Streamline Health Company (NASDAQ:STRM): Avelead Lands New Contract for its RevID Solution, Cerner-EHR based Health System in Michigan

Avelead, a Streamline Health Company (NASDAQ:STRM), announced on May 3rd, 2022, about entering into a contract with an eight-hospital, Cerner-EHR based health system in Michigan. It will use Avelead’s pioneering automated charge reconciliation solution to help eliminate revenue leakage organization-wide.

Market Stats     

On Monday, STRM stock fell 0.68% to $1.46 with more than 3.8K shares, compared to its average volume of 46K shares. The stock moved within a range of $1.4600 – 1.5100 after opening trading at $1.51.

Avelead’s primary focus is to ensure hospitals and health systems can thrive by removing revenue leakage from every healthcare setting. Its cutting edge RevID solution eliminates revenue leakage before it occurs, by detecting, reviewing, and reconciling potential charge errors before the final billing. It is a results-based software, with real-time visibility and control, to enable a greater accountability within the revenue system, providing a top-down view of departmental performance.

Jawad Shaikh, President and CEO, Avelead, is thrilled that RevID has been selected by a leading healthcare provider in Michigan. He feels that it validates the solution’s capabilities, and emphasizes on the importance of eliminating revenue leakage. Due to the collaboration with Cerner, they can continue increasing the footprint of their powerful revenue cycle solutions.

To put it in a nutshell, RevID proactively identifies discrepancies, centralizes data, and confirms revenue capture for better financial performance. Jawad looks forward to serving the award-winning hospital system, while teaming up with their expanding list of healthcare partners to put an end to lost revenue.

Key Quote

“The selection of RevID by a leading healthcare provider in Michigan further validates the solution’s capabilities, and the value of eliminating revenue leakage,” said Jawad Shaikh, President and CEO, Avelead. “Thanks to our partnership with Cerner, we continue to increase the footprint of our powerful revenue cycle solutions. We look forward to serving this award-winning hospital system and working with our expanding list of healthcare partners to put an end to lost revenue.”

Traders Corner

STRM stock is trading below the 20-Day and 50-Day Moving averages of $1.48 and $1.48 respectively. Moreover, the stock is trading below the 200-Day moving average of $1.55.