eClinicalWorks Tops Inc. 5000 Digital Health List with $444M Annual Revenue, Files for IPO

The Inc. 5000 list features the fastest-growing private companies in the United States, ranked by percentage of revenue growth. Since its inception in 1982, inclusion in this authoritative list has become a hallmark of corporate success. The latest rankings were recently released, with MobiHealthNews reporting on the full roster. VCBeat (WeChat ID: vcbeat) has curated and translated information on 50 digital health and healthcare technology companies that made the magazine’s 2017 list. The detailed list is as follows.

2016 Revenue: $18 million

Revenue Growth Rate Over the Past Three Years: 2,904%

Founded in 2010, PrescribeWellness provides pharmacies with software tools for patient engagement and medication adherence, helping them expand their services and attract more consumers.To date, PrescribeWellness has partnered with more than 15,000 community pharmacies and world-class healthcare organizations. This marks the company’s third appearance on the list; in last year’s ranking, it placed 52nd, making it the highest-ranked digital health company. PrescribeWellness’s most recent funding round occurred on August 9, 2012, raising $1.03 million.

2016 Revenue: $16.8 million

Revenue Growth Rate Over the Past Three Years: 2,599%

Healthcare.com, a health insurance search engine, was founded in 2006. It raised $9.27 million in its Series A financing round in 2015, and its consumer base reached 2 million by 2016. This marks the company’s second appearance on this list. The company currently has 40 employees, distributed across New York, Miami, and Guatemala City.

2016 Revenue: $33.5 million

Revenue Growth Rate Over the Past Three Years: 2,123%

Stratus Video, based in Clearwater, Florida, was founded in 2011. The company primarily develops audio and video technologies for language translation and medical specialist consultations. Leveraging innovative technology, Stratus Video can connect healthcare providers with interpreters within 30 seconds. Available as an application, Stratus Video is compatible with any tablet, smartphone, PC, or Mac. In June 2016, the company acquired Optimal Phone Interpreters.

2016 Revenue: $62.5 million

Revenue Growth Rate Over the Past Three Years: 1,576%

Welltok, a health management company based in Denver, Colorado, primarily operates the CafeWell health management platform and is dedicated to providing consumers with personalized health guidance and incentives. This marks the company’s third appearance on the list. Founded in 2009, Welltok has raised a total of $164 million in funding to date, with its most recent round being a $13 million debt financing facility from Silicon Valley Bank.

2016 Revenue: $66.7 million

Revenue Growth Rate Over the Past Three Years: 1373%

Health Catalyst is dedicated to organizing and connecting healthcare-related data from disparate systems for user access. Founded in 2008, the company has raised $292 million from ten investors and institutions to date, including a $70 million Series E round in February 2016 led by Novartis Venture Funds. This marks its fifth appearance on this list.

2016 Revenue: $3.2 million

Revenue Growth Rate Over the Past Three Years: 781%

Founded in October 2013, Provata Health is dedicated to developing health applications for the workplace and is a pioneer in the field of digital preventive medicine. This marks the company’s first appearance on this list. In August 2015, Provata Health secured $1.4 million in funding from the U.S. National Institutes of Health (NIH).

2016 Revenue: $121.9 million

Revenue Growth Rate Over the Past Three Years: 755%

Outcome Health, founded in 2006, is dedicated to leveraging technology to deliver better healthcare outcomes for patients and improve public health. The company primarily produces waiting-room screens and signage related to patient education and pharmaceutical marketing. Its most recent funding round occurred this May, raising $500 million with Goldman Sachs leading the investment.

2016 Revenue: $24.5 million

Revenue Growth Rate Over the Past Three Years: 741%

Definitive Healthcare, based in Natick, Massachusetts, provides large datasets related to hospitals, ambulatory surgery centers, imaging centers, long-term care facilities, and clinics. The company was founded in 2011 and secured private equity investment in March 2015, with the specific amount undisclosed.

2016 Revenue: $26.5 million

Revenue Growth Rate Over the Past Three Years: 720%

HealthSparq provides an online platform for purchasing healthcare services. Founded in 2012, HealthSparq is a subsidiary of Cambia Health Solutions and is financially backed by the company. In January 2014, HealthSparq acquired ClarusHealth to enhance its healthcare transparency solutions.

