Syncordia Announces Over $1.3 million in Additional EBITDA Through New Organic Growth Contracts and $1.0 million in Operational Improvement Impacts
TORONTO, Jan. 31, 2017 /CNW/ - Syncordia Technologies and Healthcare Solutions, Corp. (TSXV: SYN) ("Syncordia") is pleased to announce new contract growth and strategic updates for 2017.
Syncordia's wholly owned subsidiary, Health Services Integration ("H-S-I"), a technology enhanced claims management company utilizing proprietary technology to improve claim workflow, production management, and actionable data transparency in the air and ground EMS (emergency medical services) industry is pushing through operational initiatives expected to add over $1.0 million to the bottom line on an annualized basis, which will be fully realized in calendar Q2 while also enhancing the customer experience. H-S-I is in the process of onboarding new contracts over the coming months and quarters with a contribution of approximately $700,000 in EBITDA, while continuing to convert additional pipeline opportunities.
Billing Solutions LLC, an 80% owned subsidiary of Syncordia, a full service third party rehabilitation center billing solutions company, dedicated solely to the mental and behavioral health industry, is in the process of signing customer contracts anticipated to contribute an additional $300,000 in EBITDA on an annualized basis. These contracts are in addition to what was press released November 15th, 2016. Version 2.0 of NECTAR, originally announced August 23rd, 2016, was released January 26th, 2017 to great customer praise. Syncordia continues to focus on building out its full service software suite for Billing Solutions.
Wholly owned subsidiary, Paragon Billing LLC, is in the process of onboarding new clients, which will add approximately $300,000 in EBITDA annually.
Syncordia's strategy for 2017 is to continue to develop proprietary software to enhance customer experiences across the platform, grow organically, drive operational improvements to refine throughput to drive cost savings, and sell off an asset to reduce debt. Divestiture valuations of a portfolio asset will not be hindered by Platform Syncordia or corporate overhead expenses.
Additionally, Chris Martin, Syncordia's Chief Strategy Office has also been moved into the role of the Chief Executive Officer of H-S-I to drive additional performance and to capitalize on additional opportunities.
About H-S-I
H-S-I is a technology enhanced claims management company utilizing proprietary technology to improve claim workflow, production management, and actionable data transparency. Realizing a gap in efficiencies in the EMS transportation medical billing process, HSI develops leading edge medical billing technology to enable a highly efficient billing process. The technology developed by HSI automates and speeds up claims processing and provides analytics for deeper insight to fine tune the revenue cycle management process. www.hsihealth.com
About Billing Solutions LLC
Billing Solutions (www.billingsolutions.net) is a full service third party rehabilitation center billing solutions company, dedicated solely to the mental and behavioral health industry. Billing Solutions is based in Prescott, Arizona a short distance north of Phoenix, Arizona.
About Paragon Billing LLC
Paragon is a premier mental and behavioral health billing company with a proprietary web based appointment scheduler and integrated electronic health record system ("EHR"). Software is ONC certified.
http://www.mentalhealthbilling.com/
About Syncordia Technologies and Healthcare Solutions, Corp.
We are a technology enhanced revenue cycle management ("RCM") company focused on underserved niche segments of the healthcare industry. We are focused on using our proprietary software suite as an accelerator for growth. We are building a diversified software and services business by consolidating healthcare billing providers. Our growth strategy is to acquire revenue cycle management/medical billing businesses with and without software, improve their profitability by increasing revenues, operating efficiencies and margins. Syncordia will leveraging proprietary software to manage scale, drive better customer experiences and enhance margins while driving a competitive sustainable profile.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward Looking Statements
Certain statements herein may be "forward looking" statements that involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of Syncordia or the industry to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Forward looking statements involve significant risks and uncertainties, should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether or not such results will be achieved. A number of factors could cause actual results to vary significantly from the results discussed in the forward looking statements. These forward looking statements reflect current assumptions and expectations regarding future events and operating performance and are made as of the date hereof and we assume no obligation, except as required by law, to update any forward looking statements to reflect new events or circumstances.
SOURCE Syncordia Technologies and Healthcare Solutions, Corp.
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Michael Franks, Chief Executive Officer, (647) 949-2663, [email protected]
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