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Exela Technologies, Inc. (XELA) shares rallied 127.27% in the current market after the new venture announcement

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Exela Technologies, Inc. (XELA) today  March 9, 2021, announced a $90 million project for the next 10 years which compromises blending automation technologies, SaaS, and services through its PCH Global platform. The XELA launched its PCH platform in September 2020. The new venture will boost the digital transformation process for the major US health insurance company and is a part of the strategic relationship which included over $28 million in revenue in 2020.

The above-mentioned project is new in the healthcare industry and for Exela too. Exela will deploy its digital platform PCH Global, on the sites and in the cloud to fulfil healthcare needs. The project involves the complete processing of complex health insurance claims and it will also provide the multi-channel correspondence between the insurance company and their provider and member networks. The new PCH Global platform will also power the integrated data fabric used for discovering patterns, health platform monitoring and also use analytical data for the launch of new services for Exela’s customers.

Exela planning is to move the existing and future healthcare customers to PCH Global’s cloud network so that customers and health insurance companies can get more scalability and business protection. Exela has a huge setup of data scientists with extreme data processing capabilities which are powered by neural networks.

Exela’s President, Suresh Yannamani said that the combination of our technology with global service delivery and industry expertise makes us a leader in enrollments, complex claims processing, appeals and grievance management and payment solutions. He further said that their PCH Global system is a complete payment integrity solution for the insurance industry and it is capable of handling everything from claims ingestion and validation, to correspondence, adjudication and payments

The stock price for Exela Technologies

In the pre-current session on Tuesday, March 9, Xela stock is going up and it is up by 127.27% as I am writing. Yesterday, on March 8, the stock price was also increased ant it closed at $1.65. the recent news took the stock price up in the pre-market session.

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