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Alamo,
CA – October 16, 2003 – Valley Oak Systems, Inc. (VOS), a
national provider of claims management software, services and support, has recently been
recognized by five organizations for its outstanding growth – 738% in the last five
years – and for its innovative browser-based claims management system iVOS™.
Valley Oak Systems has experienced tremendous growth due to the company’s offering of
the “next” generation of claims management technology and its philosophy of
total customer satisfaction. iVOS is the leading browser-based claims management system,
specifically designed to run over the Internet. Middleware products are not required,
making it a cost-effective and secure Internet application model. Due to the diligent work
in client satisfaction and the quality of the technology they offer, Valley Oak has
recently received the following recognitions:
- Named for the second year in a row to the Inc. 500, Inc. Magazine’s ranking
of the fastest-growing private companies in the country (#231 in 2003). The Inc. 500
Special Issue will appear on newsstands October 14 and will be on display until January
2004.
- #314 on the 2003 Deloitte Technology Fast 500; a ranking of the 500 fastest
growing technology companies in North America.
- 9th of the 100 fastest-growing private companies in the Bay Area, according to
the San Francisco Business Times;
- Rated one of the top 10 entrants by AM Best's E-Fusion award committee for
outstanding, resourceful use of Internet technology directly related to the business of
insurance; and
- 11th out of 50 of the fastest-growing private companies, according to the East
Bay Business Times.
“The entrepreneurs you’ll find on the Inc. 500 have the type of
attitude we need to get this economy moving again, “ said Inc. Editor-in-Chief John
Koten. “For them, a tough market is not an excuse for poor performance, but an
opportunity to innovate and rise about the competition.”
“Attracting enough customers to maintain triple digit growth over five years makes a
strong statement about the quality of a company's product and its leadership,” said
Mark Evans, national managing partner of Deloitte's Technology, Media and
Telecommunications Group. “Valley Oak Systems has shown the right stuff for
growth.”
“While Valley Oak ‘s technology is equipped to manage the claims process in many
lines of property and casualty insurance, most of our clients are grappling with
significant cost increases in workers' compensation,” said Randy Wheeler, CEO of
Valley Oak Systems, Inc. “Self-insured employers and carriers are turning to
browser-based claims technology to tighten management over their workers comp claims
process. We've partnered with clients who want to reduce their workers' comp costs by as
much as 30 percent.”
Workers comp costs have risen 50 percent in the last three years, according to the
Insurance Information Institute, primarily due to a 125 percent increase in medical costs
per workers comp claim and a 23 percent increase in indemnity benefits. These statistics
reveal the magnitude of the workers’ comp problem, and the need for technology
solutions like iVOS to help improve claims processing efficiency; reduce and prevent
injuries, improve return-to-work outcomes, and enable rapid claims responses.
“Although these awards and recognitions are a tremendous honor, the greatest
validation for our browser-based claims system is our high level of customer
satisfaction,” said Bob Faulhaber, President of Valley Oak Systems. “We have
never lost a client. Our role has always been to critically listen to clients, and
strategically plan how they can leverage and customize our technology to meet their
business goals and objectives. As a result, our customers view us as a strategic partner
in achieving their risk management goals.”
About iVOS
iVOS is a browser-based, single-system solution, that integrates claims management with
bill review software and services for multiple lines of insurance. The system is highly
configurable and can be customized to meet any organization’s needs, by incorporating
claims best practices, optimizing the efficiency of claims personnel, and enabling
organizations to effectively reduce risks and potential losses. Valley Oak supports EDI
(IAIABC) for state reporting requirements, document imaging, forms and letter generation
for all jurisdictions as well as client-defined correspondence. The system has standard
interfaces with PRDP, ISO ClaimSearch® (Index Bureau), employee, accounts payable,
medical bill review, and other existing internal and external systems using Web services
as well as legacy batch systems.
About Valley Oak Systems, Inc.
Valley Oak Systems, Inc. is a privately held corporation with headquarters in San Ramon,
California. Founded in 1994, Valley Oak Systems has relied on the industry experience of
its founders to provide high-quality, cost effective solutions for the claims
administration industry. Valley Oak Systems is dedicated to providing the highest quality
software, services, and support to enable their clients to meet their goals. The company
ranks #231 on the 2003 Inc 500 list of fastest-growing private companies. For more
information, go to www.valleyoak.com, or call 925-242-4600.
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