Last checked at 28 Apr 2014 07:00
Craneware plc
("Craneware", "the Group" or the "Company")
Significant Contract Win
28 April 2014 - Craneware (AIM: CRW.L), the market leader in automated revenue integrity solutions for the US healthcare market, is pleased to announce the signing of a significant multi-year contract with a large multi-system hospital group in the US. The contract is expected to deliver $3.8m revenue to the Group during the seven year term. The Company's revenue recognition policy means that whilst initial implementation is scheduled in the current financial year, the full impact of the revenue will be seen from FY15 onwards.
The hospital system manages in excess of $1.5 billion operating expenses, across multiple US states. The contract is for the implementation of Chargemaster Corporate Toolkit® and related products within Craneware's Revenue Cycle product family. One of the key aspects of the corporate version of Chargemaster Toolkit is the ability to establish and manage a corporate standard chargemaster file across multiple hospitals and enable system-wide reporting. The products will be used to reduce billing errors, ensure the timely and accurate submission of claims and manage compliance risk. This was a competitive win, replacing an incumbent provider.
Keith Neilson, CEO of Craneware plc commented, "We are delighted to have secured this competitive win, demonstrating the quality and strength of our offering in the corporate environment with our ability to deliver compelling levels of return on investment for organisations of all sizes across the US healthcare industry."
For further information, please contact:
Craneware plc | Peel Hunt | Newgate Threadneedle |
+44 (0)131 550 3100 | +44 (0)20 7418 8900 | +44 (0)20 7653 9850 |
Keith Neilson, CEO | Dan Webster | Caroline Forde |
Craig Preston, CFO | Richard Kauffer | Fiona Conroy |
Heather Armstrong |
About Craneware
Founded in 1999, Craneware has headquarters in Edinburgh, Scotland with offices in Atlanta, Arizona, Massachusetts and Tennessee employing over 200 staff. Craneware is the leader in automated revenue integrity solutions that improve financial performance for healthcare organisations. Craneware's market-driven, SaaS solutions help hospitals and other healthcare providers more effectively price, charge, code and retain earned revenue for patient care services and supplies. This optimises reimbursement, increases operational efficiency and minimises compliance risk. By partnering with Craneware, clients achieve the visibility required to identify, address and prevent revenue leakage. To learn more, visit craneware.com.