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Plantation, April 1, 2013 (GLOBE NEWSWIRE) -- Health Revenue Assurance Holdings, Inc. (OTCBB: HRAA), a provider of technology and revenue integrity solutions for healthcare organizations, announced its financial results for the fourth quarter and full year ended December 31, 2012.
Fourth Quarter and Full Year 2012 Highlights:
Total quarterly revenue of $2,187,237 increased 421% as compared to $419,495 for the prior year's fourth quarter;
Total yearly revenue of $5,806,848 increased 305% versus revenues of $1,432,773 for the full year of 2011;
Cash balance of $893,458 at the end of 2012 as compared to a cash balance of $198,500 in the same period of 2011;
Andrea Clark, HRAA's Chairman, CEO and Founder stated, "The fourth quarter was another successful quarter for HRAA as we continue to deliver strong results reflected by the record revenues we have achieved. The quarter was also marked with a significant milestone for the Company as we recorded the first sale of our ICD-Visualizerä software solution. This revolutionary product has helped our client to mitigate their risk in preparation for the upcoming mandated switch from ICD-9 to ICD-10 in October of 2014.
Clark concluded, "In the fourth quarter, we also introduced our second software solution package, Readmissions Visualizerä. This product provides hospitals worldwide with the ability to view current inpatient and historical readmissions information through an intuitive web interface for the purpose of decreasing readmissions within the healthcare system. The demand for readmission analysis is rapidly growing as seen under the Affordable Care Act as 2,217 hospitals were penalized under this program and 307 hospitals were ordered to pay 1% of the Medicare reimbursement for 2012. As we continue to execute on our business plan, we look forward to providing best-of-breed software solutions as well as auditing, consulting and coding services that help maintain revenue integrity throughout the healthcare system."