Streamline Health® Expands RevID™ Agreement With 400-Bed Children’s Health System
Streamline Health Solutions, Inc. (NASDAQ: STRM) has expanded its contract for RevID with a 425-bed, Oracle-EHR based children's health system, extending the term for an additional 5 years. RevID's automated charge reconciliation aims to accelerate cash flow by ensuring accurate capture, billing, and payment for all provided care.
The expansion demonstrates the client's continued trust in Streamline's products and team. Streamline Health is leading an industry movement to improve hospital financial performance through pre-bill technology solutions. The company's CEO, Ben Stilwill, expressed enthusiasm for supporting the client's goal of accurate payment and sharing their experience with future clients.
- Contract expansion with a 425-bed children's health system
- Extension of contract term for 5 additional years
- Demonstration of client trust in Streamline's products and team
- None.
Insights
The extension of the contract for RevID with the 425-bed children's health system signals a positive development for Streamline Health Solutions’ financial stability and revenue growth. Expanding the use of RevID and securing a 5-year term hints at a strong client relationship and long-term commitment, which is particularly significant in the healthcare sector where vendor trust is paramount.
Financially speaking, this long-term agreement could contribute to consistent revenue streams and reduce the volatility often seen with shorter-term contracts. Investors should note that the automation of charge reconciliation is a critical service for hospitals, potentially increasing Streamline’s penetration in this niche market.
In the short term, investors might not see an immediate spike in revenue, but the long-term implications are substantial. Consistent use of RevID tools should lead to sustained revenue, contributing to the overall financial health of the company.
RevID’s pre-bill technology plays a important role in hospital financial operations by automating the capture and reconciliation of charges. This reduces human error and ensures that hospitals are reimbursed for all services rendered. The extension of this agreement underscores the efficacy and reliability of RevID in practical applications within a healthcare setting.
From a technology perspective, Streamline Health's focus on improving financial performance aligns well with the growing need for more efficient healthcare operations. Hospitals, particularly large ones with hundreds of beds, can benefit immensely from such technologies, which streamline administrative tasks and improve financial outcomes.
Given the competitive landscape in healthcare technology, maintaining and expanding client contracts is a good indicator of the product's robustness and the company's market position. Also, the adoption of Oracle-EHR based systems by this health system provides a validation of interoperability, which is a critical factor for technology solutions in the healthcare industry.
DC-based Children’s health system expands utilization of RevID to improve charge capture and financial performance, extends to 5-year term
ATLANTA, July 16, 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 its contract for the use of RevID with a 425-bed, Oracle-EHR based health system and extended the term for an additional 5 years.
Streamline Health is leading an industry movement to improve hospital financial performance through pre-bill technology solutions. RevID’s automated charge reconciliation accelerates cash flow by ensuring that providers can accurately capture, bill and ultimately be paid for all the care they provide.
“We are pleased with the continued trust our client places in our products and our team,” stated Ben Stilwill, President and Chief Executive Officer, Streamline. “We look forward to supporting their quest to be accurately paid for all of the care they’ve provided and sharing their experience with future clients.”
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
FAQ
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