10 July 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 year to 30 June 2008.
The Company has performed strongly during the year, exceeding targets set at the time of the IPO in September, culminating in the signing of the two separate agreements with Catholic Healthcare West and Catholic Health East announced within the last month, revenues from which will only be recognised in subsequent years.
During the year, the management continued to execute on its stated strategy of broadening the Company’s customer base signing up 194 new hospitals during the year, resulting in Craneware’s software being used in 950 US hospitals up from 801 at the beginning of the year. Renewal rates for multi-year contracts remain above 90%.
In additional to broadening the customer base, the Company also increased customer penetration through the cross-sale of two additional products, Patient Charge Estimator™ and Pharmacy ChargeLink®, which were launched at the end of the 1st half of the year. Over 30% of new hospital wins during the year included at least one of the newly launched products with additional sales made to existing hospital clients ahead of management’s expectations.
The Board is therefore confident of reporting results for the year ended 30 June 2008 in line with expectations. These results will be announced on Tuesday 9 September 2008.
Keith Neilson, CEO of Craneware, commented, “We are delighted with the strong growth achieved in the year, underlining our position as the leader in revenue cycle management software in the US. We have exceeded our goals as stated at the time of the Company’s IPO in September last year, and are confident in our ability to continue to execute upon our strategy in the year ahead.”
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.