ICF Selected for $88 Million Agreement to Support CMS Digital Modernization Work

Rhea-AI Summary

ICF (NASDAQ:ICFI) has been awarded an $88 million subcontract to modernize and execute the Centers for Medicare and Medicaid Services (CMS) Quality Payment Program (QPP). The contract spans nearly five years and aims to enhance QPP's functionality, improve customer experience, and reduce administrative burdens on clinicians.

As a leader in data modernization solutions, ICF has managed over 5,000 cloud instances for more than 100 enterprise cloud projects across U.S. federal agencies. The company combines domain expertise with advanced technologies to help federal agencies design efficient technology solutions. ICF's team includes 2,000 technologists and 4,000 industry experts in various fields, working with an ecosystem of over 30 platform partners.

Positive

• Awarded $88 million subcontract for CMS Quality Payment Program modernization
• Contract term of nearly five years, providing stable revenue stream
• Expertise in cloud computing and data modernization solutions
• Managed over 5,000 cloud instances for 100+ enterprise cloud projects
• Large team of 2,000 technologists and 4,000 industry experts

Negative

• None.

News Market Reaction – ICFI

%

1 alert

% News Effect

On the day this news was published, ICFI declined NaN%, reflecting a moderate negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

Cloud Data Migration Will Optimize Healthcare Delivery and Patient Care

RESTON, Va., July 18, 2024 /PRNewswire/ -- ICF (NASDAQ:ICFI), a global consulting and technology services provider, was recently awarded a new subcontract to continue modernizing and executing the Centers for Medicare and Medicaid Services (CMS) Quality Payment Program (QPP). The contract has a value of $88 million and a term of nearly five years, including a six-month base, four one-year option periods and one four-month option period.

ICF's services will enhance QPP's functionality, improve customer experience and reduce administrative burdens on clinicians, allowing for more time spent on person-centered care and improving health outcomes.

"Along with CMS, we are committed to transforming the way healthcare is delivered in order to improve patient outcomes," said James Morgan, ICF chief operating officer. "Cloud computing, coupled with a deep knowledge of the CMS mission, the healthcare system and the ability to quickly analyze big data sets, creates a powerful solution that provides clinicians with the actionable information they need to deliver more personalized patient care."

A leader in data modernization solutions, ICF has managed and supported over 5,000 cloud instances for over 100 enterprise cloud projects across U.S. federal agencies. With hundreds of technology certifications and accreditations, the company has extensive experience implementing a full range of cloud capabilities from cloud operations, artificial intelligence (AI), machine learning (ML), cloud native development, cloud infrastructure, application modernization and migration, data sharing and more.

ICF combines deep domain expertise with leading-edge technologies, advanced analytics and human-centered practices to help federal agencies design technology solutions that reduce time-to-value. The company's over 2,000 technologists work hand-in-hand with over 4,000 industry experts in climate, energy, public health and more and an expansive ecosystem of over 30 platform partners to rapidly deliver scalable technology solutions that accelerate mission readiness, improve mission outcomes and achieve a step change in productivity.

Read more about ICF's digital modernization services and cloud solutions.

About ICF
ICF is a global consulting and technology services company with approximately 9,000 employees, but we are not your typical consultants. At ICF, business analysts and policy specialists work together with digital strategists, data scientists and creatives. We combine unmatched industry expertise with cutting-edge engagement capabilities to help organizations solve their most complex challenges. Since 1969, public and private sector clients have worked with ICF to navigate change and shape the future. Learn more at icf.com.

Caution Concerning Forward-looking Statements
Statements that are not historical facts and involve known and unknown risks and uncertainties are "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. Such statements may concern our current expectations about our future results, plans, operations and prospects and involve certain risks, including those related to the government contracting industry generally; our particular business, including our dependence on contracts with U.S. federal government agencies; our ability to acquire and successfully integrate businesses; and various risks and uncertainties related to health epidemics, pandemics, and similar outbreaks. These and other factors that could cause our actual results to differ from those indicated in forward-looking statements that are included in the "Risk Factors" section of our securities filings with the Securities and Exchange Commission. The forward-looking statements included herein are only made as of the date hereof, and we specifically disclaim any obligation to update these statements in the future.

Contact: Lauren Dyke, lauren.dyke@ICF.com, +1.571.373.5577

View original content to download multimedia:https://www.prnewswire.com/news-releases/icf-selected-for-88-million-agreement-to-support-cms-digital-modernization-work-302201028.html

SOURCE ICF

FAQ

What is the value and duration of ICF's new subcontract with CMS?

ICF (NASDAQ:ICFI) was awarded a subcontract valued at $88 million with a term of nearly five years, including a six-month base, four one-year option periods, and one four-month option period.

What is the purpose of ICF's work for the CMS Quality Payment Program?

ICF's work aims to modernize and execute the CMS Quality Payment Program (QPP), enhancing its functionality, improving customer experience, and reducing administrative burdens on clinicians to allow more time for patient-centered care.

How many cloud instances and enterprise cloud projects has ICF managed?

ICF has managed and supported over 5,000 cloud instances for more than 100 enterprise cloud projects across U.S. federal agencies.

How many technologists and industry experts does ICF employ?

ICF employs over 2,000 technologists who work alongside more than 4,000 industry experts in various fields such as climate, energy, and public health.