Craneware secures $1.5m deal for Supplies ChargeLink
28 September 2010 – Craneware plc (AIM: CRW.L; OTC: CRWRY), the market leader in automated revenue integrity solutions for the U.S. healthcare market, is pleased to announce that it has signed a four year contract for the delivery of its most recently launched solution, Supplies ChargeLink®, to a long-standing U.S. hospital customer. The deal is worth over $1.5 million over the term of the contract and takes the total number of Craneware products in use at the hospital to four. Due to Craneware’s annuity revenue recognition policy the majority of revenues will be recognised in future years.
Launched in December 2009, Supplies ChargeLink became Craneware’s fifth product and sits within the Company’s Supply Management product family. The solution helps hospitals better manage and optimise reimbursement for chargeable supplies, automating the manual processes still used in the majority of U.S. hospitals.
The growing fiscal and legislative pressures currently being experienced by U.S. hospitals mean management teams are seeking means of protecting slim operating margins in order to continue to deliver high standards of patient care. Craneware’s product suite integrates clinical and financial data, enabling a hospital to capture all the reimbursement owed to them, to provide visibility into what they spend on supplies and ensure that they price, charge and code effectively and defensibly.
This is the largest Supplies ChargeLink contract signed to date, adding to Craneware’s growing sales momentum.
Keith Neilson, CEO of Craneware commented:
“This is a significant deal for us, validating our recent investment into both product development and our sales team. We believe our solutions such as Supplies ChargeLink are uniquely positioned to address a growing requirement within the U.S. healthcare industry for increased efficiencies, whilst managing mounting levels of compliance risk. We continue to focus on the execution of our growth strategy and are confident in our ongoing success.”
For further information, please contact:
- +44 (0) 131 550 3100
- Keith Neilson, CEO
- Craig Preston, CFO
- +44 (0) 20 7418 8900
- Oliver Scott
- Nicholas Marren
- +44 (0) 20 7653 9850
- Caroline Evans-Jones
- Fiona Conroy
Founded in 1999, Craneware has headquarters in Edinburgh, Scotland with offices in Atlanta and Arizona, employing over 200 staff. Craneware is the leader in automated revenue integrity solutions that improve financial performance and mitigate risk for healthcare organisations. Craneware’s market-driven, annuity SaaS solutions help hospitals and other healthcare providers more effectively price, charge and code for services and supplies associated with patient care. These optimise reimbursement, increase operational efficiency and minimize compliance risk. By partnering with Craneware, clients achieve the visibility required to identify, address and prevent revenue leakage. To learn more, visit craneware.com.