Streamline Health Solutions, Inc. is a provider of solutions and services in the middle of the revenue cycle for healthcare providers throughout the United States and Canada. The company's technology helps hospitals improve their financial performance by optimizing data and coding for every patient encounter prior to bill submission.
The company provides software solutions, professional consulting, and auditing services, which capture, aggregate, and translate structured and unstructured data t...
Streamline Health Solutions, Inc. is a provider of solutions and services in the middle of the revenue cycle for healthcare providers throughout the United States and Canada. The company's technology helps hospitals improve their financial performance by optimizing data and coding for every patient encounter prior to bill submission.
The company provides software solutions, professional consulting, and auditing services, which capture, aggregate, and translate structured and unstructured data to deliver intelligently organized, easily accessible predictive insights to its clients. Hospitals and certain hospital-owned-and operated physician groups use the knowledge generated by Streamline Health to help them improve their financial performance.
The company’s software solutions are delivered to clients either by access to its hosted web applications in the cloud through a secure connection, commonly referred to as a software as a service (SaaS) delivery method, or by a fixed-term or perpetual license, where such software is installed locally in the client’s data center.
The company operates as a provider of health information technology solutions and associated services that improve healthcare processes and information flows within a healthcare facility. The company sells its solutions and services in North America to hospitals and health systems through its direct sales force and its reseller partnerships.
The company provides healthcare information technology solutions and associated services. The company provides these capabilities through the licensing of its Coding & CDI, eValuator coding analysis platform, RevID, and other workflow software applications and the use of such applications by software as a service (SaaS). The company also provides audit services to help clients optimize their internal clinical documentation and coding functions, as well as implementation and consulting services to complement its software solutions. The company's software and services enable hospitals and integrated healthcare delivery systems in the United States and Canada to capture, store, manage, route, retrieve and process patient clinical, financial, and other healthcare provider information related to the patient revenue cycle.
As part of the company's strategic expansion into the revenue cycle management, acute-care healthcare space, it acquired all of the equity interests of Avelead Consulting, LLC on August 16, 2021, on a cash- and debt-free basis.
Solutions
The company offers solutions and services to assist its clients in revenue cycle management, including its two flagship technologies RevIDTM and eValuatorTM. RevID offers automated, daily reconciliation of clinical event activity to patient billing charge items prior to billing. eValuator provides 100% automated coding analysis prior to billing. In addition, the company offers an array of professional services, including system implementation. The company’s solutions and services are designed to improve the flow of critical revenue cycle information throughout the enterprise. The solutions and services help to transform the structure of information between disparate information technology systems into actionable data, giving the end user comprehensive access to clinical and business intelligence to enhance billing accuracy and decision-making. Solutions can be accessed securely through SaaS or delivered either by a perpetual license or by a fixed-term license installed locally.
RevID Automated Revenue Reconciliation: RevID is a cloud-based SaaS solution that delivers automated, daily charge reconciliation. RevID identifies discrepancies between a provider’s clinical and billing departments and ensures that every medical service is tracked, accounted for, and ultimately accurately billed, thereby reducing revenue leakage. RevID functions on a pre-bill basis, allowing providers to catch mistakes and discrepancies prior to billing.
eValuator Coding Analysis Platform: This technology is a cloud-based SaaS solution that delivers the capability of fully automated analysis on 100% of billing codes entered by a healthcare provider’s coding team. This is done on a pre-bill basis, enabling providers to identify and address their highest-impact cases prior to billing. Rule sets are enabled for inpatient, outpatient and pro-fee cases. With eValuator, providers can add an audit function on a pre-bill basis to all cases, allowing the provider to better optimize reimbursements and mitigate risk on its billing practices.
Data Comparison Engine (DCE or Compare): Compare is a cloud-based SaaS system synchronization module that reconciles data in different software used by hospitals within their operations. Compare operates continuously and automates the reconciliation of these systems to identify discrepancies or errors occurring between systems. Additionally, the Compare module can be utilized as a maintenance check when a hospital adds additional disparate software systems or converts to a new software system.
