Streamline Health Announces Sale Of Its Patient Engagement Solutions To Document Storage Systems, Inc.
Company Sharpens Its Focus and Energy on Core Mission to Provide Revenue Cycle Optimization Technology and Services to Healthcare Providers
ATLANTA, Dec. 1, 2016
ATLANTA, Dec. 1, 2016 /PRNewswire/ – Streamline Health Solutions, Inc. (NASDAQ: STRM), provider of the Looking Glass platform of integrated solutions, technology-enabled services and analytics supporting revenue cycle optimization for healthcare enterprises in the new value-based world, today announced the sale of its Looking Glass Patient Engagement suite of solutions to Document Storage Systems, Inc. (DSS), located in Juno Beach, Florida. DSS specializes in the integration, development and innovation of healthcare technology to promote interoperable information exchange throughout the industry.
Streamline Health’s Looking Glass Patient Engagement suite consists primarily of Patient Scheduling and Surgery Management software. This suite of products is based upon the legacy ForSite2020 solution, which Streamline Health acquired in connection with its acquisition of Unibased Systems Architecture, Inc. (USA, Inc.), in February, 2014. The company plans to discuss specifics of the transaction and will update any potential impact during its Third Quarter earnings call on Wednesday, December 7, 2016.
“As we sharpen our focus on delivering integrated solutions and analytics services supporting revenue cycle optimization, we recognized a company like DSS could better leverage our patient engagement solutions when compared with our go forward strategy,” stated David Sides, President and Chief Executive Officer, Streamline Health. “We’ve worked with DSS for a number of years and felt they were the right strategic buyer. These award-winning solutions are supported by a team of dedicated professionals we’ve been proud to call colleagues here at Streamline Health.”
Streamline Health received $2 million from DSS in the transaction.
About Streamline Health
Streamline Health Solutions, Inc. (NASDAQ: STRM) is a healthcare industry leader in capturing, aggregating, and translating enterprise data into knowledge—delivering actionable insights that support revenue cycle optimization for healthcare enterprises. Our Looking Glass platform delivers integrated solutions, technology-enabled services and analytics that enable providers to drive reimbursement in a value-based world. We share a common calling and commitment to advance the quality of life and the quality of healthcare—for society, our clients, the communities they serve, and the individual patient. For more information, please visit our website at www.streamlinehealth.net.
Safe Harbor statement under the Private Securities Litigation Reform Act of 1995
Statements made by Streamline Health Solutions, Inc. (the “Company”) that are not historical facts are forward-looking statements that 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. Forward-looking statements contained in this press release include, without limitation, statements regarding the Company’s expectations regarding its core business and strategies. These risks and uncertainties include, but are not limited to, the failure of the Company to realize any operational and costs savings associated with the sale of any assets or similar such divestitures as well as the opportunities associated with the Company’s business, including 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 and enhancement of current solutions, key strategic alliances with vendors and channel partners 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 Accounting 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, except as required by law.
SVP, Chief Marketing Officer
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SOURCE Streamline Health, Inc.