Craneware reports strong growth
Craneware, the medical billing software company, yesterday predicted it will benefit from President Barack Obama's massive US economic stimulus package, as it reported a 59 per cent rise in first-half profits. Livingston-based Craneware provides software to audit hospitals' billing systems. It stands to benefit as the US government and insurance companies step up pressure on the healthcare system to improve the accuracy of bills.
Yesterday chief executive Keith Neilson said that around $100 billion of Obama's $787bn package had been earmarked for improving healthcare "with a large portion of that loosely defined as for improving IT systems".
Craneware yesterday reported more strong growth for the six months to 31 December, revealing that the number of hospitals using its software has reached 1,000.
During the period it booked revenue of $10.6 million, an increase of 22 per cent, with pre-tax profits up 59 per cent to $2.6m. Craneware also signed $21.8m in new contracts, a 69 per cent increase on the second half of 2007 and almost as much as was signed in all of 2007.
It now has an order book worth $51.1m, spread out over the next seven years.
Read on at The Scotsman