PHX Honored by NJBIZ at New Jersey's Top Fifty Fastest Growing Companies Awards Ceremony

Online, November 23, 2009 (Newswire.com) - NJBIZ, New Jersey's leading statewide business newspaper, announced and honored the top fifty businesses that have made significant contributions to the growth, strength and success of New Jersey during the New Jersey's Fifty Fastest Growing Companies award ceremony held at The Palace in Somerset Park on Monday, November 16, 2009. In the state of New Jersey, PHX ranks as the 37th fastest growing company from over 2000 entries received. The PHX senior management team was in attendance at the event to accept this honor on behalf of the entire company.

"We are incredibly honored to have been recognized as one of New Jersey's Fastest Growing Companies. This award is a testament to our strong commitment to create a business model not only based on profitability, but one that positively impacts companies that administer healthcare transactions by creating groundbreaking business solutions and well-defined strategies for healthcare cost containment," said Robert C. Malone, President & CEO of PHX.

In order to be eligible for nomination, companies needed to show revenue of at least $500,000 in each

of the fiscal years ending 2005, 2006, 2007 and 2008 and show revenue growth in 2008, as compared to 2005 (a four year period). Eligible companies were to be for-profit entities headquartered in New Jersey.

Presenting sponsor, Rothstein Kass, calculated the nominations and then ranked the companies according to revenue growth over the four-year period of 2005-2008. Both dollar and percentage increases were taken into consideration. This ranking formula led to recognition of the 2009 New Jersey's Fifty Fastest Growing Companies consisting of both large and small companies.

About PHX

PHX delivers advanced cost management solutions for health plans. The company combines claim processing automation with professional services to deliver a centralized approach to cost management, increasing savings in both the near and long term while dramatically reducing errors and turnaround time. The firm's solutions are used by a number of the industry's leading insurance companies, Health Maintenance Organizations (HMOs), and Third Party Administrators (TPAs). Services included in the PHX solution include bill review and audit, secondary repricing/claims negotiations, fraud and abuse detection, and health benefits trend analysis and reporting. All services are handled in-house for maximum privacy and legal and regulatory compliance. PHX also supplies full technology implementation, training and support for quick, seamless integration into any organization. Visit www.phx-online.com for more information. Contact: Clara Pachomski (888) 311-3505 x267 [email protected]

About NJ BIZ

NJBIZ, New Jersey's only weekly business journal covering the entire state, was founded in 1987. The publication has received numerous statewide and national awards including the 2006 Most Improved Award from the Alliance of Area Business Publications. Visit www.njbiz.com Contact: Sarah Spangler (732) 246-5713 [email protected]