Streamline Health Solutions (STRM) Buys Opportune IT Healthcare Solutions
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Streamline Health Solutions, Inc. (Nasdaq: STRM), provider of the Looking Glass® platform of integrated solutions and analytics services supporting revenue cycle optimization for healthcare enterprises in the new value-based world, today announced the acquisition of the assets of Opportune IT Healthcare Solutions, Inc., a privately-held technology-enabled services provider of coding audits for healthcare providers throughout the United States.
Opportune IT Healthcare Solutions, founded in 2003, utilizes proprietary technology to perform audits on a risk-adjusted selection of inpatient and outpatient encounter coding for providers across the country. The work of Opportune IT serves to both identify areas for coding and documentation improvement and to mitigate compliance risk from miscoding.
"Opportune IT's superior coding and revenue integrity services are a strong extension of our existing suite of coding and CDI technology," stated David Sides, President and Chief Executive Officer, Streamline Health. "I am excited about the opportunity to harness the depth and breadth of the Opportune IT team's audit experience to advance our tools and enhance the value we bring to our clients and prospects."
"Given the chance to custom-design a new home for our Company it would have looked very much like Streamline Health," stated Nancy Hirschl, Executive Vice President of Opportune IT and now Vice President of HIM Services at Streamline. "I am eager to begin pursuing the many opportunities I know exist between our two unique client bases."
Streamline acquired the assets of Opportune IT for $1.4 million in cash or approximately 1.1 times trailing twelve-month revenue.
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