2016 Revenue: $7.8 million

Revenue Growth Rate Over the Past Three Years: 695%

Careform leverages technology to help pharmaceutical companies market specialty drugs. The company not only guides users from a technical perspective to efficiently utilize software for addressing healthcare challenges and enhancing product competitiveness, but also collects and analyzes information from a pharmaceutical sales standpoint to rapidly penetrate the market. This is the company’s first appearance on the list.

2016 Revenue: $13.4 million

Revenue Growth Rate Over the Past Three Years: 600%

Teleradiology Specialists provides rapid remote radiology diagnoses and interpretations for emergency centers, independent imaging centers, and mobile healthcare providers. The company delivers customized solutions to its clients through competitive pricing, highly skilled physicians, user-friendly technology, and friendly, professional service.

2016 Revenue: $5.7 million

Revenue Growth Rate Over the Past Three Years: 565%

Chartwise specializes in developing software for clinical diagnosis and documentation. Its enterprise product, ChartWise CDI Enterprise Edition, provides diagnostic recommendations based on medication and laboratory results, and compares the economic impact of different diagnoses. The individual edition is designed to improve the quality of personal clinical documentation. The company was founded in 2009, with its most recent funding round occurring in March 2016; the specific amount was not disclosed.

2016 Revenue: $5.8 million

Revenue Growth Rate Over the Past Three Years: 561%

Collective Medical Technologies, a healthcare technology company based in Salt Lake City, provides real-time data analytics and notifications to emergency physicians. The company’s most recent funding round occurred in January 2016, with the specific amount undisclosed.

2016 Revenue: $4.5 million

Revenue Growth Rate Over the Past Three Years: 537%

Evoke Neuroscience, based in New York, is dedicated to providing a digital platform for monitoring memory loss and cognitive impairment. Founded in 2009, the company comprises researchers, clinicians, and business professionals. Its three founders possess extensive experience in the care of patients with concussions and brain injuries.

2016 Revenue: $7.4 million

Revenue Growth Rate Over the Past Three Years: 490%

Freshbenies, based in Texas, sells membership cards that offer services such as telemedicine consultations, health advisory, prescription drug discounts, dental care, and vision care. Founded in 2009, the company is dedicated to helping mid-sized businesses provide high-deductible health insurance plans for their employees.

2016 Revenue: $87.5 million

Revenue Growth Rate Over the Past Three Years: 405%

Modernizing Medicine develops mobile electronic health record (EHR) systems for healthcare professionals. Its product, the Electronic Medical Assistant (EMA), features a medical information database that helps physicians save significant amounts of time. Founded in 2010, the company has secured seven rounds of financing totaling $322 million, marking its third appearance on the list.

2016 Revenue: $7.4 million

Revenue Growth Rate Over the Past Three Years: 339%

The Patient Experience Project is a patient-centric, full-service communications agency that collaborates with patients to create trusted programs and content for patients themselves, caregivers, and healthcare professionals. This marks the company’s debut on this list.

2016 Revenue: $13.1 million

Revenue Growth Rate Over the Past Three Years: 308%

Cognitive Medical Systems, a manufacturer of clinical decision support software, is dedicated to helping clinicians make higher-quality medical decisions. Founded in 2010, the company joined the U.S. Department of Veterans Affairs (VA) in a $22 million project initiative this April alongside Motive Medical Intelligence, marking its third time being selected for such an award.

2016 Revenue: $7.6 million

Revenue Growth Rate Over the Past Three Years: 277%

Vitalware, a Software-as-a-Service (SaaS) provider, primarily offers revenue cycle solutions to healthcare organizations, including services related to documentation, coding, billing, and auditing. Founded in 2011, Vitalware is headquartered in Yakima, Washington.

2016 Revenue: $12.4 million

Revenue Growth Rate Over the Past Three Years: 263%

TAVHealth, a software company, provides TAVHealth Connect, a proprietary collaborative software platform for post-discharge care coordination. It connects physicians with social, financial, and community resources across disparate systems, ensuring a smooth transition for patients during this process.

