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Overview
Streamline Health Solutions Inc (STRM) is a technology-driven company that optimizes revenue cycle processes for healthcare organizations. Utilizing data analytics, integrated software solutions, and advanced pre-bill technologies, the company is positioned at the intersection of healthcare and digital innovation, aiming to transform disparate clinical, administrative, and financial data into actionable insights.
Core Business and Value Proposition
The company is dedicated to enabling healthcare providers to effectively capture, bill, and receive reimbursement for patient care. Its robust suite of solutions addresses revenue leakage in a value-based healthcare environment by automating code auditing, pre-bill reconciliation, and clinical documentation improvement. These innovations are designed to drive compliance and ensure that providers are accurately compensated for the services rendered.
Products and Services
Streamline Health Solutions offers a comprehensive array of products and services, including:
- Integrated Revenue Cycle Solutions: These include software-based platforms that transform data into actionable clinical, financial, and administrative intelligence.
- Pre-Bill Technology: Powered by AI-enhanced tools such as eValuator and RevID, these products automate charge reconciliation and coding audits, ensuring accurate, real-time risk scoring and code verification.
- Custom Integration and Support Services: The company provides tailored integration, training, and support services designed to ensure seamless implementation across hospital systems and health networks.
Technology and Innovation
Leveraging cutting-edge technology, Streamline Health Solutions integrates advanced analytics with enterprise content management to streamline the flow and transformation of critical patient data. Its solutions are engineered to work across disparate systems, creating a unified view that enhances operational transparency and financial integrity. By incorporating real-time data monitoring and AI-driven assessments, the company ensures that healthcare entities can maintain compliant revenue cycles amid evolving market demands.
Market Position and Competitive Landscape
Within the competitive realm of healthcare IT, the company stands out due to its focus on comprehensive, enterprise-wide solutions that cover multiple facets of hospital operations. It consistently addresses critical pain points such as revenue leakage and billing inaccuracies. Its collaborative partnerships, including those with major EHR system providers, add credibility and further differentiate its offerings. Although operating in a market characterized by rapid technological change and stringent regulatory standards, Streamline Health Solutions maintains an adaptive approach, ensuring that its clients benefit from a secure, integrated, and data-centric financial management system.
Industry Impact and Expertise
By providing robust solutions that integrate analytics with revenue cycle optimization, Streamline Health Solutions significantly contributes to enhanced financial performance in healthcare. The company exemplifies the use of technology to resolve longstanding administrative inefficiencies, and its focus on actionable data transforms how health systems handle critical patient information. This detailed, multi-dimensional approach highlights its expertise in revenue cycle processes, making it an essential reference point for understanding modern healthcare analytics and pre-bill automation.
Conclusion
Overall, Streamline Health Solutions Inc demonstrates a deep understanding of the complexities of healthcare revenue cycles. Its innovative, data-driven approach not only addresses current challenges but also provides a resilient framework for managing and optimizing financial performance across healthcare systems. The company’s integration of technology-enabled services with comprehensive analytics underscores its commitment to advancing operational efficiency and delivering reliable, compliant revenue management solutions.
Streamline Health Solutions (NASDAQ: STRM) has secured a new contract for its RevID solution with a 120-bed health system in Kentucky, marking its fourth CommunityWorks Oracle EHR client. The agreement, established through partnership with Oracle Health, demonstrates growing adoption of STRM's pre-bill technology solution.
RevID's automated charge reconciliation system integrates with Oracle Health's CommunityWorks EHR to help hospitals capture 100% of earned revenue by eliminating charge capture gaps and accelerating cash flow. The solution aims to enhance financial operations by automating and optimizing charge reconciliation processes for improved accuracy and efficiency.
Streamline Health Solutions (NASDAQ: STRM) has signed a new contract with Deaconess Health System, a 1,200-bed Indiana-based health system, for its eValuator solution. The technology will be used to optimize pre-bill coding accuracy and financial outcomes.
Deaconess selected eValuator for its unique capabilities in improving coding and billing workflows within the mid-revenue cycle. The AI-enhanced pre-bill code auditing solution helps healthcare providers accurately capture, bill, and receive payment for services while avoiding denials.
Deaconess Health System serves a population of more than 1.5 million across southwestern Indiana, western Kentucky, and southeastern Illinois, operating across 19 hospital locations throughout the Tri-State area.
