UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
Form 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of The
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): June 18, 2013
Streamline Health Solutions, Inc.
(Exact name of registrant as specified in its charter)
|
Delaware |
|
0-28132 |
|
31-1455414 |
|
(State or other jurisdiction |
|
(Commission |
|
(IRS Employer |
1230 Peachtree Street, NE, Suite 1000,
Atlanta, GA 30309
(Address of principal executive offices) (Zip Code)
Registrant’s telephone number, including area code (404) 446-0050
Check the appropriate box below if the Form 8-K is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 7.01 — Regulation FD Disclosure.
Streamline Health Solutions, Inc. (the “Company”) is furnishing presentation materials to be discussed with various institutional investors in San Francisco, California on June 19, 2013, included as Exhibit 99.1 to this Current Report on Form 8-K. The Company undertakes no obligation to update these presentation materials in the future, except as may be required by law.
The information furnished pursuant to this Item 7.01, including Exhibit 99.1, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”) or otherwise subject to the liabilities under that Section and shall not be deemed to be incorporated by reference into any filing of the Company under the Securities Act of 1933 or the Exchange Act.
Item 9.01 FINANCIAL STATEMENTS AND EXHIBITS
(d) Exhibits
|
EXHIBIT |
|
DESCRIPTION |
|
|
|
|
|
99.1 |
|
Streamline Health Solutions, Inc. Presentation Materials presented on June 19, 2013. |
SIGNATURES
Pursuant to the requirements of the Securities Act of 1934, registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
|
|
Streamline Health Solutions, Inc. | |
|
|
| |
|
Date: June 18, 2013 |
By: |
/s/ Nicholas A. Meeks |
|
|
|
Nicholas A. Meeks |
|
|
|
Chief Financial Officer |
INDEX TO EXHIBITS
|
Exhibit No. |
|
Description of Exhibit |
|
|
|
|
|
99.1 |
|
Streamline Health Solutions, Inc. Presentation Materials presented on June 19, 2013. |
Exhibit 99.1
|
|
Investor Presentation June 2013 NASDAQ: STRM Knowledge Management for Healthcare Providers STREAMLINE HEALTH |
|
|
Disclosure Statements SAFE HARBOR STATEMENT: FORWARD-LOOKING DISCLOSURE This presentation contains “forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, based on current management expectations. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and that can cause Streamline Health’s actual results to differ. We caution you therefore to not place undue reliance on such statements. Actual results might differ materially from these statements due to a number of risks and uncertainties. Risks that may contribute to the uncertain nature of these statements are described in Streamline Health’s periodic filings made with Securities and Exchange Commission. Special attention is directed to the portions of those documents entitled “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations.” Streamline Health undertakes no obligation to update any forward-looking statements or relevant risks, except as may be required by law. TRADEMARKS Product or company names referenced herein may be trademarks or registered trademarks of their respective owners. © 2013 Streamline Health, Inc. 2 STREAMLINE HEALTH |
|
|
Company Highlights Knowledge management solutions provider Our Knowledge Management solutions connect fragmented data to create more meaningful information across the entire patient experience — providing clients with intelligently organized, easily accessible insights, enabling better decision-making and better financial results. Integrate with leading EMR, financial and clinical systems High client retention with deeply embedded solutions 95% client retention due to subject matter expertise, deep and broad solutions that seamlessly integrate into provider business processes Installed base of top tier clients presents sizable opportunity Highly scalable SaaS model SaaS model enhances recurring revenue profile — Q4 2012 vs. Q4 2011 recurring revenue grew 47% Proven management team and successful turn-around Management team with extensive HCIT experience repositioned Company for growth and profitability High demand for business analytics solutions In 2011, only 10 percent of hospitals had implemented software that could conduct data analytics, but as many as 50 percent of hospitals could be using data analytics by 2016(1) (1)Frost and Sullivan report: U.S. Hospital Health Data Analytics Market (2012) © 2013 Streamline Health, Inc. 3 STREAMLINE HEALTH |
|
|
