Social Solutions Acquires Financial Performance Management Software Creator Esteam
BALTIMORE, March 25, 2009 — Social Solutions, the leading provider of nonprofit performance management software for the human services sector, today announced the acquisition of Esteam, a provider of financial performance management software and services.
The acquisition adds revenue management capabilities to Social Solutions' existing suite of performance management software solutions. Esteam's TOTAL: Record solution complements Social Solutions' Efforts-To-Outcomes (ETO) software in a way that will deliver a powerful, comprehensive organizational performance management solution to nonprofit organizations, spanning from point of service activities to financial administration.
TOTAL: Record is a web-based solution that is unique in its ability to be rapidly configured to meet increasingly complex and changing reimbursement requirements. Organizations such as Keystone Human Services and Pressley Ridge use TOTAL: Record to effectively bill hundreds of millions of dollars in services while dramatically improving revenue capture; reducing administrative overhead; and shortening receivable cycles.
The ongoing economic downturn has created increased need for performance management software and solutions as nonprofit organizations face unprecedented pressure to demonstrate results to funders as well as to better manage the money they receive.
"In this challenging economic environment, the ability to continue to grow our company and our capabilities speaks volumes to the ongoing performance management needs of the nonprofit sector," said Matt Schubert, CEO of Social Solutions. "In a time when every dollar is being scrutinized and every effort must have worth, we are very proud to be able to expand our performance management product line to include critical financial management capabilities and look forward to helping both our current and future customers achieve their missions."
Increasingly, human services organizations receive funding from Medicaid reimbursements, representing a significant shift in funding for those in need. Esteam's core product, TOTAL: Record, is specifically suited to support the needs of Medicaid funded organizations as well as other organizations that struggle with complex financial reimbursement processes.