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SOURCE Streamline Health Solutions, Inc.
New Five-Year Deal To Include Streamline's Enterprise Content Management (ECM), Computer Assisted Coding, (CAC), and Clinical Documentation Improvement (CDI) Solutions
ATLANTA, Feb. 25, 2014 /PRNewswire/ -- Streamline Health Solutions, Inc. (NASDAQ: STRM), a leading provider of knowledge management solutions for healthcare organizations, today announced that Cymetrix, a national leader in providing comprehensive revenue cycle management solutions, has signed a five-year agreement to use Streamline Health's software solutions. Streamline Health's ECM, CAC and CDI solutions will significantly expand Cymetrix's health information management (HIM) capabilities including coding and clinical documentation improvement services.
An important part of Cymetrix's business is providing HIM-related solutions to assist healthcare clients drive efficiency and performance. Providers are often turning to HIM outsourcing partnerships due to the challenges of an industry-wide shortage of qualified professionals, in addition to the burden of preparing for the transition from ICD-9 to ICD-10. Cymetrix will be able to help providers avoid these challenges by importing necessary documents from their clients' host systems, or by scanning them directly into the ECM and CDI solutions from Streamline Health. Cymetrix coders will use a single, consistent and robust platform for every facility, providing more flexibility in reporting and immediate access to electronically stored documents that will improve coder performance.
Cymetrix will also implement Streamline Health's CAC solution to further improve the speed and accuracy of coding. Computer assisted coding is considered a key technology in helping providers prepare for ICD-10 and the dramatic increase in codes and specificity that they will be expected to employ.
"Speed and accuracy of coding will be critical in the transition to ICD-10 later this year and will have a direct and dramatic impact on healthcare organizations' revenues," said Robert E. Watson, President and Chief Executive Officer, Streamline Health. "Our ECM, CDI and CAC solutions will help Cymetrix increase coding efficiency and improve processes, which should be a huge benefit to both Cymetrix and their healthcare clients."
"We are excited to begin using Streamline Health's solutions to enhance and expand our HIM capabilities," stated Michael Halberda, Chairman and Chief Executive Officer, Cymetrix. "This partnership is further testament to our commitment to providing our clients with innovative revenue cycle solutions that significantly improve net revenue and reduce cost."
About Streamline Health
Streamline Health Solutions, Inc. (NASDAQ: STRM) is a leading provider of SaaS-based healthcare information technology (HCIT) solutions for healthcare providers. The company's comprehensive suite of solutions includes: patient scheduling, surgery management, enterprise content management (ECM), business and clinical analytics, clinical documentation improvement (CDI), and computer assisted coding (CAC), and integrated workflow technology. This unique combination of solutions is designed to help healthcare organizations manage the financial and operational challenges they face in the ever-changing world of healthcare today and in the future. For more information, please visit our website at www.streamlinehealth.net.
Cymetrix (www.cymetrix.com) is a comprehensive revenue cycle management company providing healthcare organizations and hospital-affiliated physician practices with end-to-end revenue cycle solutions, consulting services and proprietary business intelligence that deliver sustained improvement in performance and profitability. A privately held Delaware Corporation, Cymetrix has corporate headquarters in Irvine, Calif., and business processing centers in Los Angeles, Dallas, and Nashville. Cymetrix's equity partner is Riordan, Lewis & Haden, a private equity investment company based in Los Angeles.
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 risks and uncertainties and are no guarantee of future performance. The forward looking statements contained herein 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. These risks and uncertainties include, but are not limited to, 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, key strategic alliances with vendors 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 Accountings 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.
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