Streamline Health Solutions (NASDAQ: STRM) has secured a new contract with a 400-bed health system in Western Texas for its RevID solution, through a partnership with Oracle Health. The healthcare facility uses Oracle Health's Soarian billing platform, which integrates with RevID to automate charge reconciliation processes.
RevID's technology aims to help hospitals capture 100% of earned revenue by eliminating charge capture gaps and accelerating cash flow. The solution ensures providers can accurately capture, bill, and receive payment for all provided care through automated charge reconciliation.
Streamline Health Solutions (Nasdaq: STRM), a provider of healthcare revenue leakage and financial performance solutions, announced it will release its fiscal third quarter 2024 financial results for the period ended October 31, 2024, on Monday, December 16, 2024, after market close. The company will host a conference call on Tuesday, December 17, 2024, at 9:00 AM ET to discuss results and provide updates.
Participants can join via webcast or by dialing 877-407-8291. A replay will be available through December 24, 2024, and can be accessed by phone or through the company's website for six months.
Streamline Health Solutions (NASDAQ: STRM) has secured a new contract for its eValuator solution with a 900-bed health system in northern Texas. The healthcare facility, which uses Altera EHR, becomes the fourth Texas health system to adopt eValuator's pre-bill code audit technology. The AI-enhanced solution helps healthcare providers improve financial performance by ensuring accurate medical coding, billing, and payment capture while preventing denials.
Streamline Health Solutions has expanded its relationship with a Florida academic medical center by implementing the new eValuator Quality Module. This addition is expected to increase SaaS revenues from this client by 20%. The module provides real-time AI-powered pre-bill code auditing and analyzes 100% of encounters, enabling healthcare providers to assess risk scores and quality measurement impact in real-time. The technology aims to improve hospital financial performance by ensuring accurate billing, preventing denials, and eliminating manual post-hoc risk scoring practices.
Streamline Health Solutions (NASDAQ: STRM) has expanded its relationship with an existing eValuator client by adding the new eValuator Quality Module. This addition is expected to increase SaaS revenues from this client by 25%. The Quality Module enables real-time risk scoring and quality measurement impact, allowing healthcare providers to assess claim risk scores and their effect on quality measurements instantly. The AI-powered system analyzes 100% of encounters in real-time, helping providers accurately capture and bill for care while avoiding denials.
Streamline Health Solutions, Inc. (NASDAQ: STRM) has announced a 1-for-15 reverse stock split of its outstanding shares of Common Stock, effective October 4, 2024. This decision, approved by the Board of Directors and stockholders, aims to bring the company into compliance with Nasdaq's minimum bid price requirement. The Common Stock will continue trading on The Nasdaq Capital Market under the symbol "STRM" but with a new CUSIP number.
Key points:
- Effective at 12:01 a.m. EDT on October 4, 2024
- Every 15 shares will be combined into one share
- No fractional shares will be issued; cash will be paid for fractional entitlements
- The split applies to all convertible securities and equity awards
- Computershare Inc. is acting as the exchange agent
Streamline Health Solutions (NASDAQ: STRM) reported fiscal Q2 2024 results, showing a net loss of ($2.8 million) compared to ($2.5 million) in Q2 2023. Total revenue decreased to $4.5 million from $5.8 million year-over-year. However, SaaS revenue grew 19% on a pro forma basis, excluding a non-renewed contract. Adjusted EBITDA improved to ($0.3 million) from ($0.9 million) in Q2 2023.
The company reiterated its $15.5 million implemented SaaS ARR adjusted EBITDA breakeven run rate expectation but updated the timeline to achieve this to the second half of fiscal 2025. As of July 31, 2024, Booked SaaS ACV was $13.6 million, with $10.7 million implemented. The company won new contracts totaling $0.8 million ACV but received non-renewal notifications for $2.8 million ACV.
Streamline Health Solutions (Nasdaq: STRM), a leading provider of healthcare revenue leakage and financial performance solutions, has announced its schedule for releasing fiscal second quarter 2024 financial results. The company will disclose its financial performance for the three-month period ended July 31, 2024, on Wednesday, September 11, 2024, after the financial markets close.
A conference call is scheduled for Thursday, September 12, 2024, at 9:00 AM ET to review the results and provide a corporate update. Interested parties can join via webcast or by dialing 877-407-8291. A replay will be available until September 19, 2024, by phone and for six months online in the Investor Relations section of the Streamline website.
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