01 Jun Certive Announces New Hospital Client and Quarterly Results
Scottsdale Arizona and Vancouver British Columbia – Certive Solutions Inc. (OTCQB:CTVEF CSE:CBP) (“Certive” or the “Company”) is pleased to report the following:
New Hospital Client – Certive is pleased to announce that Omega will provide its Lost Charge Recovery (“LCR”) services to a hospital system in the Northeastern United States. A client with this profile has historically proven to provide a good combination of need for the Company’s services yet is nimble enough to embrace vendor help. Certive is focused on leveraging its growing number of Business Development Advisor’s and their connectivity with hospital systems to expand its sales pipeline. The Company anticipates that it will realize revenue of over $980,000 in the course of a five-year relationship with this client.
New Service Line – Certive’s subsidiary, Omega Technology Solutions Inc., (“Omega”) successfully implemented a new service line for the flagship hospital of its largest client, which began to generate revenue for the Company in the Fourth Fiscal Quarter ending May 31, 2021. As previously disclosed, Certive has been collaborating with several of its clients to improve and expand its service offerings. This service improvement provides the hospital the opportunity to increase the rate of “clean claims” it sends to payers resulting in fewer missed charges, lower denial rates, lower cost of collections, and improves its A/R turnover time.
Company’s Third Fiscal Quarter Ended February 28, 2021:
- The Company reported revenue of approximately $413,000 for its third fiscal quarter ended February 28, 2021, which was relatively flat with the same quarter one year earlier.
- However, the Company continued to make progress reducing operating and other expenses during such quarter thereby reducing its loss from operations by just over $100,000 to $633,000 for the quarter then ended.
- The Company’s net loss for such quarter was approximately $541,000, an approximate $35,000 increase over the same quarter one year earlier.
For more information regarding this announcement, please visit our website at http://certivehealth.com or contact Certive directly at (480) 922-5327.
Investor Relations, Certive Solutions Inc.
About Certive Solutions Inc.
Certive Solutions Inc. (Scottsdale, Arizona) is currently 100% focused on the operations and value proposition of Certive Health Inc. and its subsidiaries. With identical Leadership, Board of Directors, Advisory Council and Vision, Certive Solutions is strategically positioned as a public company. All are investors in the company – all have significant networks. Their collective experience, expertise, and relationships is the people-equity upon which the company was founded. Certive Health’s vision is making the $3.7 trillion healthcare market better by applying its People-Equity and Capital to solutions in the healthcare communities it serves. Certive Health’s revenue cycle services and solutions help hospitals work through the complexity of the reimbursement process and improve financial and quality performance.
Statements contained in this report that are not statements of historical fact are intended to be and are hereby identified as “forward-looking statements” for purposes of the safe harbor provided by the Reform Act. Generally, forward-looking statements include expressed expectations of future events and the assumptions on which the expressed expectations are based. All forward looking statements are inherently uncertain as they are based on various expectations and assumptions concerning future events and they are subject to numerous known and unknown risks and uncertainties which could cause actual events or results to differ materially from those projected. Due to those uncertainties and risks, the investment community is urged not to place undue reliance on written or oral forward-looking statements of Certive Solutions Inc. The Company undertakes no obligation to update or revise this Safe Harbor Compliance Statement for Forward-Looking Statements (the “Safe Harbor Statement”) to reflect future developments. In addition, Certive undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results over time.