OHE
26/02/2016 08:30
GENERAL
PRICE SENSITIVE
REL: 0830 HRS Orion Health Group Limited
GENERAL: OHE: Orion Health Partners with Cognizant
Orion Health partners with Cognizant,
the largest US health insurance software vendor
Auckland, New Zealand--Orion Health (OHE:NZX/ASX) has today signed an
agreement with the Cognizant Group (NASDAQ: CTSH), a leading global provider
of information technology, consulting, and business process services,
enabling Cognizant to deploy Orion Health's open data platform Amadeus. In
addition, Cognizant will be a preferred systems integration partner of Orion
Health in the U.S.
Cognizant's healthcare technology solutions touch over half of the U.S.'s
insured population and reach more than 260,000 providers. Cognizant is a
Fortune 500 company with presence in over 40 countries, annual revenue of
more than $17.9 billion (US $12 billion), and 221,000 employees. Cognizant's
healthcare practice has been consistently ranked among the top 5 on the
Healthcare Informatics Top 100. The company serves 16 of the top 20
healthcare insurers in the U.S., 28 of the top 30 global pharmaceutical
companies, 9 of the top 10 biotech companies, and 12 of the top 15 medical
device companies.
Ian McCrae, Orion Health CEO, says Cognizant's market position is strong
globally and unrivalled in the U.S. insurance sector.
"We are delighted to be collaborating with this world-leading technology
provider," he says.
"Under the agreement Cognizant will OEM Orion Health's Amadeus Precision
Medicine platform and other products such as its Rhapsody Integration Engine.
It is a global arrangement but the major focus of the partnership will be the
U.S. healthcare insurance market."
Krish Venkat, President, Healthcare and Life Sciences at Cognizant, says,
"Cognizant is developing a new digital healthcare platform - Cognizant Health
TranZform(TM) - that will digitally transform all aspects of the care
continuum. Orion Health was chosen because this relationship leverages Orion
Health's deep clinical technology heritage and portfolio," Mr Venkat says.
"By combining Orion Health's leading capabilities with Cognizant's deep
insurance expertise and scale, we will be able to build comprehensive
healthcare solutions that enable insurers and providers to more efficiently
and effectively address complex digital processes at the right time and right
place. It will also enable insurers and providers to engage and empower
consumers to make more informed decisions about their care and ultimately
drive better healthcare outcomes."
Mr McCrae says the partnership is a significant opportunity for Orion Health.
"Cognizant is deploying an impressive suite of new applications for the U.S.
market and we are excited to be the preferred partner to provide an
underlying platform for this initiative."
"The U.S. health system is moving to the practice of precision medicine
because the current model of healthcare is unsustainable. This creates a
significant opportunity for both Orion Health and Cognizant to bring
innovative solutions to the market."
"Orion Health is well-placed to take advantage of this transformation in
healthcare with the launch of the Amadeus platform, as this relationship with
Cognizant demonstrates. We look forward to working with Cognizant to help
healthcare organisations to address complex challenges around improving
quality, lowering costs, and delivering a differentiated consumer
experience."
Mr. McCrae says the combined solution will be sold as a subscription service,
increasing the company's recurring revenue, which will lead to greater
ongoing cash flow.
"Currently Orion Health's software manages over 90 million patient health
records worldwide. This includes 44 million U.S. patient health records,
which makes up around 14% of the U.S. population. It is our stated goal to
manage over 20% of a country's patient health records in strategic markets as
we believe this cements our position in that market. The Cognizant
partnership announced today will enable us to fast-track our goal in the U.S.
much sooner than previously forecast," Mr. McCrae says.
ends
For more information:
For Investor Relations enquiries
Graeme Wilson
Chief Operating Officer
+64 21 101 3631
[email protected]
For media enquiries
Sarah Putt
Corporate Marketing Manager
+64 21 610 592
[email protected]
About Orion Health
Orion Health (NZX:OHE) is a technology company that provides solutions which
enable healthcare to over 90 million patients in more than 25 countries. Its
open technology platform seamlessly integrates all forms of relevant data to
enable population and personalised healthcare around the world. The company
employs over 1250 people globally and is committed to continual innovation,
investing over 30% of total operating revenue year to date in research and
development, to cement its position at the forefront of Precision Medicine.
For more information visit www.orionhealth.com
About Cognizant
Cognizant (NASDAQ: CTSH) is a leading provider of information technology,
consulting, and business process outsourcing services, dedicated to helping
the world's leading companies build stronger businesses. Headquartered in
Teaneck, New Jersey (U.S.), Cognizant combines a passion for client
satisfaction, technology innovation, deep industry and business process
expertise, and a global, collaborative workforce that embodies the future of
work. With over 100 development and delivery centers worldwide and
approximately 221,700 employees as of December 31, 2015, Cognizant is a
member of the NASDAQ-100, the S&P 500, the Forbes Global 2000, and the
Fortune 500 and is ranked among the top performing and fastest growing
companies in the world. Visit us online at www.cognizant.com or follow us on
Twitter: Cognizant.
End CA:00278344 For:OHE Type:GENERAL Time:2016-02-26 08:30:26
