Craneware reports double-digit revenue growth in FY 2016

Craneware, a Scotland-based revenue cycle systems company, reported revenue of $49.8 million for fiscal year 2016, an 11 percent increase from the year prior.

The company's adjusted EBITDA also rose in FY 2016, by 10 percent to $15.9 million, and its profit before tax increased by 10 percent to $13.9 million.

Keith Neilson, CEO of Craneware, attributed the results to the company's ongoing investment, combined with its continuing sales successes.

Craneware said it recently signed two significant five-year contracts, worth a combined $15.5 million. It also is developing Trisus Patient Payment Module, a patient engagement and access gateway product, which is expected to launch in calendar 2016.

"As the market continues to evolve, Craneware is in a stronger position than ever," Mr. Neilson said in a statement. "U.S. healthcare providers are seeking the solutions to address the challenges the new value-based reimbursement environment brings to them, and we believe that by expanding the products in our value cycle suite, we are able to address these challenges. We are confident that the ongoing investment we are making, combined with our continuing sales successes, mean we are well positioned to deliver continued future growth as well as increasing stakeholder value."


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