Craneware’s strategy is to continue its expansion into the US healthcare software market, both through organic growth initiatives and through acquisitions.
- Expand customer base
The Directors estimate that the majority of US hospitals still rely on manual procedures rather than technology-based CDM solutions. The Directors believe that Craneware can continue to penetrate the CDM management software market and aims to confirm its position as market leader by continuing to improve its core Chargemaster Toolkit® product, optimising its sales force performance, providing high quality customer service, training and education, and expanding the Group’s network of strategic alliances. Craneware aims to increase its customer base by targeting hospitals that do not have a technology based CDM solution, as well as hospitals that are currently using solutions offered by the Group’s competitors and are approaching the end of their contracts.
- Broaden product offering
Craneware’s broadening portfolio of products presents a number of incremental revenue opportunities within both the existing and prospective customer base. The Group is in the process of developing a new product to help hospitals track pharmacy items from purchasing through to billing. This supply chain software solution works by comparing volumes ordered and prices paid with those billed and reimbursed to the hospital. Where reimbursed amounts are below the purchase price or mark-up policy for the drug, or the drug does not appear on any bills, corrective action can be taken. The product is currently in beta testing with two US hospitals and preliminary results are meeting Craneware’s expectations.
- Pursue acquisition opportunities
Craneware has identified a number of acquisition opportunities and continues to monitor the US healthcare information system market for further opportunities. The typical acquisition target is expected to be a profitable business, which is a technology leader in its chosen market, and offers software products that are complementary to Craneware’s core competencies, in areas such as hospital supplies and staffing.