CRANEWARE, the revenue management specialist focused on the US healthcare market, has extended its contract with a long-standing client in a deal worth $6 million.
The Edinburgh-based software specialist said the renewal of its contract with an unnamed US hospital operator will deliver $3.5 million of additional revenue over the five-year term. It will provide its value cycle solutions to the client’s existing sites and facilities recently added to its network. Craneware, which has worked with the client since 2007, said the revenue will be recognised in future periods.
Chief executive Keith Neilson said: “The expansion of this relationship demonstrates the strategic importance of Craneware’s value cycle solutions to our customers, as they extend their own hospital networks throughout the US.
“The strength of our solutions and the value they deliver to all customers, including large and complex health systems, allows us to deepen our relationship with our customers as they address the challenges resulting from the continued evolution to the new value based re-imbursement environment.”
The deal comes after Craneware highlighted in September the growth potential for its revenue management software in its core US healthcare market as it hiked profits by more than one-fifth to $16.9m (£13m). It was the eighteenth year in a row it had grown revenue and underlying earnings. Shares closed up 47.5p at 1,572.5p.
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