TORONTO, Jan. 4, 2018 /CNW/ - Syncordia Technologies and Healthcare Solutions, Corp. (TSXV: SYN) ("Syncordia") is pleased to provide an update on recent business development contract wins from new contracts signed in calendar Q3 and Q4, 2017 for its subsidiary Billing Solutions LLC.
Billing Solutions LLC, an 80% owned subsidiary of Syncordia, is a full service third party rehabilitation center billing solutions company, with its proprietary Nectar analytics software solution, dedicated solely to the mental and behavioral health industry. Billing Solutions recently signed some new customer contracts that it won from clients using other revenue cycle management service providers and other contracts from groups doing in-house revenue cycle management. Once fully onboarded these contracts with other existing efforts will drive EBITDA for Billing Solutions to approximately US$4.5mm.
Syncordia is also please to share a summary on its blockchain healthcare solution. Allan Beechinor, Board Member of Syncordia Technologies and Healthcare Solutions Ireland Limited and seasoned CTO says "we intend using our blockchain technology solution to enhance patient data protection, data use and scheduling efficiency, by utilizing multi-signatures and cryptography methodologies. The data is hashed to the Blockchain and then, using multi-signatures, people can gain access only if there is approval from the appropriate number of people. Using this technology, and rule based permissions, for patient records to be accessed, the doctor, the nurse and the patient must all approve; or an alternative rule can be applied depending on the policies defined by the clients. An efficient scheduling system would alleviate stress from government workers and others to prioritize more complex, client facing tasks over menial work for an improved quality of service overall. The knock-on effects of diminished queue times in waiting rooms would be meaningful and the use of data to improve throughput and quality of the experience is immense."
Syncordia, is actively working to refinance its existing debt to position the company for growth into 2018 and beyond and hopes to provide a more meaningful update in February 2018 on this topic.
Additionally, Syncordia would like to announce, subject to exchange approval, Telfer Hanson joining the board of directors of the Company. Telfer brings 20 plus years of healthcare and software experience as an investment banker, with an extensive network in Canada and the US. Telfer has also held recent executive positions at Agility Health and Medic Holdings, as well as a current director at Nobul Corporation and past director of Rossiter Boats. Telfer will replace Christopher Martin on the Board of Directors and in his capacity of Chief Strategy Officer. Chris will remain as an active Advisor to the Company.
About Syncordia Technologies and Healthcare Solutions, Corp. dba Syncordia Software
Syncordia Software has a portfolio investment management approach to its growth by partnering with strong companies with a focus on healthcare. We like to partner with well run businesses that have established free cash flow and a strong propensity to growth with meaningful easy to use software and IT service solutions. We are a software and information technology services company with a focus on healthcare. We are focused on using our proprietary software suite as an accelerator for growth. Our growth strategy is to acquire healthcare oriented software and information technology service companies with great teams and improve their profitability by increasing revenues and improving operating efficiencies working with the local management teams. Syncordia will leverage proprietary software to manage scale, drive better customer experiences and enhance margins while driving a competitive sustainable profile.
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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, [email protected]