Certive Solutions Inc. (CSE: CBP) Provides Corporate Update
22 February 2014 - 6:32AM
Marketwired
Certive Solutions Inc. (CSE: CBP) Provides Corporate Update
SCOTTSDALE, ARIZONA--(Marketwired - Feb 21, 2014) - The Board of
Directors of Certive Solutions Inc. ("Certive" or the "Company")
(CSE:CBP) is pleased to announce the following material corporate
and business development activities that have been previously
disclosed in the Company's MD&A for the quarter ended November
30, 2014.
- On November 12, 2013 the Company announced the launch of its
web site www.certive.com. The web site defines the Company's brand
and direction within the revenue management lifecycle of the U.S.
healthcare system. In particular it identifies many near term
targeted opportunities in a subset vertical market known as denied
claims management, a category which is more particularly described
below.
- For the three months ended November 30, 2013 the Company
recorded its first revenue in the aggregate sum of C$20,000 from
consulting services provided to a strategic partner engaged in
complementary sub-segments of revenue lifecycle management. The
engagement will lead to a larger statement of work to design and
develop an automated workflow solution for level of care billing by
emergency departments in U.S. hospitals. Revenue is regularly lost
by hospitals due to a reluctance to bill to the maximum level of
care associated with the delivery of services based on lack or
process in care documentation.
- During the quarter ended November 30, 2013, the Company
established strategic relationships with two Arizona-based
companies that have both local connectivity and credentialed
relationships with hospitals located in Arizona and other states.
Through these associations the Company is securing the
infrastructure to support and deliver its automated workflow
solutions to a total of 20 hospitals currently being serviced by
the two partners. Initially, the Company will be participating in
revenue recovery from one such hospital, targeting one category of
denied claims.
- During the quarter that ended November 30, 2013, the Company
invested a total of C$175,000US into the design and development of
its proprietary cloud technology solution for denied management
claims. This expenditure represents the Company's focus and
direction on developing solution based services supported by our
technology.
- On January 17, 2014, the Company announced the closing of its
private placement of common shares totaling C$2,100,000 by way of
the sale of 21,000,000 Units at a price of C$0.10 per Unit. Each
Unit is comprised of one share one half-share purchase warrant. Two
half-share warrants entitle the purchaser to purchase one share at
a price of $0.15 per share. In addition, on January 17, 2014, the
Company also announced a non-brokered private placement of
convertible debentures. The total amount of the debenture is
C$400,000 and is convertible into 2,666,666 common shares. Interest
will be paid on the debenture at 5% per annum. The term of the
debenture is 5 years. Both placements replace the previously
announced C$9,600,000 private placement of common shares which has
been terminated. The net proceeds of the new private placements are
being used to develop specific software solutions applicable to
automating workflow in revenue lifecycle recovery, engaging in
market development activities, engaging with strategic partnerships
and for general working capital purposes.
- Business Development: During the last five months, the Company
initiated a two phase program to generate near term revenues from
both revenue recovery in U.S. hospitals and specifically, Arizona
based hospitals, and from consultative services offered in the
development of specific use cases.
A summary of these programs is as follows:
Phase 1
- Identify two strategic associations with connectivity in
selected hospitals in Arizona and leverage the connectivity to
establish near term revenue opportunities. Two such relationships
have be attained with the result that the Company will be
participating in revenue generated from the recovery of denied
claims in one hospital commencing in February 2014. The number of
hospitals represented by these strategic relationships total 20,
five of which are located in Arizona. The revenue model will be a
combination of revenue share and consulting services.
- Establish an advisory group with additional connectivity to
hospitals and hospital systems outside of Arizona. The Company has
established an advisory group consisting of three highly
credentialed individuals who will make introductions to known
decision makers in various hospitals located throughout the U.S.
Initially, all revenue generation activity will be focused on
denied claims recovery and the various subset categories.
- Commitment to develop technology solutions that will drive
revenue recovery and foster strong and growing alliances with
hospital decision makers. During the quarter, the Company spent
C$175,000 as a first step to developing its unique solution set for
its targeted markets. This expenditure provided support to our
sales and marketing initiatives and forged strong ties to our
technology partnerships. Management anticipates ongoing
developmental expenditures.
- Initiate involvement in public health and safety markets with
two highly credentialed partners in Arizona. The Company has
established two relationships in the related field of public health
and safety. These partnerships will work closely together with the
Company to develop and facilitate a cohesive workflow solution
enablement toolset for the management of public health and safety
crisis, initially in Arizona and extending throughout the U.S. One
of the partners will serve to market the solution to other counties
in the U.S. The revenue model will be a combination of consulting
services and cloud licensing fees.
- The Company has entered into agreements with two strategic
partners and will collaborate in the collection of automobile
accident claims for a physician practice group located in Phoenix,
Arizona.
Phase 2
- Expand the number of hospitals under contract in both Arizona
and other states targeting denied claims using strategic
partnerships.
- Identify acquisition targets, who are currently service
providers in the Company's targeted segments of healthcare.
ON BEHALF OF THE BOARD OF DIRECTORS OF CERTIVE SOLUTIONS
INC.
Van Potter, President, CEO, Director
About Certive Solutions Inc.
Certive Solutions Inc. (Scottsdale, Arizona) provides cloud
revenue cycle management solutions to U.S. hospitals, delivered
collaboratively, utilizing proprietary workflow document management
and analytics technologies tailored to healthcare business
processes. Certive is currently focused on the denied claim segment
of revenue cycle management.
The forward-looking information contained in this press
release is made as of the date of this press release and except as
required by applicable law, the company does not undertake any
obligation to update publicly or to revise any of the included
forward-looking information, whether as a result of new
information, future events or otherwise. By its very nature, such
forward-looking information requires the company to make
assumptions that may not materialize or that may not be
accurate. This forward-looking information is subject to known and
unknown risks and uncertainties and other factors, which may cause
actual results, levels of activity and achievements to differ
materially from those expressed or implied by such information.
Neither the Canadian National Stock Exchange nor its regulation
services provider (as that term is defined in the policies of the
Canadian National Stock Exchange) accepts responsibility for the
adequacy or accuracy of this release.
Certive Solutions Inc.Brian CameronChief Financial
Officer602-865-9356bcameron@certive.com
China Botanic Pharmaceutical Inc. (AMEX:CBP)
Historical Stock Chart
From Nov 2024 to Dec 2024
China Botanic Pharmaceutical Inc. (AMEX:CBP)
Historical Stock Chart
From Dec 2023 to Dec 2024
Real-Time news about China Botanic Pharmaceutical Inc. (American Stock Exchange): 0 recent articles
More China Botanic Pharmaceutical Inc. News Articles