Reseller Agreement with Premier
Five year deal with a $15 million minimum sales value
21 April 2010-Craneware plc (AIM: CRW.L), the market leader in automated revenue integrity solutions for the US healthcare market, is pleased to announce the expansion of its relationship with the Premier healthcare alliance. The new deal between Craneware and Premier is a five-year reseller agreement, with a minimum value of $15 million. The Company’s revenue recognition policy means that the revenue derived from the agreement is expected to become meaningful in Craneware’s financial year beginning 1st July 2011.
Under the agreement, Premier will offer Craneware’s Revenue Integrity Solutions™ including Craneware’s newest solution, Supplies ChargeLink™ to its 2,300 not-for-profit hospital alliance members, providing them a way to reduce revenue leakage, operate more efficiently and manage compliance. This is an evolution of a three year agreement signed with Premier in April 2009.
“Premier recognizes that hospitals may have revenue leakage stemming from their reimbursable supplies that is not addressed by existing technology solutions,” said Wes Champion, Senior Vice President of Premier Consulting Solutions. “Craneware’s latest offering coupled with Premier Consulting Solutions will help our members ensure the money they spend on drugs and chargeable supplies is reimbursed, assisting them with managing costs and driving overall financial improvement.”
As part of the agreement, Craneware will also market Premier Consulting Solutions™, which help hospitals reduce costs, increase margins and improve quality. As a result, the partnership will provide an even stronger return on investment for hospitals looking to increase cash flow and reduce compliance risks.
Keith Neilson, CEO of Craneware commented, “Together, Craneware and Premier help hospitals achieve financial stability, while reducing costs and compliance risks. Premier’s proven results and high-quality expertise complement Craneware’s industry-ranked revenue integrity solutions in a way that is enabling U.S. healthcare providers to improve their financial performance. This five-year commitment adds another layer of visibility onto our growing total of future contracted revenues and gives us great confidence in our continued momentum.”
Today, more than 1,000 U.S. healthcare provider organizations use Craneware solutions to proactively identify and prevent revenue leakage. Craneware’s Revenue Integrity Solutions consist of three product families: Revenue Cycle, Strategic Pricing and Supply Management.
For further information, please contact:
- +44 (0) 131 550 3100
- Keith Neilson, CEO
- Craig Preston, CFO
- +44 (0) 20 7418 8900
- Jonathan Marren
- Richard Kauffer
- Dan Webster
- +44 (0) 207 651 8688
- Caroline Evans-Jones
- Fiona Conroy
About Premier Inc., 2006 Malcolm Baldrige National Quality Award recipient
The Premier healthcare alliance is more than 2,300 U.S. hospitals and 66,000-plus other healthcare sites working together to improve healthcare quality and affordability. Owned by not-for-profit hospitals, Premier maintains the nation’s most comprehensive repository of clinical, financial and outcomes information and operates a leading healthcare purchasing network. A world leader in helping deliver measurable improvements in care, Premier works with the Centers for Medicare & Medicaid Services and the United Kingdom’s National Health Service North West to improve hospital performance. Headquartered in Charlotte, N.C., Premier also has offices in San Diego, Philadelphia and Washington. Follow Premier on Twitter.
Founded in 1999, Craneware has headquarters in Edinburgh, Scotland with offices in Florida, Arizona and Kansas, employing over 130 staff. Craneware is the leader in automated revenue integrity solutions that improve financial performance for healthcare organisations. Craneware’s market-driven, SaaS solutions help hospitals and other healthcare providers more effectively price, charge and code for services and supplies associated with patient care. This optimises reimbursement, increases operational efficiency and minimises compliance risk. By partnering with Craneware, clients achieve the visibility required to identify, address and prevent revenue leakage. To learn more, visit >craneware.com.