Streamline Health Solutions, Inc. (STRM) stock prices were up by 7.02% shortly after market trading commenced on June 30th, 2021, bringing the price per share up to USD$1.84 early on in the trading day.
New Contract
June 30th, 2021 saw the company announce the signing of a contract with a 2,367-bed, Epic EMR-based health system serving the Midwest U.S. STRM’s eValuator cloud-based automated pre- and post-bill coding analysis technology will be used by the health system to improve revenue integrity, as well as a financial performance from both inpatient and outpatient services.
Scope of eValuator
The company is revolutionizing the industry with a movement to facilitate financial improvement with the use of pre-bill technology. eValuator offers providers the chance to address coding issues before they contribute to lower revenues, denied claims, and non-compliance exposure. STRM combines this innovative technology with expert auditing services in order to provide its clients with a comprehensive Revenue Integrity Program. The eValuator program substantially improves current financial performance by helping users optimize coding and documentation accuracy for pre-billing patient encounters. The program also serves to assist providers in making the transition to new payment models.
PPP Forgiveness
STRM announced on June 16th, 2021 that it had received a notice from Western Alliance Bank, the lender of the company’s Paycheck Protection Program loan which approved the forgiveness of the PPP loan. A total of USD$2,300,600 had been approved to be written off by the U.S. Small Business Administration. The financial support stemming from the implementation of the CARES Act has helped U.S businesses stay afloat over the course of the devastating coronavirus pandemic. The loan-turned-grant allowed the company to maintain its workforce despite the effects of the Covid-19 situation.
Revenue Reports
Revenues for the first quarter of the fiscal year 2021 were reported at USD$3 million, up from the USD$2.9 million reported in the prior-year quarter. SaaS revenue was up a very healthy 32% as compared to reports from the first quarter of the fiscal year 2020, largely contributing to the growth in total revenues for the quarter. The increase was partially offset by lower revenue from professional services, audit services, and maintenance and support.
