Avelead Expands RevID Agreement with Large Provider Network

Rhea-AI Summary

Streamline Health (Nasdaq: STRM) announced a major expansion of its partnership with a prominent U.S. healthcare system managing over 80 facilities. The health system will increase its usage of Avelead's RevID software, aimed at eliminating revenue leakage. The RevID solution has already helped identify $75 million in missing revenue in just one quarter. This expansion illustrates the growing traction of Avelead's efforts to enhance financial performance for healthcare providers.

Positive

• Expansion of partnership with a significant healthcare provider.
• RevID software already identified $75 million in missing revenue in one quarter.
• Increased usage of the Avelead Platform indicates growing trust and reliance on its services.

Negative

• None.

National Health System Chooses RevID’s Automated Charge Reconciliation to Help Eliminate Revenue Leakage

Atlanta, GA, April 11, 2022 (GLOBE NEWSWIRE) -- Avelead, a Streamline Health Company (Nasdaq: STRM), today announced a significant expansion of its existing relationship with a prominent healthcare system that manages 80+ facilities throughout the United States. The health system has agreed to increase its usage of the Avelead Platform and its RevID software – the industry-leading automated charge reconciliation solution to help eliminate revenue leakage.

Avelead’s mission is to help hospitals put an end to lost revenue. Avelead’s flagship RevID solution eliminates leaking revenue before it happens by helping identify, review and reconcile potential charge mistakes prior to billing. In addition, RevID’s real-time visibility and control enables greater accountability within the revenue system – providing a top-down view of departmental performance.

“We are pleased to expand our relationship with this great healthcare provider. This is further proof that our mission to eliminate revenue leakage is gaining traction,” stated Jawad Shaikh, President and CEO, Avelead. “Our initial implementation at this hospital system helped identify $75 million in missing revenue in just one quarter. With this expansion, we look forward to helping them capture much more in the months and years ahead.”

About Avelead

Avelead, a Streamline Health Company, empowers hospitals and health systems to thrive by eliminating leaking revenue from every healthcare setting. With Avelead’s results-based software, hospitals can proactively identify discrepancies, centralize data, and confirm revenue capture for improved financial performance. Avelead’s unique healthcare solutions currently support more than 140 providers across the country.

For more information about Avelead’s services and solutions, visit www.avelead.com

About Streamline Health

Streamline Health Solutions, Inc. (Nasdaq: STRM) enables healthcare organizations to proactively address revenue leakage and improve financial performance. We deliver integrated solutions, technology-enabled services and analytics that drive compliant revenue leading to improved financial performance across the enterprise. For more information, visit www.streamlinehealth.net.

Company Contacts

Media:
David Kosloski
Director of Marketing & Communications, Avelead
David.Kosloski@avelead.com

Investors:
Jacob Goldberger
Director, Investor Relations and FP&A, Streamline Health
303-887-9625
Jacob.Goldberger@streamlinehealth.net

FAQ

What is the significance of the recent partnership expansion for Streamline Health (STRM)?

The expansion signifies enhanced trust in the Avelead's RevID software, which aims to eliminate revenue leakage in healthcare.

How much revenue did Avelead's RevID software identify as missing?

The RevID software identified $75 million in missing revenue within just one quarter.

What is the goal of Avelead's RevID software?

The goal is to eliminate revenue leakage before it occurs by identifying and reconciling potential charge mistakes.

How many facilities does the healthcare system managing Streamline Health serve?

The healthcare system manages over 80 facilities throughout the United States.