Craneware is the leader in automated revenue integrity solutions that improve financial performance for healthcare organizations. 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 optimizes reimbursement, increases operational efficiency and minimizes compliance risk. By partnering with Craneware, customers achieve the visibility required to identify, address and prevent revenue leakage.
Growth of the U.S. healthcare industry
The aging of the U.S. population and the nature of the country’s fee-for-service system will drive the cost of healthcare higher in the near term. Healthcare expenditures in the United States are expected to exceed $3.4 trillion in 2016, over 18% of GDP. Government entities currently account for 38% of total payments. Medicaid, which currently accounts for 16% of total payments, is expected to reach 20% by 2021, as a result of the additional enrollees as part of the ACA reform1.
Craneware in the U.S. healthcare industry
The market for information systems in U.S. hospitals is predicted to grow at a compound annual growth rate of 5.7 percent between 2014 and 2020. Craneware’s products and services are part of the revenue cycle sector of this vast market, a sector which is forecast to grow from its 2012 valuation of $1.90 billion to $3.07 billion in 2017, representing a 61.6 percent increase from 20122.
Craneware’s leadership role in the U.S. healthcare industry
Craneware is recognised as the leading provider of revenue integrity solutions that improve financial performance in the U.S. hospital and health system markets. Founded in May 1999 by CEO Keith Neilson and co-founder Gordon Craig, Craneware launched its first product in October 1999 after signing its first customer contract the previous month. By the end of 2000 more than 20 customers were signed and in September 2007, Craneware listed on the AIM market of the London Stock Exchange. Today Craneware employs 300 staff, serving almost one third of all U.S. registered hospitals. The company is respected as a healthcare business partner delivering value, quality, and outstanding customer service.
1. Gartner “Enterprise IT Spending by Vertical Industry Market, Worldwide, 2010-16, Q1 2012 Update,” Various Authors, April 12, 2012
2. http://connectedhealth.frost.com, U.S. Hospital Revenue Cycle Management: Overview and Outlook, 2012-2017