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Streamline Health Solutions, Inc. (NASDAQ: STRM) is a forward-thinking provider of integrated solutions, technology-enabled services, and analytics that enable healthcare organizations to optimize their revenue cycles. Focused on driving reimbursement in a value-based world, Streamline Health is committed to improving the quality of life and healthcare for society, clients, and individual patients.
Streamline Health offers a comprehensive suite of solutions designed to enhance the flow and management of critical patient information. These solutions transform and structure data from disparate systems into actionable intelligence, providing healthcare providers with comprehensive access to clinical, financial, and administrative information. The company’s solution suites include:
- HIM, Coding & CDI: Clinical documentation improvement and coding audit services & technology.
- Enterprise Content Management: Managing and optimizing the use of digital information.
- Release of Information: Streamlining the process of disclosing patient information.
Streamline Health’s Looking Glass platform leverages data-driven insights to help healthcare organizations proactively address revenue leakage and enhance financial performance. The company offers a range of services, including custom integration, training, electronic image conversion, and database monitoring, selling these solutions primarily in North America through direct sales and reseller partnerships.
Recent achievements include the implementation of RevID’s automated charge reconciliation system in a 400-bed health system through a partnership with Oracle Health, and securing a multi-facility contract in New York to leverage both eValuator and RevID technologies. Financially, Streamline Health reported total revenue of $4.3 million for the first quarter of fiscal 2024, with significant growth in SaaS revenue, despite some client non-renewals. The company’s adjusted EBITDA showed marked improvement due to strategic restructuring and cost-saving measures.
Streamline Health continues to expand its footprint by focusing on client implementations and enhancing existing solutions with novel AI techniques to ensure healthcare providers are reimbursed for all care provided. The company retains a solid financial position with substantial liquidity to support ongoing operations and growth initiatives.
Streamline Health reported its fiscal first quarter 2024 financial results. The company experienced a net loss of $2.7 million, an improvement from the $2.9 million loss in Q1 2023. Total revenue decreased to $4.3 million from $5.3 million, attributed to client non-renewals offset by new SaaS contracts. SaaS revenue grew to represent 63% of total revenue, increasing 22% on a pro forma basis excluding non-renewed contracts. Adjusted EBITDA improved to a loss of $0.7 million from $1.3 million. Booked SaaS ACV rose to $15.6 million with $11.6 million implemented. Cash reserves grew to $4 million, aided by a $4.5 million private placement. The company reiterated its expectation to reach breakeven at $15.5 million SaaS ARR during the second half of 2024.
On June 4, 2024, Streamline Health Solutions (Nasdaq: STRM), a leader in healthcare revenue cycle management, announced its fiscal first quarter financial results for the period ending April 30, 2024. The results will be released on June 11, 2024, after market close. The company will host a conference call on June 12, 2024, at 9:00 AM ET to discuss the outcomes and provide a corporate update. Interested parties can participate via live webcast or phone, with a replay available until June 19, 2024, and online for six months through the company's website.
Streamline Health Solutions (NASDAQ: STRM) has announced a new contract with a 400-bed health system in Southern California, facilitated through a partnership with Oracle Health. The health system utilizes Oracle Cerner's EHR system and will now implement Streamline's RevID™ automated charge reconciliation software. This solution aims to enhance financial performance by ensuring accurate capture and billing for all provided care. Streamline Health's CEO, Ben Stilwill, expressed enthusiasm for expanding their client base through this partnership in fiscal 2024.
Streamline Health Solutions, Inc. reported a 14% growth in SaaS revenue for fiscal year 2023 compared to 2022. They generated $0.4 million of adjusted EBITDA in Q4 of 2023, improved by $2.4 million for the fiscal year. Despite a net loss of $1.4 million in Q4 2023, it was an improvement from $2.2 million in Q4 2022. The company had $15.0 million of Booked SaaS ACV as of January 31, 2024, and $15.6 million as of April 29, 2024. They aim to reach an adjusted EBITDA break-even run rate of $15.5 million during the second half of fiscal 2024.
Streamline Health Solutions, a leading provider of healthcare solutions, has expanded its contract with a Florida-based healthcare provider to include additional facilities. The client saw significant ROI following the implementation of eValuator, Streamline Health's pre-bill technology solution. This expansion reflects the client's satisfaction with eValuator's AI-enhanced pre-bill code auditing, ensuring accurate billing and payment.
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