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The market, over the last twelve months, has generously rewarded SaaS companies. This is a matter that has been debated to great lengths here. Given the buzz words around healthcare reform and reducing healthcare costs, this has set off quite a frenzy for healthcare based SaaS stocks.

Athena healthcare (NASDAQ:ATHN) is a stock that has immensely benefited from this run-up having delivered more than 100% returns over the last 12 months. Athena has a strong business model where it processes claims on behalf of healthcare service providers and charges them a % of the receivables collected (typically 3% to 6%).

No sign of profitability for a company that is in its 17th year of operation. An...

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