UK-based Craneware, which carries out most of its business in US healthcare market, has secured a new contract from a large healthcare provider network in the Eastern US.
The contract will see Craneware’s Pharmacy ChargeLink solution roll out to the 12 facilities across the network from October 2018.
Craneware expects the contract to deliver more than $6m of revenue over its initial five year term.
The company made the contract announcement in its trading update for the year ended 30 June 2018. Craneware’s sales increased by about 100% which includes the new contract signed at the end of the year.
The company expects to report increases of about 16% in revenue and 20% in adjusted EBITDA.
Craneware CEO Keith Neilson said the record results demonstrate the ongoing momentum the company is seeing across all strata of hospitals including large and complex health systems as they embrace the realities of value-based economics within healthcare.
Neilson said: “The strength of our solutions and the value they deliver to our customers, allows us to support our customers as they address the challenges resulting from the continued evolution of the US Healthcare market.
“We are playing an increasingly strategic role in assisting healthcare providers to deliver better healthcare through sustainable financial performance, whilst mitigating operational and compliance risks.”
Craneware, which was founded in 1999, allows healthcare providers to enhance margins and improve patient outcomes so they can continue to offer quality outcomes for all.
The company is headquartered in Edinburgh, Scotland with offices in Atlanta, Boston and Pittsburgh employing more than 250 staff.
Earlier this year, Craneware secured two contracts from two hospital providers in the US.
Under the first contract with a healthcare provider, Craneware’s Value Cycle products were deployed across the organization’s 20 hospitals.
The second contract with a surgical hospital required Craneware to provide a suite of products and solutions, including the Trisus Platform and Trisus Claims Informatics.
Craneware said its value cycle experts and technology offer the transparency required elevate revenue cycle operations of hospitals and health systems.