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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 Solutions (Nasdaq: STRM) reported substantial growth in its fiscal 2022 results, highlighting a 53% increase in SaaS revenue compared to fiscal 2021. The total contract value for SaaS bookings reached $22.4 million, up from $5.6 million in fiscal 2021. The company also achieved $17.2 million in Booked SaaS Annual Contract Value (ACV) as of January 31, 2023, an increase from $10.6 million the previous year. Total revenues for the fourth quarter rose by 12% to $6.7 million, while full-year revenues reached $24.9 million, a 43% increase. Despite these gains, the company reported a net loss of ($11.4 million) for fiscal 2022, up from ($6.5 million) in fiscal 2021, largely due to increased operating expenses.
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