Key Developments For HMS Holdings Corp.
HMS Holdings Corp. (HMSY.O) (Nasdaq)
HMS Holdings Corp. Raises FY 2009 Outlook; Issues FY 2010 Revenue Outlook Above Analysts' Estimates; Issues FY 2010 Mixed Earnings Outlook
HMS Holdings Corp. raised its fiscal 2009 outlook and expects revenue of $228.5 million from the previous range of $222.0 million, adjusted EBITDA of $70.4 million, from the previous range of $67.5 million and fully diluted earnings per share (EPS) of $1.08, from the previous range of $1.05. For fiscal 2010, it expects revenue to grow to $280.5 million, adjusted EBITDA to increase to $83.8 million and fully diluted EPS to increase to $1.34. According to Reuters Estimates, analysts were expecting the Company to report revenues of $223.0 million, EBITDA of $66.7 million and EPS of $1.06 for fiscal 2009 and revenues of $266.4 million, EBITDA of $81.1 million and EPS of $1.37 for fiscal 2010.
Illinois Awards Program Integrity Contract To HMS Holdings Corp.
HMS Holdings Corp. announced that the Illinois Department of Healthcare and Family Services had awarded the company a two year contract to provide onsite post payment review of hospital Diagnosis Related Group (DRG) services in the Upstate Region. The scope of work will be performed by Permedion, Inc., the Company's wholly owned subsidiary. The Company will support the state's goal of consistent review of hospital claims for program compliance. The Company will generate recoveries and cost savings to help safeguard Medicaid's services against unnecessary and/or inappropriate payments, and will testify at administrative, civil, or criminal proceedings where warranted.
University of Massachusetts Medical School On Behalf of Executive Office of Health And Human Services Awards Utilization Review Contract To HMS Holdings Corp.
HMS Holdings Corp. announced that the University of Massachusetts Medical School on behalf of the Executive Office of Health and Human Services (EHS) Office of Medicaid has awarded a contract to Permedion, Inc., the Company's wholly owned subsidiary, to provide utilization management of inpatient and outpatient services rendered to members of MassHealth. MassHealth is the Massachusetts Medicaid program. The Company will review services provided to members at acute care hospitals and clinics, including medical and surgical services, for medical necessity as well as appropriateness and cost effectiveness of setting. The contract is for a three year term, and may be renewed for an additional two-year period at the discretion of EHS.
HMS Holdings Corp. Acquires IntegriGuard LLC
HMS Holdings Corp. announced that it has acquired the business of IntegriGuard LLC, an ISO-certified and URAC-accredited organization devoted to the prevention and detection of fraud, waste, and abuse in the healthcare system. The company is based in Omaha, Nebraska and will operate as a wholly-owned subsidiary of HMS Holdings Corp. The purchase price was $5.25 million paid in cash.
HMS Holdings Corp. Announces Award of Third Party Liability Services Contract By Minnesota
HMS Holdings Corp. announced that it had been awarded a contract by the Minnesota Department of Human Services (DHS) to provide additional third party liability services.
