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Plantation, FL, May 15, 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 first quarter ended March 31, 2013.
First Quarter Highlights:
Total quarterly revenue of $2,156,597 increased 256% as compared to $605,830 for the prior year's first quarter;
Gross profit margins increased 8% this quarter to 54% from 46% last quarter
Cash balance of $1,062,910 at the end of the first quarter of 2013 as compared to a cash balance of $82,410 in the same period of 2012;
"Our performance in the seasonally slow first quarter exceeded our expectations as we added four new hospitals from the SUMMA Healthcare System, with two licenses being purchased for our revolutionary new software solution,
ICD VisualizerTM," stated Andrea Clark, HRAA's Chairman, CEO and Founder. "We continued to expand our coding footprint having now grown from 12 hospital customers in the first quarter of 2012 to a total of 36 in the first quarter of 2013. In the last twelve months, we have grown our organization from 32 to 116 employees to keep up with the growing demands of the marketplace for experienced coders and to prepare for the rollout of
ICD VisualizerTM later this quarter. This growth has given us greater organizational efficiencies and economies of scale which have allowed us to enhance our gross profit margins to 54% up from 46% last quarter. We closed the first quarter with the strongest balance sheet in our history and have a solid working capital position that will allow us to execute on our growth plans and accelerate our path to profitability."
Mrs. Clark continued, "As we gear up for the anticipated future growth of HRAA, we made two key managerial additions this quarter which have enabled us to further streamline our business as we progress closer towards the ICD-10 transition. Our new Chief Medical Information Officer, Mike Gallagher MD, has added immediate value with his 15 years of experience in healthcare informatics. In addition, Joe Brophy has been selected to lead our operating solutions as our Senior VP of Operations. He brings with him 25 years of healthcare operations, technology, consulting, business and sales expertise. As the ICD-10 deadline approaches, we will continue to add experienced individuals to our senior leadership team and further expand our pipeline through the execution of our growth strategy."