Addressing Critical Healthcare Issues Streamline Health solutions address critical pain points for providers Electronic Medical Records ICD-10 Transition Declining Reimbursements Issues Providers must show “meaningful use” by 2015 (maximum reimbursement ends 2012) ICD-9 to ICD-10 Conversion by October 1, 2014 Payor denials and lack of timely reimbursements squeeze profits Opportunities HITECH/ARRA is just the beginning of the EMR life cycle Over 140,000 new codes in ICD-10 With decreasing profit margins, providers will rely on business analytics tools to help them protect their revenue Solutions Enable access to unstructured data from within the EMR with MU certified EHR module Computer Assisted Coding (CAC) solution addresses ICD-10 conversion issues Accelerate coding, billing, A/R collection and increase visibility of financial KPIs with business analytics © 2013 Streamline Health, Inc. 4 STREAMLINE HEALTH |
|
|
Growing Addressable Market Favorable Industry Fundamentals Support Long-Term Market Growth Compelling Market Fundamentals 50% of providers expect to purchase a computer assisted coding solution in the next two years (1) 3,116 of the 5,754 registered hospitals in the U.S. are using an EMR system we integrate with (2) Estimated 800+ hospitals were using business analytics solutions in 2012; that number is expected to grow to 2,800+ by 2016 with a CAGR of 41% (3) Worldwide HCIT spend was approximately $85 billion in 2010; projected to be $185 billion in 2020 (4) Current Market Focus Over 1,700 acute care hospitals > 200 beds in the U.S. and affiliated physician groups Economic buyer = CFO and/or CIO Functional buyers = HIM, RCM, PFS, CDI, Coding Potential New Markets Long term care Home health Alternate site (ambulatory) Accountable care organizations 5 STREAMLINE HEALTH (1) KLAS Report - Computer Assisted Coding: A Glimpse at the Future of HIM Technology (2) Modern Healthcare: By the Numbers 2012-2013 (3) Frost and Sullivan report: U.S. Hospital Health Data Analytics Market (2012) (4) Gartner and Cerner estimates |
|
|
Actionable Information and Knowledge Management Solutions Throughout the Patient Experience Patient Encounter Referral Registration Admission Discharge HIM Coding Billing & Collections CDI Reconciliation Audit Patient Access Clinicians HIM Coding Clinical Documentation Improvement Patient Financial Services Revenue Cycle Enterprise Solutions AccessAnyWare™ Enterprise Content Management CharityWare ReferWare PreOpWare CompletionWare ReleaseWare FolderView Collabra™ Coding and Clinical Documentation Improvement eCAC eCDI ePhysician Query eAbstract OpportunityAnyWare™ Business Analytics Delivering Actionable Information ARWare AuditWare 835DenialWare © 2013 Streamline Health, Inc. 6 STREAMLINE HEALTH |
|
|
Competitive Landscape Traditionally compete on solution price, service level, agility, customizability & Industry specific Traditionally compete on solution appeal ECM / Access AnyWare Coding / Collabra Analytics / Opportunity AnyWare © 2013 Streamline Health, Inc. 7 STREAMLINE HEALTH |
|
|
Financial Performance Key Financial Improvements Achieved TTM Revenue ($ in millions) Recurring revenue % total 76.1% 42.9% Recurring revenue growth 20.6% 51.1% Gross margin 49.9% $53.2 Backlog ($ millions) $27.4 TTM Q1 12 80.9% TTM Q1 13 Increasing Recurring Revenue Recurring Revenue Other Revenue Q2 2011 Q3 2011 Q4 2011 Q1 2012 Q2 2012 Q3 2012 Q4 2012 Q1 2013 $4.1 $4.3 $4.5 $5.4 $5.0 $6.5 $6.6 $6.5 Recurring RevenueOther Revenue $18.4 $24.8 TTM Ending Q1 2012 TTM Q1 2013 35% Growth TTM Adj. EBITDA ($ in millions) $5.0 TTM ending Q1 2012TTM ending Q1 2013 14% Growth $5.6 © 2013 Streamline Health, Inc. 8 STREAMLINE HEALTH |
|
|
2013 Strategic Goals and Projections Key Strategic Goals and Accomplishments FY 2012 1. New contract bookings were $18.7M; exceeding plan by 37% 2. $9.4M in contract renewals 3. Acquired Meta Health Technology; deepened coding/HIM offerings 4. Improved human capital at senior staff level Key Strategic Goals FY 2013 1. Continue to invest in Sales & Marketing infrastructure 2. Consolidate infrastructure in Atlanta 3. Expand solutions suite to meet the growing needs of our target client base Revenue ($ in millions) $17.1 $23.8 $36.0 FY2011A FY2012A FY2013F Adj. EBITDA ($ in millions) $3.0 $6.5 $8.3 FY2011A FY2012A FY2013F © 2013 Streamline Health, Inc. 9 STREAMLINE HEALTH |
|
|
Current Client Base Installed base of top tier clients presents sizable opportunity: Over 100 clients, 450 sites (1) Frost and Sullivan report: U.S. Hospital Health Data Analytics Market (2012) © 2013 Streamline Health, Inc. 10 STREAMLINE HEALTH |
|
|
Company Summary A leading provider of SaaS-based enterprise content management, business analytics, computer assisted coding (CAC), and clinical documentation improvement (CDI) solutions for healthcare Exchange/Ticker NASDAQ: STRM Share Price (52 Week Range) June 14, 2013: $6.08 (52 Week High - $7.42, Low - $3.10) Common Shares Outstanding 12.7 million Market Cap June 14, 2013: $77.1 million Cash $4.0 million (April 30, 2013) Bank Debt $13.4 million (April 30, 2013) TTM Revenue $24.8 million (April 30, 2013) TTM Adj. EBITDA $5.6 million (April 30, 2013) Number of Associates 100 © 2013 Streamline Health, Inc. 11 STREAMLINE HEALTH |
