ATLANTA, Feb. 18, 2011 - Craneware, Inc. (AIM: CRW.L; OTC: CRWRY), the market leader in automated revenue integrity solutions for the U.S. healthcare market, today announced the acquisition of Nashville-based ClaimTrust, Inc., a Software-as-a-Service (SaaS) revenue cycle technology solutions provider. The deal is valued at an initial consideration of $15 million with a maximum total consideration of $19.5 million, subject to certain performance criteria and working capital adjustments.
"This acquisition is a major step forward for Craneware. With its Insight Revenue Cycle Solution(TM), ClaimTrust brings five core complementary products to the existing Craneware Revenue Integrity Solutions(TM), increasing our product set and strengthening the value we deliver to the health care market," said Keith Neilson, CEO of Craneware. "ClaimTrust has helped hospitals manage the Recovery Audit Contractor (RAC) process to win more than twice as many appeals as their peers and defend millions of dollars in Medicare RAC denials. This is just one of the many reasons ClaimTrust adds tremendous value to Craneware's existing offerings."
With U.S. hospitals facing increased fiscal and regulatory pressures, ClaimTrust's powerful revenue cycle tools will further help Craneware's clients improve financial performance and meet increasingly stringent compliance regulations.
"Craneware is a market leader in providing revenue integrity solutions that deliver the necessary visibility to identify and address revenue leakage," said Joe Ferro, President and CEO of ClaimTrust. "ClaimTrust is excited to continue providing exceptional client service while offering our clients Craneware's industry award-winning and HFMA peer-reviewed revenue integrity software."
ClaimTrust has a customer base of more than 275 hospitals, of which approximately 10 percent overlap with the more than 1,000 healthcare organizations Craneware currently serves. Through the acquisition, Craneware will expand its employee base from 150 to more than 200.
Craneware (AIM: CRW.L, OTC: CRWRY) is the leader in automated revenue integrity solutions that improve financial performance for healthcare organizations. Craneware's market-driven, SaaS solutions help hospitals and other healthcare providers more effectively price, charge and code for services and supplies associated with patient care. This optimizes reimbursement, increases operational efficiency and minimizes compliance risk. By partnering with Craneware, clients achieve the visibility required to identify, address and prevent revenue leakage. To learn more, visit craneware.com and stoptheleakage.com.
Founded in 1998 with offices in Nashville and Boston, ClaimTrust has developed InSight Revenue Cycle Solution(TM), a suite of five software solutions and services targeting the revenue cycle. ClaimTrust employs over 50 people, providing services to over 275 hospitals in the US and Puerto Rico. For further information please visit www.claimtrust.com.
SOURCE Craneware, Inc.
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