded Microsoft LDAP support, password-protected PDF file exports, simplified integration with Single Sign On (SSO) solutions and strengthened protection for file transfers to ensure that sensitive document and batch data are not exposed to unauthorized users;
• Lower Total Cost of Ownership through enhanced manageability and high availability capabilities through MediClaim's modules for Reader and AutoMerge Publisher that can now be handled as Windows services; and
• Services-based implementation allows for centralized system management and reporting by IT. Integrated alerts automatically provide notification of process bottlenecks or throughput issues.
• Breakthrough in Recognition Accuracy and Throughput from higher performing RecoFlex multi-engine recognition technology that delivers clear improvements to hand-print (ICR), machine-print (OCR), check box (OMR), barcode, image pre-processing and lexical checking as well as fewer false positives and even fewer characters requiring review in the MediClaim Verifier.
• Enhanced RecoFlex compared to 8.2, MediClaim's last version release, delivers more than a 50% reduction in the number of operators that customers need to process the same amount of work.
About Verity
Headquartered in Sunnyvale, California, Verity provides software that enables organizations to maximize the return on their intellectual capital investment. The company's intellectual capital management (ICM) solutions provide integrated search, classification, recommendation, monitoring and analytics across the real-time flow of enterprise information, along with question and answer interfaces for effective online self-service. Other Verity ICM solutions capture content and drive automated business processes. Verity technology also serves as a core component of more than 260 applications from leading independent software vendors.
Verity software solutions are used by more than 11,500 customers in the private and public sectors. Customers include American Express, AT&T, Bristol-Myers Squibb, Cap Gemini Ernst & Young, Cardinal Health, Cisco Systems, EMC Documentum, Dow Jones, Financial Times, Hewlett-Packard, Lotus, Kaiser Permanente, META Group, SAP, Siemens, the State of California, Stellent, Sybase, and the U.S. Departments of Energy and Justice.
The statements in this press release regarding the benefits that Verity expects its customers will receive from Verity MediClaim v 9.0 are forward-looking statements. These statements are subject to risks and uncertainties, including the risk that: the benefits may not be obtained due to technical or other reasons; the structure of certain customers' organizations may not be conducive to realizing these benefits; and competitors may develop competing products that may be more functional or cost-effective, which could effect Verity MediClaim's market position. These and other risks relating to Verity and its business and products are set forth under the caption "Risks Relating to Our Operations" in Item 1 of Verity's Form 10-K filed with the United States Securities and Exchange Commission on August 13, 2004.
For more information, contact Verity at info@verity.com or at World Wide Web site http://www.verity.com or call 408-541-1500.
Verity and the Verity logo are registered trademarks or trademarks of Verity, Inc.
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