This internal solution is being leveraged by our eValuator rules management team. It is actively reviewing the coding changes flowing through eValuator that weren’t and were not suggested by our solution and find patterns that are easily overlooked by humans. The tool has already identified rules that could represent more than $20 million of annualized financial impact across our client base. This could translate into a three to five times incremental ROI for eValuator clients. The team is excited about the potential impact of these AI techniques on our revenue cycle solutions. And this is just our first step. We plan to continue to research how and where to implement these new technologies within our solutions and we’ll certainly keep you updated on our progress.
Now looking at client service. As Tee mentioned, one of our eValuator clients notified us during the second quarter that they do not plan to renew their contract. This client had undergone significant management turnover and had trouble keeping enough coding and auditing staff on hand over the past year. This client was still seeing a 10 times annualized return, but as they lost staff, we saw their audits drop to less than six of the rate they were auditing at in 2021. We learned quite a bit from this relationship. This client joined us prior to the formation of our client success team, which we have made significant investment over the recent years. Today that team meets with our clients on a monthly basis to ensure they have fully optimized the solutions understand the value of the tools we provide and nurture the client relationships.
We do not expect to see non-renewals on a regular basis, but it would be arrogant to expect that we do not have some churn. Moving to growth. We expect that our bookings will continue to be lumpy, but I’m very pleased that our solutions continue to be adopted by some of the largest health care providers in the country. The growth team is leveraging new tools like our ideal client profile, our business impact analysis, which uses quantifiable values of future clients to rank their likelihood to buy and be a successful client for our solutions. Overall, the growth team has three pathways to success for fiscal 2023. The direct channel, which we have made continued investments in, our partner channel where we leverage larger sales forces to influence or resell our solutions, and lastly cross-selling within our existing client base.
I believe we have the right strategy for each of these pathways. As Tee stated, we’re disappointed that the health care market has not recovered from post-COVID impacts as quickly as we had anticipated but feel strongly about our growth prospects in fiscal 2023 and beyond. Before I turn the call over to Tom, I would like to thank all of our hard-working team members who are supporting our mission to ensure our health care provider clients are paid for all the care they provide. I’m very excited to lead our talented team and believe strongly that our innovation plus service equals growth formula will yield tremendous results for all of us as we continue to execute and expand. With that, I’ll hand the call over to our CFO, Tom Gibson.
Tom Gibson: Thank you, Ben. At the end of fiscal 2022, the company changed its categories for reporting revenue. SaaS revenue is now the headline of our income statement. For the quarter ended July 31, 2023, total revenue was $5.8 million compared to $6 million during the prior year period. And for the six months ended July 31, 2023, total revenue was $11.1 million compared to $11.9 million for the first six months of 2022. As previously reported, the company had a large professional services contract that did not renew at the end of its 2022 fiscal year. These professional services contracts are not part of the company’s core business going forward. SaaS revenue grew 13% in the second quarter and first half of 2023 compared to the prior year period.
We expect to see growth on the SaaS revenue line in the coming quarters as the company has successfully implemented its solution. We maintain our expectation of 30% SaaS revenue growth in fiscal 2023 compared to fiscal 2022. The company has approximately $3.4 million of unimplemented booked SaaS ACV as of July 31, 2023. Total operating expense was $8.4 million during the second quarter of 2023, down 3% compared to $8.6 million for the second quarter of 2022. For the first half of fiscal 2023, operating expense totaled $16.7 million, down 6% compared to $17.8 million during the first half of fiscal 2022. The lower operating expense was attributable to lower head count associated with the non-renewal of the large professional services contract as well as the cost savings achieved through the integration of Avelead and eValuator businesses discussed by Tee earlier in this call.
Second quarter 2023 net loss totaled $2.5 million compared to a loss of $3.3 million in fiscal 2022. For the six months, for the first six months of 2023, net loss totaled $5.4 million compared to a loss of $6.1 million during the first six months of 2022. The smaller net loss on lower revenues demonstrates the value of growing our high-margin SaaS revenue as compared to the professional services contract that was not renewed. Second quarter 2023 adjusted EBITDA was a loss of $0.9 million compared to a loss of $1.1 million during the second quarter of fiscal 2022. For the first six months of 2023, adjusted EBITDA was a loss of $2.2 million, compared to a loss of $2.4 million for the year ago period. The company expects that its adjusted EBITDA loss will continue to narrow and anticipates reaching near breakeven adjusted EBITDA in the third quarter of fiscal 2023.
