Streamline Health has just released a report, which shows that the Software as a Service (SaaS) based company saw a revenue increase of more than 19 percent in the first quarter of 2013, when compared to 2012. The company says that it saw earnings of about $6.5 million in the first quarter of this year, compared to $5.4 million one year ago. This revenue growth was despite the fact that the company announced it actually lost a couple of contracts over the first three months of this year.
Part of the reason the company was able to post success in the SaaS market despite losing those contracts is because of the other companies that have leaned on Streamline for their Software as a Service needs. Their SaaS offerings have helped medical-based companies and hospitals with a whole host of different needs, including handling reimbursements and denials and other files that can get out of control.
A company that needs these kinds of services may not have a system in place to handle the job itself and look to firms like Streamline Health to come in and get the files under control so they can be dealt with.
Streamline offers SaaS first and foremost and the company said that it saw revenues of $1.8 million for those SaaS offering in the first quarter of 2013. That is a 14 percent increase over the same quarter a year ago. The company also offers maintenance and a support system and saw revenues of $3.4 million to start of 2013. That number is a 44 percent jump from the same time in 2012.
The company did also see an increase in overhead, but it claims that most of that increase was due to the acquisition of Meta Health and that those expenses should return to normal in the succeeding quarters.
Edited by
Alisen Downey
