Streamline Health Cuts Jobs; Names New CEO, Interim CFO

(RTTNews) - Streamline Health Solutions, Inc. (STRM), a provider of solutions to healthcare providers to improve their financial performance, said on Monday that it is cutting around 24 percent of its staff or 26 employees to reduce expenses.

It also appointed Benjamin Stilwill as its new Chief Executive Officer with effect from October 13. Stilwill will succeed Wyche T. Green, III, who will now be the Executive Chairman. Stilwill most recently served as Streamline's President and, prior to that, as CEO of the company's eValuator business.

The company also said Bryant B.J. Reeves will be its Interim Chief Financial Officer with effect from October 13 to succeed Thomas J. Gibson. Reeves joined Streamline in 2020 and has held various roles in finance and accounting and most recently served as the company's Chief of Staff.

Towards the job cut, the company said it will incur a one-time restructuring expense of approximately $0.8 million to $1.2 million, which includes severance payments and benefits to affected employees. As a result, Streamline expects annualized savings of $5.8 million.

In addition, the company also announced the receipt of a termination notice from a legacy client with effect from December 31. At the time of receipt of the termination notice, the firm was recognizing around $4.5 million in annualized revenue from the client.