(By Anthony Miller – Monday 23rd Feb. ’09 9:15am). Continuing the (unintended) Scottish theme in today’s UKHotViews, I see that tiny Scotland-based healthcare software player, Craneware, is chalking up great results in the US (see here). Revenues at half-time (to 31st Dec. ’08) grew 22% to $10.6m, the contracted backlog is up 28% to $51m, and operating margins grew from 15.1% to 21.5% yoy.Craneware was founded in May ‘99 and obtained £50,000 seed capital from LIFE (Lothian Investment Fund for Enterprise) later that year. Management raised an extra £1m the following year with 3i and SEP. Craneware listed on AIM in Sep. ’07 and its head office has been based in Livingston, Scotland, since Nov. ‘00 where R&D and customer support functions are also located.
Craneware is totally focused on what must currently be the real ‘sweet spot’ of the US healthcare market, i.e. revenue cycle management. They sell a suite of products that seems to cover the entire process from pricing through to collection. This is a rather different part of the market than much larger UK-owned-but-US-focused healthcare players Misys/Allscripts and Sage/Emdeon operate in. They cover the operational side of running a hospital or healthcare practice, such as appointment scheduling and electronic medical records. Craneware doesn’t do any of that stuff – it’s basically all about financial management. I think this is likely to show a much quicker ROI than the painful process of computerising the mountain of paper medical records in a typical hospitals or physician’s practice. Definitely worth a chorus of ‘Scotland the Brave’.
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