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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) will announce its financial results for the three and twelve months ended January 31, 2023, on April 26, 2023, after market close. This announcement will be followed by a conference call on April 27, 2023, at 9:00 AM ET, where the management will review the results and provide corporate updates. Interested individuals can access the call via a live webcast or by phone. A replay of the call will be available from April 27, 2023, until May 4, 2023. Streamline Health Solutions provides technology-enabled services and analytics aimed at improving financial performance for healthcare organizations, addressing revenue leakage through integrated solutions.
Streamline Health Solutions (NASDAQ: STRM) announced a contract with a 1,600-bed health system in New Jersey to utilize its eValuator automated pre-bill coding analysis platform. This partnership aims to enhance revenue integrity and financial performance for inpatient and outpatient care. eValuator facilitates quick identification and correction of coding issues, reducing billing delays. President Ben Stilwill emphasized the importance of accurate reimbursement in supporting the health system's mission of quality care. Streamline Health focuses on technology-enabled services and analytics to maximize financial performance for healthcare providers.
Streamline Health Solutions (NASDAQ: STRM) reported preliminary fiscal year 2022 results showing total revenues between $24.9 million and $25.2 million, a growth of approximately 43% – 45% from $17.4 million in fiscal 2021. SaaS revenue is projected to be $12.2 million to $12.5 million, reflecting an increase of 51% – 54% compared to $8.1 million last year. Additionally, booked SaaS ACV reached $17.2 million, surpassing expectations. The company aims for $30 million in booked SaaS ACV by the end of fiscal 2023. CEO Tee Green expressed optimism regarding accelerated growth in SaaS revenue.
Streamline Health Solutions (NASDAQ: STRM) announced a new contract for its RevID system with a 350-bed California medical center, enhancing healthcare revenue integrity through automated charge reconciliation. This solution aims to improve financial performance by ensuring accurate billing and payment for services rendered. The company is promoting pre-bill technology solutions to further support healthcare providers in capturing necessary charges. Ben Stilwill, President of Streamline Health, emphasizes the importance of partnerships to optimize financial results for healthcare clients.
Streamline Health Solutions (NASDAQ: STRM) has secured a contract with a 450-bed health system in Virginia to deploy its eValuator technology, aimed at enhancing revenue integrity and financial performance from patient encounters.
This initiative allows healthcare providers to address coding issues pre-billing, significantly reducing the risk of revenue leakage and denied claims. Streamline Health emphasizes its role in advancing pre-bill technology across hospitals, optimizing coding accuracy before billing and supporting transitions to new payment models. President Ben Stilwill expresses confidence in improving healthcare providers' financial outcomes.
Streamline Health Solutions (NASDAQ: STRM) has announced an expansion in its partnership with a major healthcare system managing over 80 facilities across the U.S. This expansion includes increased utilization of the RevID automated charge reconciliation solution, aimed at improving financial performance. Additionally, the company has surpassed its target, achieving over $17 million in booked SaaS ACV by the end of fiscal 2022. The president of Streamline Health, Ben Stilwill, expressed optimism for continued growth due to their commitment to ensuring healthcare providers are compensated for their services.
Streamline Health Solutions (NASDAQ: STRM) announced a contract with a 350-bed health system in Missouri to implement its eValuator automated pre-bill coding analysis technology. This initiative aims to enhance revenue integrity and financial performance by addressing coding issues before they result in denied claims and revenue leakage. The company combines this technology with expert auditing services to optimize billing accuracy. The President, Ben Stilwill, expressed enthusiasm for supporting the health system in ensuring accurate payments for services rendered.
Streamline Health Solutions (NASDAQ: STRM) has signed a contract with an 850-bed health system in Tennessee to implement its eValuator automated pre-bill coding analysis technology. This initiative aims to enhance revenue integrity and financial performance by addressing coding issues before they lead to revenue leakage and denied claims. Streamline Health combines this technology with expert auditing services to optimize coding accuracy prior to billing. The company emphasizes improving financial performance while aiding the transition to new payment models.
Streamline Health Solutions (STRM) reported a total revenue of $6.2 million for Q3 2022, marking a 13% increase from Q3 2021. SaaS revenue for the quarter stood at $3.2 million, up 14% year-over-year. For the nine months ending October 31, 2022, total revenue rose 60% to $18.1 million. Despite revenue growth, the company experienced a loss from continuing operations of ($3.1) million in Q3 2022, improved from a loss of ($4.4) million in Q3 2021. The company strengthened its balance sheet with an $8.3 million capital raise.
Streamline Health Solutions (Nasdaq: STRM) announced its upcoming financial results for the period ending October 31, 2022, to be released on December 14, 2022, post-market close. A conference call is scheduled for December 15, 2022, at 9:00 AM ET, to discuss the results and provide a corporate update. Participants can join the call through a live webcast or by phone. A replay will be available from December 15 to December 22, 2022. Streamline Health focuses on helping healthcare organizations improve financial performance through integrated solutions and analytics.
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