Coding & CDI Solutions: CDI provides an integrated on-premises or cloud-based software suite that enhances the productivity of CDI and Coding staff and enables the seamless sharing of patient data. This suite of solutions includes workflows, such as CDI, Abstracting and Physician Query.
Financial Management Solutions (FMBA): FMBA has been sunset by the company. FMBA solutions enable financial staff across the healthcare enterprise to drill down quickly into actionable and real-time financial data and key performance indicators to improve revenue realization. This suite of solutions includes individual workflows, such as accounts receivable management, denials management, claims processing, spend management, and audit management.
Professional Services
Audit and Coding Services: The company provides technology-enabled audit and coding services to help clients review and optimize their internal clinical documentation and coding functions across the applicable segment of the client’s enterprise. The company offers its Audit and Coding services to primarily support eValuator clients by expanding audit capacity to drive net revenue retention rates. The company provides these services using experienced coders and auditors through use of its eValuator proprietary software to improve the targeting of records with the highest likelihood of requiring an audit. The audit services are provided for inpatient diagnostic-related group (DRG) code auditing, outpatient ambulatory payment classification (APC) auditing, hierarchical condition categories (HCC) auditing and Physician/Pro-Fee services coding and auditing.
Software Services: Software services relate to implementation of the company’s core software modules, including data collection, configuration of the software based on the clients’ needs, training and support. Support services include non-specified upgrades to the software.
Professional Services: The company’s professional services are typically associated with hospital revenue cycle assistance and include troubleshooting, staff augmentation and ad hoc services. Services may include, but are not limited to, review of workflow processes, development and optimization of new workflows, optimization of interfaces, performance of audits and reconciliations, interim resources and project management of system implementations or conversions. The company has replaced its emphasis on professional services with technology solutions. The company’s premises is that technology on the front end of the revenue cycle process will reduce waste and errors in the coding and the backend.
Customers and Strategic Partners
The company continues to provide transformational data-driven solutions to some of the finest, most well-respected healthcare enterprises in the United States and Canada. Clients are geographically dispersed throughout North America. The company provides these solutions through a combination of direct sales and relationships with strategic channel partners.
Contracts, License and Services Fees
The company enters into agreements with its clients that specify the scope of the system to be installed and/or services to be provided by the company, as well as the agreed-upon pricing, applicable term duration and the timetable for the associated licenses and services.
The company also generally provides software and SaaS clients professional services for implementation, integration, process engineering, optimization and training. These services and the associated fees are separate from the license, maintenance and access fees. Professional services are provided on either a fixed-fee or hourly arrangements billable to clients based on agreed-to payment milestones (fixed fee) or monthly payment structure on hours incurred (hourly). These services can either be included at the time the related locally installed software or SaaS solution is licensed as part of the initial purchase agreement or added as an addendum to the existing agreement for services required after the initial implementation. The company recognizes revenue for implementation for certain of its eValuator SaaS solution over the contract term, as it has been determined that those implementation services are not a distinct performance obligation, whereas for other SaaS and Software solutions, such as Coding & CDI, RevID and Compare, it has been determined that its implementation services are a distinct performance obligation and, accordingly, are recognized separately as professional services.
Third-Party License Fees
The company incorporates software licensed from various third-party vendors into its proprietary software. The company licenses these software products and pays the required license fees when such software is delivered to clients.
Additional Intellectual Property Rights
The company holds registered trademarks for its Streamline Health and other key trademarks used in selling its products.
Regulations
The company's clients derive a substantial portion of their revenue from third-party private and governmental payors, including through Medicare, Medicaid and other government-sponsored programs. The company's clients also have express handling and retention obligations under information-based laws, such as the Health Insurance Portability and Accountability Act of 1996.
Research and Development
The company’s research and development expenses incurred $5,704 for the year ended January 31,2024.
History
Streamline Health Solutions, Inc. was founded in 1989. The company was incorporated in 1989.
The Analyst Price Target shows the analysts’ low, high, and average target at a glance.
