SCOTTSDALE, ARIZONA--(Marketwired - July 17, 2014) - The Board of Directors of Certive Solutions Inc. (the "Company") (CSE:CBP), having closed the acquisition of the assets of Titan Health Management Solutions ("Titan Health") on July 3, 2014 (financial close on June 1, 2014), wishes to provide shareholders and other interested stakeholders with a summary of our business as of the closing date. This summary is provided as a point of reference that will enable shareholders to measure and evaluate reported growth and scale of operations during the upcoming months.
As of May 31, 2014, our acquired assets had generated a total of USD$923,336 in aggregate revenues for the five months ended compared to USD$433,644 for the five month period ending May 31, 2013, an increase in 2014 of 113%.
As of the date of closing the asset acquisition, our staff and management had collected over USD$4,097,308 for our client hospitals. For the year ended December 31, 2013, the acquired assets collected over USD$10,000,000 for our client hospitals and generated USD$1,525,756 in gross revenue. Year-to-date revenues have now surpassed fiscal 2013.
During this period we continued to increase our client base with a total of 15 new hospitals and hospital systems added to our roster of contracted providers. Additionally, we have identified several new lines of business within revenue cycle management that have contributed significantly to the increased operating results, prior to closing our acquisition.
By June 30, 2014, our acquired employee base had doubled over the preceding year, sustained by the growth in all categories of contracted revenue recovery for our customers. The work ethic excellence of the acquired staff has been demonstrated repeatedly during this period of rapid expansion. From identifying material coding errors in hospital customer billings to mastering the intricacies associated with complex medical assessment files, the recovery results speak for themselves, much of which accounts for the growth in revenues over the past six months.
The Tucson facility provides a scalable physical facility as we expand and our occupancy needs increase. A planned move within the existing location will more than support anticipated growth over the next year.
Immediately upon closing the acquisition, the Company commenced initiation of its two phase technology deployment program. Identifying processes that are easily automated using our technology is key, as management drives for scalability, increasing profitability, and the ability to best utilize its seasoned complement of professional auditors.
As our Company continues to leverage its expertise and support growth with cloud technology enablement, the impact will be realized in more business volume and greater efficiency in claims auditing and collection, all of which will yield to greater profitability and the ability to further expand through acquisition.
The Company is deemed to have closed the acquisition for financial reporting purposes on June 1, 2014. Accordingly, we will record our first full quarter results as at August 31, 2014. On an interim basis, the Company proudly reports revenue of USD$214,387 for the month of June and cash collections in the month of USD$247,336, all on revenue collected for our hospital customers of USD$687,452. Our revenue share model averaged 31% of hospital collections for the month.
ON BEHALF OF THE BOARD OF DIRECTORS OF CERTIVE SOLUTIONS INC.
Van Potter, President, CEO, Director
About Certive Solutions Inc.
Certive Solutions Inc. (Scottsdale, Arizona) provides cloud revenue cycle management solutions to U.S. hospitals, delivered collaboratively, utilizing proprietary workflow document management and analytics technologies tailored to health care business processes. Certive is currently focused on the denied claim segment of revenue cycle management. Certive's solutions enhance the efficiency and effectiveness of denied claims recovery in a revenue sharing relationship that improves hospital net operating results.
The forward-looking information contained in this press release is made as of the date of this press release and except as required by applicable law, the company does not undertake any obligation to update publicly or to revise any of the included forward-looking information, whether as a result of new information, future events or otherwise. By its very nature, such forward-looking information requires the company to make assumptions that may not materialize or that may not be accurate. This forward-looking information is subject to known and unknown risks and uncertainties and other factors, which may cause actual results, levels of activity and achievements to differ materially from those expressed or implied by such information. Neither the company nor the Canadian Securities Exchange accepts responsibility for the adequacy or accuracy of this release.
FOR FURTHER INFORMATION PLEASE CONTACT:
Certive Solutions Inc.
Chief Financial Officer
Source: Certive Solutions Inc.