ATLANTA, Sept. 8, 2016 /PRNewswire/ -- Streamline Health Solutions, Inc. (NASDAQ: STRM), provider of the Looking Glass® platform of integrated solutions and analytics services supporting revenue cycle optimization for healthcare enterprises in the new value-based world, today announced the acquisition of the assets of Opportune IT Healthcare Solutions, Inc., a privately-held technology-enabled services provider of coding audits for healthcare providers throughout the United States.
Opportune IT Healthcare Solutions, founded in 2003, utilizes proprietary technology to perform audits on a risk-adjusted selection of inpatient and outpatient encounter coding for providers across the country. The work of Opportune IT serves to both identify areas for coding and documentation improvement and to mitigate compliance risk from miscoding.
"Opportune IT's superior coding and revenue integrity services are a strong extension of our existing suite of coding and CDI technology," stated David Sides, President and Chief Executive Officer, Streamline Health. "I am excited about the opportunity to harness the depth and breadth of the Opportune IT team's audit experience to advance our tools and enhance the value we bring to our clients and prospects."
"Given the chance to custom-design a new home for our Company it would have looked very much like Streamline Health," stated Nancy Hirschl, Executive Vice President of Opportune IT and now Vice President of HIM Services at Streamline. "I am eager to begin pursuing the many opportunities I know exist between our two unique client bases."
Streamline acquired the assets of Opportune IT for $1.4 million in cash or approximately 1.1 times trailing twelve-month revenue.
About Streamline Health
Streamline Health Solutions, Inc. (NASDAQ: STRM) is a healthcare industry leader in capturing, aggregating, and translating enterprise data into knowledge—actionable insights that support revenue cycle optimization for healthcare enterprises. Our Looking Glass platform delivers integrated solutions, technology-enabled services and analytics that enable providers to drive reimbursement in a value-based world. We share a common calling and commitment to advance the quality of life and the quality of healthcare—for society, our clients, the communities they serve, and the individual patient. For more information, please visit our website at www.streamlinehealth.net.
About Opportune IT Healthcare Solutions
Opportune IT Healthcare Solutions provides technology-enabled revenue integrity services and software solutions to large hospital systems and physician groups. Opportune IT pairs its team of experienced and high-quality audit professionals with its robust technology-enabled platform to provide unparalleled solutions in the revenue cycle market. The Company's solutions provide an integrated, end-to-end service to enhance its customers' coding accuracy, compliance, reimbursement, and process efficiencies.
Safe Harbor statement under the Private Securities Litigation Reform Act of 1995
Statements made by Streamline Health Solutions, Inc. that are not historical facts are forward-looking statements that are subject to certain risks, uncertainties and important factors that could cause actual results to differ materially from those reflected in the forward-looking statements included herein. Forward-looking statements contained in this press release include, without limitation, statements regarding the opportunities associated with the Company's acquisition of Opportune IT Healthcare Solutions. These risks and uncertainties include, but are not limited to, the failure of the Company to realize the opportunities associated with the acquisition of Opportune IT Healthcare Solutions and other risks and uncertainties associated with the Company's business, including the timing of contract negotiations and execution of contracts and the related timing of the revenue recognition related thereto, the potential cancellation of existing contracts or clients not completing projects included in the backlog, the impact of competitive solutions and pricing, solution demand and market acceptance, new solution development and enhancement of current solutions, key strategic alliances with vendors and channel partners that resell the Company's solutions, the ability of the Company to control costs, availability of solutions from third party vendors, the healthcare regulatory environment, potential changes in legislation, regulation and government funding affecting the healthcare industry, healthcare information systems budgets, availability of healthcare information systems trained personnel for implementation of new systems, as well as maintenance of legacy systems, fluctuations in operating results, effects of critical accounting policies and judgments, changes in accounting policies or procedures as may be required by the Financial Accounting Standards Board or other similar entities, changes in economic, business and market conditions impacting the healthcare industry generally and the markets in which the Company operates and nationally, and the Company's ability to maintain compliance with the terms of its credit facilities, and other risks detailed from time to time in the Streamline Health Solutions, Inc. filings with the U. S. Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect management's analysis only as of the date hereof. The Company undertakes no obligation to publicly release the results of any revision to these forward-looking statements, which may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events, except as required by law.
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SOURCE Streamline Health, Inc.