With the healthcare industry shifting from volume-based to value-based pay and facing more patients who act more like consumers, revenue-cycle vendors are scrambling to become more than just another collection agency.
Craneware, a Scotland-based revenue-cycle firm that in the past year introduced a suite of products to complement its traditional chargemaster-based offering, appears to be making the transition. The company on Tuesday announced improved financial results for its fiscal year ended June 30.
The company earned $12.4 million on $44.8 million in revenue in fiscal 2015. Those earnings were up 10.6% from the $11.2 million earned on $42.6 million in revenue recorded a year ago.
"This year has seen Craneware continue its record level of sales, but perhaps more importantly has seen the anticipated emergence of a high growth financial analytics and performance market," said CEO Keith Neilson in a news release. "Major changes in reimbursement and care delivery models have made understanding and reducing the cost of care mission-critical for every healthcare provider in the U.S."
The company in 2015 expanded its revenue-cycle management software to include data capture for quality of care and patient satisfaction and engagement, the company said in the release.