11 January 2008 – Craneware plc, (AIM: CRW) a leader in revenue cycle management software solutions for the US healthcare market, is pleased to give an update today on trading during the half year to 31 December 2007.
Following the Company’s IPO on AIM in September 2007, Craneware has executed on its strategy to further advance its market leading position. In the six months to 31 December 2007, the Company signed up 96 new hospitals, compared to 64 in the previous corresponding period. As a result, the Company’s software is now being used in 878 hospitals in the US, up from 800 at the beginning of the year.
Revenue for the first half of the year was in line with management expectations, with new sales bookings being over 50% higher than the previous corresponding period. Craneware’s flagship product, Chargemaster Toolkit®, was also once again named top in its class by the prestigious industry research house KLAS in the US.
As stated at the time of the IPO, the Company believes there is a significant opportunity to sell additional software products into its customer base and as such has added two further products to its suite aimed at the finance department of US hospitals. In November, Craneware launched Patient Charge Estimator™, which enables hospitals to efficiently and accurately provide prospective patients with estimates of procedural charges. Yesterday the Company launched Pharmacy ChargeLink™ which enables hospitals to improve the buying, billing and reimbursement of pharmacy items.
Craneware has started the second half of the year with a strong pipeline of sales prospects and this together with the new product launches gives management confidence for the Company’s performance for the full year. Overall, significant progress has been made in H1 and the Company anticipates further positive newsflow in H2. Craneware will be announcing Interim results on Tuesday 26th February 2008.
Keith Neilson, CEO of Craneware, commented, “We are delighted with the progress made during the first few months of life as a public company. Craneware continues to grow and we have maintained our leading position as a provider of revenue cycle management software to US hospitals. The complexity of legislation governing this sector, and the high proportion of hospitals still using manual solutions to manage their revenue cycles, means we are operating in a vibrant marketplace with opportunity for growth alongside continuing high levels of contract renewals. We look forward to updating shareholders in February.”
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 Livingston, Scotland with offices in Atlanta and Arizona, employing over 140 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.