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Health Revenue Assurance Holdings, Inc. Reports Financial Results For The Second Quarter 2013; Company To Host Earnings Conference Call August 12, 2013

Stocks in this article: HRAA

Plantation, FL, Aug. 9, 2013 (GLOBE NEWSWIRE) -- Health Revenue Assurance Holdings, Inc. (OTCQB: HRAA), a provider of technology and revenue integrity solutions for healthcare organizations, announced its financial results for the second quarter ended June 30, 2013.

Second Quarter Highlights:

  • Total quarterly revenue of $2,067,464 increased 101% as compared to $1,028,266 for the prior year's second quarter;
  • Gross profit of $1,091,832 at the end of the second quarter of 2013 as compared to a gross profit of $575,033 in the same period of 2012;

"During the second quarter our total revenues more than doubled to $2,067,464, compared to the same period last year as our pipeline for our solutions package, including our revolutionary ICD Visualizer TM, continues to be in demand," stated Andrea Clark, HRAA's Chairman, CEO and Founder. "We had a significant customer win this quarter with the signing of Vanderbilt University Medical Center for our ICD-10 transition services.  With over 60 locations and 2,200 clinical provider physicians serving 1.7 million patients annually, VUMC is one of the premier academic medical institutions in Tennessee and Kentucky and will be a benchmark for HRAA's services."

Mrs. Clark continued, "As we near the deadline for ICD-10, we continue to add seasoned professionals to our leadership team. During the quarter, we hired Evan McKeown as our new Chief Financial Officer.  Evan is a 25+ year finance veteran in the technology and healthcare industries where he has served in the CFO capacity for more than half his career. We also recently added Peter Russo and Michael Brainerd as new members to our Board of Directors.  Peter is the former CFO of magicJack and Michael is an experienced corporate strategist. We are confident their financial experience and industry knowledge are perfect fits for our Company as we continue to meet the increasing demands placed on health systems by the upcoming ICD-10 deadline."

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