Streamline Health® Expands Agreement With Existing eValuator™ Client to Add RevID™
- Expanded contract with a 6-facility health system shows client satisfaction and confidence in Streamline Health's solutions.
- Introduction of RevID's automated charge reconciliation and eValuator's pre-bill code auditing technology demonstrates the company's commitment to improving hospital financial performance.
- Extension of the agreement for an additional 3 years indicates a long-term partnership and potential for continued revenue growth.
- None.
Insights
The expansion of Streamline Health Solutions' contract with a multi-facility health system to include additional services like RevID's automated charge reconciliation and the eValuator Pro Fee module illustrates a strategic move to capitalize on the growing need for pre-bill technology solutions in healthcare. This expansion not only strengthens the company's market position but also reflects a trend where health systems are increasingly seeking to optimize their revenue cycles.
The integration of these technologies is expected to enhance the accuracy of billing and improve revenue integrity, leading to better financial outcomes for the health system. By extending the contract for an additional three years, Streamline Health demonstrates confidence in its solutions' ability to deliver value, which could potentially lead to increased market demand for its services. For investors, this development may signal a positive trajectory for Streamline Health's future earnings and could be indicative of the company's ability to secure long-term contracts, thus providing a more stable revenue stream.
Streamline Health's announcement underlines the importance of advanced healthcare IT solutions in addressing pre-bill revenue cycle management challenges. The adoption of RevID alongside eValuator by the Oracle Cerner-EHR based health system represents a commitment to leveraging technology for financial performance improvement. The use of automated pre-bill code auditing and charge reconciliation can significantly reduce the likelihood of billing errors and compliance issues, which are critical concerns for healthcare providers.
From a technology perspective, the integration of these systems within a single health system could serve as a case study for the efficacy of Streamline Health's solutions. If the promised synergistic impact materializes, it could lead to broader industry adoption, benefiting the company's growth prospects. It is essential for stakeholders to monitor the outcomes of this implementation to assess the potential scalability of these solutions across other health systems.
Ensuring revenue integrity pre-bill is a complex challenge that requires adherence to a myriad of regulations and coding standards. Streamline Health's expanded service offering, which now includes automated charge reconciliation, addresses a critical need for healthcare providers to maintain compliance while maximizing reimbursement rates. The addition of the eValuator Pro Fee module suggests an enhanced focus on professional fee coding, which can be particularly prone to errors and regulatory scrutiny.
For healthcare providers, the ability to accurately capture charges before billing is crucial in preventing post-bill audits and potential financial penalties. By proactively identifying and correcting errors, the health system can avoid costly rework and denials, leading to more reliable revenue streams. This proactive approach to compliance and financial accuracy is likely to become an industry benchmark as providers seek to minimize financial risk in an environment of increasing regulatory complexity.
6 facility New York health system becomes first client leveraging both eValuator and RevID to improve revenue integrity pre-bill
Atlanta, GA, Jan. 02, 2024 (GLOBE NEWSWIRE) -- Streamline Health Solutions, Inc. (NASDAQ: STRM), a leading provider of solutions that enable healthcare providers to improve financial performance, announced that it has expanded an existing contract with a 6 facility, Oracle Cerner-EHR based health system. The system has been using eValuator for pre-bill code auditing for more than 3 years and has elected to add RevID’s automated charge reconciliation for improved pre-bill revenue integrity. The client also added the eValuator Pro Fee module and extended the term of the overall agreement for an additional 3 years.
Streamline Health is leading an industry movement to improve hospital financial performance through pre-bill technology solutions. RevID’s automated charge reconciliation and eValuator’s automated pre-bill code auditing ensure that providers can accurately capture, bill and ultimately be paid for all the care they provide.
“We are thrilled our client is expanding their ability to ensure accurate compensation for all of the care they’ve provided through our industry leading solutions” stated Ben Stilwill, President and Chief Executive Officer, Streamline. “We are confident that bringing together RevID’s charge reconciliation and eValuator’s pre-bill code audting technology in one health system will have a synergistic impact, resulting in significant improvements to this system’s revenue cycle. We look forward to sharing the results of this first enterprise client with our existing clients and prospects.”
About Streamline Health
Streamline Health Solutions, Inc. (Nasdaq: STRM) enables healthcare organizations to proactively address revenue leakage and improve financial performance. We deliver integrated solutions, technology-enabled services and analytics that drive compliant revenue leading to improved financial performance across the enterprise. For more information, visit www.streamlinehealth.net
Contact
Jacob Goldberger
Vice President of Finance
303.887.9625
jacob.goldberger@streamlinehealth.net
FAQ
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