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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 (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.
Streamline Health Solutions (NASDAQ: STRM) has partnered with a California academic medical center to implement its eValuator technology for automated pre- and post-bill coding analysis. This initiative aims to enhance revenue integrity and improve financial performance by addressing coding issues before they lead to revenue leaks and denied claims. The company is promoting pre-bill technology across hospitals, combining it with expert auditing services for a comprehensive Revenue Integrity Program. This technology is expected to aid in optimizing coding accuracy and transitioning to new payment models.
Streamline Health Solutions has closed a registered direct offering of common stock, raising approximately $8.3 million, with over 30% sourced from insiders. The company has appointed new executives, consolidating its eValuator and Avelead divisions to enhance growth and profitability. Expectations for booked SaaS ACV are projected to reach $17 million by end of fiscal 2022 and $30 million by end of fiscal 2023. The consolidation is anticipated to yield annualized cost savings of approximately $3 million.
Streamline Health Solutions (Nasdaq: STRM) announced on October 25, 2022, a registered direct offering to sell 6,299,989 shares of common stock at $1.32 per share, raising approximately $8.3 million in gross proceeds. The offering is set to close around October 26, 2022, contingent on customary closing conditions. Funds will be used for general corporate purposes. The shares will be offered under a previously filed effective shelf registration statement.
Streamline Health Solutions (NASDAQ: STRM) has secured a contract with a 1,400-bed health system in the Mid-Atlantic to utilize its eValuator automated pre- and post-bill coding analysis technology. This initiative aims to enhance revenue integrity and financial performance from both inpatient and outpatient encounters. The eValuator platform will enable healthcare providers to identify coding issues early, thereby reducing revenue leakage, denied claims, and compliance risks. This strategic partnership aligns with Streamline Health's broader objective to standardize pre-bill technology across hospitals nationwide.
Streamline Health Solutions reported a robust 109% year-over-year revenue increase for Q2 2022, totaling $6.0 million. The surge was driven by a 138% growth in SaaS revenue, with $4.4 million in new SaaS bookings. However, the company experienced a net loss of ($3.3 million) compared to a net loss of ($0.1 million) in Q2 2021. Recurring revenue accounted for 71% of total revenue. The company also introduced a new metric for SaaS growth, with a Booked SaaS ACV of $14.3 million as of July 31, 2022.
Streamline Health Solutions (Nasdaq: STRM) will announce its financial results for the quarter ending July 31, 2022, on September 7, 2022, after market close. A conference call is scheduled for September 8, 2022, at 9:00 AM ET to discuss these results. Interested participants can join via a live webcast or by phone at 877-407-8291. A replay will be accessible from September 8, 2022, to September 15, 2022, using conference ID 13732058. More information can be found on their website.
Streamline Health Solutions (NASDAQ: STRM) has announced a new contract with a West Georgia health system for its eValuator pre-bill coding analysis technology. Executed on July 28, this contract aims to enhance revenue integrity and financial performance by addressing coding issues before they lead to revenue leakage. This initiative aligns with Streamline Health's mission to promote pre-bill technology implementation across healthcare providers. CEO Ben Stilwill expressed pride in partnering with the new client to improve operational and financial outcomes.
Streamline Health Company (Nasdaq: STRM) announced the expansion of its relationship with a Southwest-based healthcare system, incorporating Avelead’s Compare solution in three additional facilities for EHR conversion support. This expansion aims to enhance data quality during large-scale migrations and mitigate revenue loss. President and CEO Jawad Shaikh emphasized the importance of transparency in data migration, addressing potential issues proactively to minimize operational disruptions. Avelead, supporting over 140 providers, focuses on eliminating revenue leakage and improving financial performance.
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