Navicure, a leading provider of automated, Web-based revenue cycle management (RCM) solutions for physician practices, today announced that the company is on track to increase its revenue by 30% during 2011, which will push the company’s revenue run rate to more than $40 million. The first half of 2011 marks Navicure’s strongest six months of growth in its ten-year history.
Navicure’s gains reflect the robust growth of the healthcare technology industry. Medical practices continue to look for new solutions to increase revenue and profit as they face declining insurance reimbursement rates, slowing patient payments, and increasing cost of managing account receivables. Navicure’s solutions help address those critical revenue cycle challenges through a stable of revenue cycle tools.
A combination of accelerated growth in client acquisition and continued client retention are primary drivers of the company’s financial results. Over the past ten years, Navicure has averaged a 96% annual client retention rate. Additionally, during the first half of 2011, Navicure acquired more large accounts than in any other six-month period in its history. A sample of these clients include:
- Tanner Health System, a nonprofit regional health system based in Carrollton, Georgia, serves a nine-county area of west Georgia and east Alabama. Tanner’s medical staff is comprised of more than 250 physicians representing 35 unique medical specialties.
- Mount Kisco Medical Group, a multi-specialty medical group based in Mount Kisco, New York, which provides medical care to over 275,000 patients in 25 different locations throughout Westchester, Putnam and Dutchess counties.
- CD Practice Associates (CDPA), a multi-specialty medical group of more than 100 physicians based in Northampton, Massachusetts, which provides medical care to over 90,000 patients in 35 different locations throughout Franklin, Hampshire and Hampden counties. CDPA is part of the Cooley Dickinson Health Care System.
- Children’s Healthcare of Atlanta, a not-for-profit organization, manages more than half a million patient visits annually at three hospitals and 17 neighborhood locations. Children’s is one of the largest clinical care providers for children in the country offering access to more than 30 pediatric specialties and is ranked among the top children’s hospitals by U.S.News & World Report.
Additionally, the company received Best in KLAS™ distinction for the clearinghouse services market segment as part of the 2010 Top 20 Best in KLAS Awards: Software & Professional Services report. Navicure earned the same distinction in 2008. KLAS is a leading source of information on healthcare information technology vendor performance. Navicure is also the preferred clearinghouse and an AdminiServe® partner of the Medical Group Management Association® (MGMA®).
Navicure’s strong business demand has fueled its hiring, particularly in the areas of sales, technology engineers and client services, to support its growing client base of over 20,000 healthcare providers in 3,000 practices nationwide. Navicure has hired 45 employees thus far this year and plans to hire at least 10 more in the coming months, which will grow its employee base to more than 180. This growth will represent a 32% increase in Navicure’s workforce since 2010.
“Over the last ten years, we have experienced strong growth, which can be attributed not only to our industry-leading solutions, but also our commitment to ensuring our clients receive the best customer service possible,” said Jim Denny, founder, president and CEO of Navicure. “Although the economy is still struggling, we are thrilled that we have grown, and will continue to grow and add jobs in the face of uncertain economic conditions.”
Navicure is a leading Internet-based medical claims clearinghouse that helps physician practices increase profitability through improved claims reimbursement and staff productivity. Serving over 20,000 healthcare providers in practices nationwide, Navicure’s solutions automate account receivables processes, including primary and secondary claims reimbursement; patient eligibility verification; rejected and denied claims management; electronic remittance and posting; claims and remittance reporting and analysis; and patient statement processing. Navicure’s solution is supported by its unique 3-Ring™ Client Service.
Navicure is a member of the Medical Group Management Association® (MGMA®) AdminiServe® Partner Network and also received Best in KLAS™ distinction for the clearinghouse services market segment as part the 2010 Top 20 Best in KLAS Awards: Software & Professional Services report. Navicure earned the same distinction in 2008. KLAS is a leading source of information on healthcare information technology vendor performance. Navicure is also the founding sponsor of icd10hub.com, a free educational website devoted to making physician practices’ transitions to ICD-10 and 5010 easier. For more information, please visit www.navicure.com.