Certive Announces New Hospital Client

Rhea-AI Summary

Certive Solutions Inc. (OTCQB:CTVEF) has announced a major contract through its subsidiary Omega Technology Solutions. Omega will provide Lost Charge Recovery services to a substantial hospital system in the Eastern U.S., which generates nearly $3.7 billion in annual net patient revenue. Certive estimates this partnership could yield approximately $4.6 million in revenue over five years. The client includes five hospitals, all rated 5-star by CMS, and has expressed interest in additional services. CEO Tom Marreel indicated this could enhance profitability by the second fiscal quarter.

Positive

• New contract with a hospital system generating $3.7B in annual net patient revenue.
• Estimated revenue of $4.6 million from the five-year contract.
• Client hospitals rated 5 stars by CMS, indicating high-quality performance.
• Potential for client interest in additional service offerings.

Negative

• None.

SCOTTSDALE, AZ and VANCOUVER, BC / ACCESSWIRE / July 16, 2021 / Certive Solutions Inc. (OTCQB:CTVEF)(CSE:CBP) ("Certive" or the "Company") is pleased to report the following:

New Hospital Client - Certive is pleased to announce that its subsidiary, Omega Technology Solutions Inc., ("Omega") will provide Lost Charge Recovery ("LCR") and other services to a large hospital system in the Eastern United States. A client of this size, with almost $3.7B annually in net patient revenue, consisting of five individual hospitals meeting Certive's preferred target profile, is expected to possess a significant need for Omega's LCR and other services. Certive has been focused on leveraging its growing number of Business Development Advisors and their connectivity with hospital systems around the United States to expand its sales pipeline. Assuming a five-year relationship with this new client, Certive anticipates that it will realize an estimated $4,600,000 of revenue over such time period.

This client's hospitals include the only Level 1 Trauma Center, and Level 4 Neonatal Intensive Care Unit in Northern Virginia, and a flagship Medical Campus that was named to the Fortune/IBM Watson Health 100 Top Hospitals list, ranking it as one of the top 10 nationwide among Major Teaching Hospitals. Additionally, all five of these hospitals have been rated with 5 out of 5 stars in the most recent Centers for Medicare & Medicaid Services (CMS) Five-Star Quality Rating System report. This is the only health system in the country comprised of more than 3 hospitals where all are 5-star rated. A CMS Five‐Star Quality Rating is based on extensive data that measures patient experience, infection rates, readmissions, and mortality. Tom Marreel, CEO of Certive, stated "This influential client, as a system, has the potential to provide Certive with a very significant amount of revenue that should position Certive to achieve profitability within its 2^nd fiscal quarter ending November 30, 2021. In addition, this client has also expressed interest in implementing some of Omega's new service offerings, thereby allowing for a broader, more collaborative relationship with Omega."

For more information regarding this announcement, please visit our website at https://certivehealth.com or contact Certive directly at (480) 228-5881.

CONTACT:

Scott Thomas
Investor Relations, Certive Solutions Inc.
sthomas@certive.com

About Certive Solutions Inc.

Certive Solutions Inc. (Scottsdale, Arizona) is currently 100% focused on the operations and value proposition of Certive Health Inc. and its subsidiaries. With identical Leadership, Board of Directors, Advisory Council and Vision, Certive Solutions is strategically positioned as a public company. All are investors in the company - all have significant networks. Their collective experience, expertise, and relationships is the people-equity upon which the company was founded. Certive Health's vision is making the $3.7 trillion healthcare market better by applying its People-Equity and Capital to solutions in the healthcare communities it serves. Certive Health's revenue cycle services and solutions help hospitals work through the complexity of the reimbursement process and improve financial and quality performance.

FORWARD-LOOKING STATEMENTS 

Statements contained in this report that are not statements of historical fact are intended to be and are hereby identified as "forward-looking statements" for purposes of the safe harbor provided by the Reform Act. Generally, forward-looking statements include expressed expectations of future events and the assumptions on which the expressed expectations are based. All forward looking statements are inherently uncertain as they are based on various expectations and assumptions concerning future events and they are subject to numerous known and unknown risks and uncertainties which could cause actual events or results to differ materially from those projected. Due to those uncertainties and risks, the investment community is urged not to place undue reliance on written or oral forward-looking statements of Certive Solutions Inc. The Company undertakes no obligation to update or revise this Safe Harbor Compliance Statement for Forward-Looking Statements (the "Safe Harbor Statement") to reflect future developments. In addition, Certive undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results over time.

SOURCE: Certive Solutions Inc.

View source version on accesswire.com:
https://www.accesswire.com/655876/Certive-Announces-New-Hospital-Client

FAQ

What is the new contract announced by Certive Solutions (CTVEF)?

Certive Solutions has secured a contract for Lost Charge Recovery services with a major hospital system in the Eastern U.S.

How much revenue is Certive Solutions expecting from the new client?

Certive Solutions anticipates approximately $4.6 million in revenue over a five-year period from the new client.

What are the ratings of the hospital client involved with Certive Solutions?

All five hospitals in the client system are rated 5 stars by the Centers for Medicare & Medicaid Services.

When does Certive Solutions expect to achieve profitability?

Certive Solutions expects to achieve profitability by the second fiscal quarter ending November 30, 2021.