Certive Solutions, a provider of healthcare revenue cycle management solutions, announced operating results for January 2017, along with business developments and board appointments.
Here are 10 things to know.
Operating results
1. In January, Certive's gross revenues across its three divisions totaled $493,991, according to a news release.
2. Certive said its Titan division contributed significantly to these results with $325,980 in revenue.
3. Certive's Omega division also contributed with $133,630 being generated in revenue, and the KCA division contributed $34,372 to the total monthly results.
4. In January, Certive's Titan division recorded net operating profits of $76,649.
5. Certive said its Omega division, with revenues approaching $150,000 on a recurring monthly basis, is expected to become profitable within the year.
Business developments
6. Last fall, Certive said it pursued several regional hospitals with the company's lost charge recovery services. "Detailed analysis of the opportunity revealed a near-term addressable market representing an opportunity to bring in $100 million in revenue to the company from less than 300 such facilities," Certive said. "Management engaged with groups and individuals who had direct connectivity with selected targets and are in the final stages of closing contracts for several of these facilities to provide LCR services." One such closing had occurred as of Tuesday.
7. Additionally, Certive's Titan and Omega divisions successfully entered agreements with major customers that will generate significant long-term revenues, according to the release.
Board appointments
8. John Shackleton resigned as chairman of Certive's board of directors and as a director. The company said Mr. Shackleton agreed to consider sitting on the company's advisory council in the future. That is subject to time commitments.
9. Jeff Wareham was appointed a director, effective immediately. Mr. Wareham has more than 25 years of experience in the financial services industry.
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