Health IT vendors among fastest growing
'We are honored to be recognized.'
Health IT companies once again made it to the list of fastest growing companies this year, with three big name EHR vendors chief among them.
Inc., which on Thursday released its hallmark annual list of private America's 5,000 fastest growing companies, found 377 -- or 8 percent -- to be healthcare related; despite the low percent, however, the sector accounted for the lion's share of revenue ahead of all industries at $21.8 billion. What's more, within the sectors, it's a tech dominated list, with health IT companies faring quite well.
Among the fastest growing were three recognized EHR platform companies: CareCloud; drchrono and eClinicalWorks, which ranked 127th, 249th and 4064th respectively. Both CareCloud and drchrono are new to this year's list.
The Web-based EHR and revenue cycle management company CareCloud based in Miami, Fla., saw a blistering three-year growth rate of nearly 3,000 percent, raking in $10.5 million in revenue last year.
"We are honored to be recognized," said Albert Santalo, CareCloud chairman and CEO, in an Aug. 21 press statement, "for CareCloud's trajectory over the past three years." Added Santalo, "It's important to remember that this growth is a direct result of bringing a modern platform to an industry too often constrained by decades-old technology."
Drchrono, a considerably smaller physician-targeted EHR company, brought in a modest $2.9 million last year, but saw three-year growth rates up more than 1,834 percent.
Then there's the Westborough, Mass.-based EclinicalWorks, who raked in $269.7 million in revenue last year, growing 73 percent over the last three years.
Other health IT-related companies also fared well on the list. The HCI Group, one of the nation's leading health IT consulting firm, for instance, took the No. 13 spot on the overall Inc. 5000 list, reporting 2013 revenues of $34.6 million, and seeing three-year growth rates increase by a whopping 13,231 percent. The HCI Group specializes in big name EMR vendor implementations. (Think Epic, Cerner, Allscripts, MEDITECH and McKesson.)
Consulting firm Nordic, which specializes in Epic implementations, also boasted impressive numbers, coming in at No. 46, with revenues of $81.4 million and a staggering 5,593 percent growth within the three-year mark.
Data analytics newcomer Health Catalyst also made the list, coming in at 1,497, with reported revenue of $4.5 million, up from $3.7 million in 2012.
[See also: Health Catalyst spins data into gold.]