The Commonwealth of Pennsylvania, Department of Public Welfare, has awarded CGI (NYSE: GIB) (TSX: GIB.A) a contract renewal worth US$44.9 million, including a four-year base and two, two-year option periods, to help prevent, detect, deter, and correct provider improper payments within Pennsylvania’s Medicaid Medical Assistance (MA) program.
With enrollment in Pennsylvania’s MA program providing healthcare benefits to approximately 2.1 million people, the Department of Public Welfare requires constant, careful reviews to ensure that healthcare dollars are spent to provide quality medical services and not lost to improper payments. Under the contract, CGI will use its proprietary data mining software, the Customized Audit System (CAS), to conduct reviews of claims and records, identify over and underpayments for recovery, and provide support for appeals activities.
“We look forward to continuing our successful, 10-year partnership with the Department of Public Welfare,” said Nazzic Turner, Senior Vice-President and General Manager, U.S. Enterprise Markets, CGI. “CGI brings a 20-year track record of claims review success to the partnership, recovering nearly $69 million dollars in improper payments for Pennsylvania.”
Founded in 1976, CGI Group Inc. is one of the largest independent information technology and business process services firms in the world. CGI and its affiliated companies employ approximately 31,000 professionals. CGI provides end-to-end IT and business process services to clients worldwide from offices and centers of excellence in the United States, Canada, Europe and Asia Pacific. As at March 31, 2011, CGI's annualized revenue was approximately C$4.5 billion and its order backlog was approximately C$12.6 billion. CGI shares are listed on the NYSE (GIB) and the TSX (GIB.A) and are included in both the Dow Jones Sustainability Index and the FTSE4Good Index. Website: www.cgi.com.
Forward- Looking Statements
All statements in this press release that do not directly and exclusively relate to historical facts constitute “forward-looking statements” within the meaning of that term in Section 27A of the United States Securities Act of 1933, as amended, and Section 21E of the United States Securities Exchange Act of 1934, as amended, and are “forward-looking information” within the meaning of Canadian securities laws. These statements and this information represent CGI’s intentions, plans, expectations and beliefs, and are subject to risks, uncertainties and other factors, of which many are beyond the control of the Company. These factors could cause actual results to differ materially from such forward-looking statements or forward-looking information. These factors include but are not restricted to: the timing and size of new contracts; acquisitions and other corporate developments; the ability to attract and retain qualified members; market competition in the rapidly evolving IT industry; general economic and business conditions; foreign exchange and other risks identified in the press release, in CGI’s Annual Report on Form 40-F filed with the U.S. Securities and Exchange Commission (filed on EDGAR at www.sec.gov), the Company’s Annual Information Form filed with the Canadian securities authorities (filed on SEDAR at www.sedar.com), as well as assumptions regarding the foregoing. The words “believe,” “estimate,” “expect,” “intend,” “anticipate,” “foresee,” “plan,” and similar expressions and variations thereof, identify certain of such forward-looking statements or forward-looking information, which speak only as of the date on which they are made. In particular, statements relating to future performance are forward-looking statements and forward-looking information. CGI disclaims any intention or obligation to publicly update or revise any forward-looking statements or forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable law. Readers are cautioned not to place undue reliance on these forward-looking statements or on this forward-looking information. You will find more information about the risks that could cause our actual results to differ significantly from our current expectations in the Risks and Uncertainties section.
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