Payformance completes sale of corporate payments division

March 13, 2008
Company now dedicated solely to health care.

JACKSONVILLE, Florida--Payformance Corporation has completed sale of its corporate division to SunGard.

Headquartered in Wayne, Pa., SunGard provides software and processing solutions for financial services, higher education and the public sector. The sale completes Payformance's transition to a health-care only services company.

Recognized as one of the nation's leading providers of Electronic Funds Transfer and Electronic Remittance Advice solutions, Payformance will continue to provide EFT and ERA services, as well as related healthcare solutions.

"This is a great day for Payformance because we're now fully focused on the healthcare industry," said Dwayne L. McAfee, president and CEO of Payformance Corporation. "We believe this transaction is a sound business decision. We are excited to continue efforts to bring optimal claim settlement solutions to payers and providers, reducing costs significantly for both parties."

Payformance's vision is to improve all aspects of payer and provider communications within the claim settlement process. In line with this vision, Payformance is prepared to support the settlement requirements of Real Time Adjudication, helping the industry realize the benefits sought from RTA.

"Payformance is positioned to tackle the most complex settlement challenges facing the healthcare industry, including those surrounding RTA," said Lynn Carroll, Chief Operating Officer of Payformance Corporation. "The PaySpan Health solution provides the capabilities required to settle RTA claims between payers and providers."

Key statistics
* Payformance provides settlement services to 11 healthcare payers

* More than 24,000 providers have accepted invitations from payers and utilize PaySpan Health

* More than 175 million claims will be settled through the PaySpan Health service in 2008

* Nearly $30 billion of claims will be settled through PaySpan Health

Learn more at Payformance Corporation.

To read more about the company, go to Payformance Corporation.