Excellent Progress with Syncordia Cloud in the commercial environment wins back old customer
TORONTO, April 14, 2016 /CNW/ - Syncordia Technologies and Healthcare Solutions, Corp. (TSXV: SYN) ("Syncordia" or the "Company") today announced that its subsidiary Billing Solutions LLC ("Billing Solutions"), a full service third party rehab center billing solutions company, dedicated solely to the mental and behavioral health industry has signed a new contract with The Bridges Network, LLC/ Cornerstone Recovery Center, LLC.
The contract, which will be effective June 1st, carries an initial two year term, with automatic annual renewals thereafter. Beginning in the second fiscal quarter, once the ramp-up is complete, annual revenue from The Bridges Network and Cornerstone is expected to be approximately $435,000 with strong upside potential.
"We are pleased to welcome The Bridges Network and Cornerstone Recovery Center back to Billing Solutions. The Bridges Network is a previous client of Billing Solutions, and their return is a testament to the relationship we formed and cultivated over several years" says Matt Luchini (COO) and Jimmy Rizzo (CEO) of Billing Solutions.
Mr. Franks CEO of Syncordia added "We are very pleased to be introducing state of the art software, the Syncordia Cloud, into the Billing Solutions ecosystem for the benefit of its customers. Consistent with our three-pronged growth strategy, we are focused on: 1) driving organic growth; 2) commercializing our SaaS solutions; and 3) completing accretive acquisitions. This contract is yet another good example of the core focus of our organic initiatives and the power of our model."
About Bridges Network
The Bridges Network and Cornerstone Recovery Center, of Prescott Arizona, are licensed drug and alcohol treatment centers with programs that are designed to provide the best possible substance abuse treatment in a community for individuals suffering from drug addiction and alcoholism. They are accredited by the Joint Commission, showing a high level of excellence and sophistication in their field. With a capacity for approximately 100 clients, they are one of the largest substance abuse treatment centers in Arizona.
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 RCM businesses with and without software and, improve their profitability by increasing revenues and operating efficiencies using our software, and in time, commercializing the Syncordia Cloud, our cloud-based software offering, to provide customer demanded turn-key solutions from a single provider and to address compelling RCM market opportunities.
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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.
For further information: Michael Franks, Chief Executive Officer, (647) 949-2663, firstname.lastname@example.org