Comprehensive Healthcare Systems Lands NYC-Based Client for Streamlined Healthcare Benefits Administration

Comprehensive Healthcare Systems Inc. has secured a 5-year recurring revenue agreement with a prominent NYC union, onboarding over 3,000 insured lives to the CHS Novus360 Platform. The client will implement Novus360 and Utilization Management Solutions to streamline healthcare benefits administration. Novus360 is a fully integrated benefits administration and technology services solution that digitizes plan administration through an accessible, user-friendly, and secure platform.

Comprehensive Healthcare Systems Inc. (CHS), a leading provider of healthcare benefits administration software and services, has announced a significant expansion of its client portfolio. The company has secured a 5-year recurring revenue agreement with a prominent New York City union, onboarding over 3,000 insured lives to the CHS Novus360 Platform [1].

The new client will implement CHS's innovative Novus360 platform and award-winning Utilization Management Solutions to streamline the administration of their healthcare benefits. Novus360 is a fully integrated benefits administration and technology services solution that digitizes plan administration through an accessible, user-friendly, and secure platform [1].

Utilization management (UM) is a systematic process in healthcare that evaluates the necessity, appropriateness, and efficiency of medical services, procedures, and facilities provided to patients. Its primary goal is to ensure that patients receive the most suitable, cost-effective care at the right time, while also controlling healthcare costs and maintaining or improving quality of care [1].

The partnership with the NYC union represents a strategic move for CHS, which is focused on digitizing healthcare with its Healthcare Benefits Administration solutions. The company's state-of-the-art Novus360 Healthcare Welfare and Benefits Administration (HWBA) SaaS platform is used by clients for all aspects of healthcare benefits administration, including self-funded employers, providers, and labor unions [1].

The agreement is part of CHS's ongoing commitment to attract, retain, and motivate talented professionals who are essential to the company's continued growth and success. The company has granted 1,190,000 Restricted Stock Units (RSUs) and 50,000 incentive stock options to various employees, officers, directors, and consultants [1].

The stock incentive grants are subject to the receipt of any necessary regulatory approvals, including approval from the TSX Venture Exchange. Additionally, the company has cancelled an aggregate of 6,200,000 stock options to better reflect the current capital structure of the company and to issue RSUs [1].

References:
[1] https://www.newsfilecorp.com/release/256562