SILICON VALLEY, CA--(Marketwired - February 28, 2017) - PracticeSuite, Inc., a rapidly growing cloud-technology platform for medical practices, announces a record setting 2016 in customer acquisition and revenue growth. The company added over 10,000 medical professionals to its user community ending the year with more than 43,000 medical professionals relying on its technology to efficiently manage medical practices and facilities. The rapid user growth nearly tripled the business in 2016 with 182% increase in annual SaaS revenue run rate, making it one of the fastest growing companies serving the physician and medical practice market.
"The aggressive growth we are experiencing is a direct result of our relentless customer commitment to offering high-end cloud software automation at competitive pricing. In so doing, we give physician practices a clear path to what matters most -- satisfied patients and practice profitability," says Jonathan O'Rourke, VP of Sales & Service at PracticeSuite.
There are several contributing factors to PracticeSuite's record-setting growth in 2016.
First, medical practices and medical billing companies have recognized PracticeSuite's value goes far beyond affordability. The functional capabilities and adaptability of the technology has surpassed many products on the market today. The depth of the medical billing and the facility-based billing features with proactive system checks and balances enabled clients to see billing issues before they propagate into denials and cash loss. This level of sophistication is now a requirement to handle complex insurance and patient collection workflow.
"We think and operate like medical practices. We see customer problems as our problems. This mindset enables us to focus on rapidly solving complex problems and constantly enhancing our services based on what customers want. Add this to innovation and foresight of Silicon Valley, we are coming out ahead as innovators in healthcare," explains Vinod Nair, Founder and CEO of PracticeSuite.
Similar systems on the market today demand a heavy price tag and expensive setup fees. However, PracticeSuite's affordable, yet robust platform, has been a refreshing model and the secret to a very loyal customer base. "Our enterprise class platform backed with our superior customer service have enabled us to maintain 99.2% retention without annual contracts," says Mr. Nair.
Secondly, success in 2016 stemmed from PracticeSuite's ability to earn the trust of its clients; being their advocates and thinking harder and deeper about their businesses for them.
"As a customer for over eight years, I've witnessed how well PracticeSuite implemented sweeping regulatory changes while continuing to release innovative features that gained efficiency, improved communications for us, and offered transparency to our clients," says Debbie Forde, President of Your MedSource, a management services organization providing management and billing solutions for physicians and medical facilities. "It was a wise decision to build my business on the PracticeSuite platform; a decision that has enabled me to make my physicians and medical practices thrive despite the complexity and changing dynamics in healthcare."
The third major contributing factor to 2016 success was an aggressive growth in the technology replacement market as medical practices upgraded to more robust, true cloud-based user experiences available with the PracticeSuite platform. Surprisingly, the availability of practice management and medical billing software from mainstream internet browsers is still uncommon, but highly sought after across medical specialties. In fact, PracticeSuite saw a significant increase in the transition to the cloud in specialty markets such as radiology, independent diagnostic testing facilities (IDTFs), and substance-abuse facilities. The broad, growing customer community is realizing significant business gains by using PracticeSuite's cloud platform, advanced interoperability engine, and services to manage their unique business needs.
"With our flexible interoperability platform, our customers have a better integration experience than they have ever had in the past," explains Terry Douglas, VP of Marketing. "This helps them see beyond billing and EHR integrations to a future where other apps and services (patient websites, telemedicine, clinical tools, marketing automation, patient CRM, cyber security layers, compliance apps, etc.) all work together to improve their business and patient care."
Based in the Silicon Valley, California, PracticeSuite is a cloud based medical office platform that offers a comprehensive suite of patient-to-pay ambulatory-care workflow automation software and revenue cycle management services. It's client base of over 43,000 medical professionals include private practices, EHR only companies, PM only companies, billing service companies and other large healthcare facilities in all 50 states, Guam, Puerto Rico and Cayman Islands. The platform serves 155 billing specialties and 61 clinical specialties, with 4 locations and team of 100+ men and women dedicated in service to its customers and partners. For more information about the company, technology, and services, visit www.practicesuite.com.