Last checked at 2 Apr 2014 07:00
Craneware plc
("Craneware", "the Group" or the "Company")
Significant Contract Wins
2 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 two new significant multi-year contracts with large multi-system hospital groups in the eastern US. The first contract is expected to deliver $3.8m revenue to the Group during the five year term while the second will deliver in excess of $3.1m over its 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 first hospital system comprises over 1200 staffed beds and incorporates multiple specialty care facilities and programs. The contract is for the implementation of Chargemaster Toolkit®, Online Reference Toolkit®, Physician Revenue Toolkit®, Pharmacy ChargeLink®, Supplies ChargeLink®, and related professional services. Chargemaster Toolkit will be utilised by the organisation across its member hospitals to reduce billing errors, ensure the timely and accurate submission of claims and manage compliance risk. Pharmacy ChargeLink and Supplies ChargeLink will allow the organisation to establish a critical connection between pharmaceutical and supply purchases and billing - ultimately, improving charge capture, coding and financial performance.
The second hospital system, which has over 3000 staffed beds, has contracted for Craneware's gateway Pharmacy ChargeLink product and related services.
This follows the signing of a nine year multi-product contract with a medium sized hospital group in the first half of the year, which following the addition of further products during the quarter just finished, now has a cumulative contract value in excess of $3.5m.
Keith Neilson, CEO of Craneware plc commented, "We are delighted to have secured these three significant contracts in recent weeks, all of which contain strategic product sets over multiple years. These competitive wins demonstrate the relevance of the Craneware product suite to all sectors of the US healthcare provider market, building on the increase in sales we have witnessed in the first half of the financial year and underline our leading position within the revenue integrity marketplace."
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.