HERAE Precision Health Care Payments & Solstas Lab Partners: A New Beneficial Partnership
05/10/2012

HERAE and Solstas Lab Partners have entered into a 3 year contract for Payment Automation services. These services will include ERA (835) normalization and reconciliation of ERA’s and associated EFT’s

Online PR News – 10-May-2012 – San Diego, CA – Herae LLC is pleased to announce a new partnership with Solstas lab Partners in Greensboro NC. HERAE and Solstas Lab Partners have entered into a 3 year contract for Payment Automation services. These services will include ERA (835) normalization and reconciliation of ERA’s and associated EFT’s. With this decision, Solstas Lab Partners will directly benefit from reduced operational expenses and increased efficiencies within their Revenue Cycle operations exceeding over $400,000 annually.

HERAE PRECISION HEALTH CARE PAYMENTS Company Overview

HERAE (the “Company” or “HERAE”) is a technology leader in healthcare payment services. The Company’s proprietary technology securely connects payers, PBMs, pharmacies, healthcare providers and systems, and financial institutions with standardized electronic financial healthcare transactions that eliminate paper and significantly reduce administrative costs. HERAE’s technology-based paperless process has been implemented and operationalized by healthcare payers, PBMs, hospitals and pharmacies. HERAE also distributes its private label or co-branded solution through financial institutions and value added resellers (VARs) throughout the United States.

HERAE

The HERAE system automates payment re-association, electronically connects providers to payers, standardizes electronic 835 transactions into Medicare compliant formats, and facilitates electronic funds transfers (EFTs). Healthcare payers and providers replace paper-based processes with a more resource and cost efficient electronic version using HERAE. The Company’s HIPAA-compliant solution is delivered through a SaaS model.

HERAE FACTS AND FIGURES
• Founded: 2004
• Market: healthcare payments & Data Automation
• Verticals: Providers, Payers, PBMs, Channel Partners
• Technology: Java-based
• Revenue Model: Setup, Tiered-Based License Fees, Maintenance
• HIPAA Compliant, EHNAC Certified

HERAE PRECISION HEALTH CARE PAYMENTS Background

HERAE has developed an automated, learning-capable transaction processing engine that provides the last mile of payment automation and reconciliation to seamlessly connect payers, providers and the banking community. The market opportunity for HERAE’s solution is significant. In 2009, there were approximately eight billion remittance claim payment transactions processed in the U.S., representing approximately $2.5 trillion in financial payments. Approximately 90% of all claim payment transactions remain largely paper-based, creating a significant opportunity to reduce costs and increase efficiency for payers and providers alike.

The 2010 healthcare reform bill mandates that 100% of transactions be EFT-compliant by January 1, 2014. The Company’s solution is currently operating in the market today and is already compliant with the EFT mandate. HERAE has solved the complexities involved in determining the standards, technology, scalability, and accuracy requirements necessary to handle billions of transactions between payers, providers, and the banking community. A potential buyer will benefit from the years of learning that have accrued to HERAE’s technology platform, providing it a new, scalable product suite to sell into its target customer base.

About Solstas lab Partners
Solstas Lab Partners is one of the largest and fastest-growing full-service laboratories in the U.S., serving 10 states throughout the Northeast, Mid-Atlantic and Southern regions, as well as the District of Columbia. It supports the unique needs of clients and their patients with a full range of clinical, anatomic pathology and esoteric testing services. Its mission is to create value in patient care through provider-focused delivery of clinical information and diagnostic services. To learn more, visit www.solstas.com

For More Information
Editors: Mr. Mark Starr is available for comment or interview at 980-252-2377. Also please visit www.HERAE.com or contact us directly Herae Corporate offices at 858-866-1044 for any additional information

HERAE (the “Company” or “HERAE”) is a technology leader in healthcare payment services. The Company’s proprietary technology securely connects payers, PBMs, pharmacies, healthcare providers and systems, and financial institutions with standardized electronic financial healthcare transactions that eliminate paper and significantly reduce administrative costs. HERAE’s technology-based paperless process has been implemented and operationalized by healthcare payers, PBMs, hospitals and pharmacies. HERAE also distributes its private label or co-branded solution through financial institutions and value added resellers (VARs) throughout the United States.

The HERAE system automates payment re-association, electronically connects providers to payers, standardizes electronic 835 transactions into Medicare compliant formats, and facilitates electronic funds transfers (EFTs). Healthcare payers and providers replace paper-based processes with a more resource and cost efficient electronic version using HERAE. The Company’s HIPAA-compliant solution is delivered through a SaaS model.

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