Streamline Health Solutions, a provider of SaaS-based solutions for healthcare providers, announced on Wednesday its financial results for the first quarter of fiscal year 2013. The company saw its revenue increase by 19 percent since the first quarter of fiscal 2012, making $6.5 million in overall revenue.
The increase is greatly credited to the company’s maintenance and support revenues for the quarter, which increased by 44 percent from Q1 2012.
"We continue to gain traction in the market as witnessed by our $4.3 million dollars in new bookings during the quarter," Robert E. Watson, president and chief executive officer of Streamline Health, said in a statement. "As we look ahead, significant new client wins from this quarter will contribute net new revenue for our company this year.”
Other highlights for Streamline’s success this quarter included the company’s Software as a Service (SaaS) revenue increased by 14 percent and backlog landing around $53 million. Operating expenses for the quarter increased by 65 percent, mainly due to Streamline’s acquisition of Meta Health and associate stock option expense led to increase.
“In addition,” continued Watson, “our cross selling efforts have resulted in our first client under contract for all three of our solution suites. We view that as continuing to support our thesis that large healthcare provider systems will need innovative technologies to help them become more efficient, both operationally and financially."
Streamline will continue to see further success in the upcoming quarter after the announcement that they have entered a joint marketing agreement with Patientco, a patient financial engagement solutions provider, in order to accelerate patient payments.
Steamline Health Solutions is a SaaS-based healthcare information technology (HCIT) solutions provider for hospitals and physician groups. With offices in Atlanta, Cincinnati and New York, these solutions offer healthcare enterprises a flexible, customizable way to communicate between disparate departments and information systems to optimize clinical, administrative and financial performance.
Edited by
Alisen Downey
