Streamline Health Solutions, Inc. - STRM STOCK NEWS

Streamline Health Solutions, Inc. (NASDAQ: STRM) has successfully acquired Avelead Consulting, LLC for a total transaction value of $35 million, which includes $20 million in cash and stock, plus a performance-based earnout of $15 million. This strategic acquisition aims to enhance Streamline's capabilities in improving revenue integrity for healthcare providers, especially in the current challenging economic environment. The deal will be financed through a mix of cash and restricted stock, reinforcing Streamline's commitment to revenue cycle optimization.

Streamline Health Solutions (NASDAQ: STRM) announced its acquisition of Avelead Consulting for $20 million, which includes cash and stock performance-based earnouts worth an additional $15 million. This acquisition aims to enhance Streamline's revenue cycle capabilities, improve healthcare providers' financial performance, and foster the generation of positive EBITDA. Avelead brings in an annual recurring revenue run rate of $5.7 million and its SaaS solutions complement Streamline's existing offerings. The acquisition is expected to strengthen Streamline's market position.

Streamline Health Solutions (NASDAQ: STRM) has secured a contract with a 200-bed hospital in Missouri, utilizing its eValuator™ Revenue Integrity Program. This program aims to enhance revenue integrity and compliance by providing automated coding analysis for inpatient care. The eValuator technology focuses on pre- and post-bill coding to prevent revenue leakage and denied claims, optimizing coding accuracy before billing. Streamline Health emphasizes the importance of financial performance for all healthcare providers, supporting the transition to new payment models.

Streamline Health Solutions, Inc. (NASDAQ: STRM) has signed a contract with a major 2,367-bed health system to enhance revenue integrity using its eValuator^™ Revenue Integrity Program. This technology enables automated pre- and post-bill coding analysis, helping to decrease revenue leakage and improve financial performance for inpatient and outpatient services. The partnership aims to optimize coding accuracy and compliance, essential for adapting to new payment models in the healthcare industry.

Streamline Health Solutions (NASDAQ: STRM) announced the U.S. Small Business Administration approved the forgiveness of its $2,300,600 Paycheck Protection Program (PPP) loan. This financial support, part of the CARES Act in response to the COVID-19 pandemic, allowed the company to maintain its staff and continue supporting hospital-system customers during the crisis. Streamline Health provides the eValuator™ Revenue Integrity Program, aimed at addressing revenue leakage and compliance in healthcare.

Streamline Health Solutions (NASDAQ: STRM) reported first-quarter 2021 revenues of $3.0 million, a growth from $2.8 million year-over-year. SaaS revenue rose by 32%, contributing to overall revenue growth. However, the company experienced a net loss of $2.1 million, contrasting with a net income of $3.7 million in the same quarter last year. The loss from continuing operations was $2.5 million compared to $1.0 million in 2020, and adjusted EBITDA stood at a loss of $0.7 million, similar to the previous year's loss. Despite challenges, the company anticipates growth as healthcare rebounds from the pandemic.

Streamline Health Solutions (NASDAQ: STRM) will release its financial results for the quarter ending April 30, 2021, on June 8, 2021, after market close. A conference call to discuss these results is set for June 9, 2021, at 9:00 AM ET, accessible via a live webcast or by phone. Call replay will be available until June 16, 2021, and an online version will be accessible for six months. Streamline Health specializes in revenue cycle optimization, aiding healthcare providers in enhancing revenue integrity.

Streamline Health Solutions, Inc. (NASDAQ: STRM) announced participation in the 18th annual Craig-Hallum Institutional Investor Conference on June 2, 2021. The event is virtual and by invitation only, featuring one-on-one meetings hosted by management. Attendees can access the investor presentation on the company's investor relations website. Streamline Health provides the eValuator™ Revenue Integrity Program, assisting healthcare providers in managing revenue integrity and compliance.

Streamline Health Solutions (NASDAQ: STRM) reported fiscal 2020 revenues of $11.3 million, a decrease from $11.9 million in 2019. The fourth quarter revenue rose to $3.0 million, up 11.1% from $2.7 million in the previous year, largely driven by a 50% increase in SaaS revenue. The company achieved a net income of $0.3 million for FY 2020, compared to a loss of $2.9 million in 2019, bolstered by $5.1 million from discontinued operations. Adjusted EBITDA losses narrowed to ($1.9 million) from ($2.3 million) the prior year.