2016 Revenue: $54.1 million

Revenue Growth Rate Over the Past Three Years: 197%

Founded in 2010, Connexion Point provides customer acquisition services, member retention services, and population health management services. The company’s most recent funding round occurred in October 2016, with the specific amount undisclosed; this marks its fourth appearance on this list.

2016 Revenue: $4.3 million

Revenue Growth Rate Over the Past Three Years: 195%

Medisked connects patients with a wide range of medical and home care service providers through its software and mobile applications. Founded in New York in 2003, Medisked specializes in providing integrated technology solutions and expertise to social service organizations across the United States, helping them improve healthcare outcomes and reduce costs.

2016 Revenue: $4 million

Revenue Growth Rate Over the Past Three Years: 159%

Fisher Wallace, a medical device company, offers FDA-cleared neurostimulation devices for the treatment of depression, anxiety, and insomnia. The company has recently entered the augmented reality (AR) sector with a product called Kortex. Fisher Wallace Laboratories, founded in 2007, raised $1.2 million in seed funding in January 2014.

2016 Revenue: $6.1 million

Revenue Growth Rate Over the Past Three Years: 142%

General Devices, founded in New Jersey in 1953, is dedicated to providing emergency responders with innovative products, including mobile telemedicine platforms. On January 23, 2006, General Devices was acquired by Aduromed Corporation.

2016 Revenue: $39.6 million

Revenue Growth Rate Over the Past Three Years: 132%

WebPT, a physical therapy software company founded in 2008, now has 308 employees. The company is dedicated to providing therapists with software that enhances their clinical skills, increases revenue, and improves treatment outcomes. In June 2014, WebPT secured venture capital funding led by Battery Ventures, with the specific amount undisclosed.

2016 Revenue: $36.2 million

Revenue Growth Rate Over the Past Three Years: 129%

Ingenious Med specializes in designing mobile- and cloud-based solutions for physicians, helping them increase revenue and reduce care costs. Founded in 1999, the company was acquired by North Bridge Venture Partners & Growth Equity in 2014. Its most recent funding round took place in January 2015, with the specific amount undisclosed.

2016 Revenue: $98.8 million

Revenue Growth Rate Over the Past Three Years: 120%

Founded in 2007, Accolade is a healthcare management specialist serving employees, health plans, and healthcare systems. The company has completed six rounds of financing, raising a total of $163 million, and acquired ConciergeMD in April 2014 for an undisclosed amount.

2016 Revenue: $14.8 million

Revenue Growth Rate Over the Past Three Years: 120%

DeVero provides a health platform featuring clinical documentation and multi-payer wireless capabilities for the pre- and post-acute care market, including home health care, hospice care, private duty home care, pediatric care, and other home-based services. The company was acquired by Netsmart Technologies on July 19 of this year.

2016 Revenue: $8.1 million

Revenue Growth Rate Over the Past Three Years: 116%

pMD, a mobile communication and data scraping platform, is dedicated to improving healthcare efficiency by enabling physicians to access patient data more accurately. Founded in 1999, pMD secured angel investment funding in the same year, with the specific amount undisclosed.

2016 Revenue: $36 million

Revenue Growth Rate Over the Past Three Years: 110%

Founded in 1991, Procura provides enterprise software for the post-acute care market, including home health, hospice, palliative care, long-term care, and pediatric and geriatric care. In October 2016, the company was renamed Complia Health, adopting “empowering care businesses” as its new mission, following its acquisition of Suncoast Solutions.

2016 Revenue: $11.9 million

Revenue Growth Rate Over the Past Three Years: 105%

Founded in 2010, Entrada primarily enhances healthcare efficiency and outcomes by providing integrated mobile services. The company’s software also optimizes clinical workflows by improving the efficiency of clinical documentation. Entrada has completed six rounds of financing, raising a total of $7.05 million.

2016 Revenue: $17.8 million

Revenue Growth Rate Over the Past Three Years: 99%

eHealth Technologies, founded in 2006, is dedicated to providing intelligent aggregation of clinical records and medical imaging systems for patient referrals, thereby enhancing healthcare services. The company has raised a total of $3.8 million across three rounds of financing, with the most recent round occurring in January 2013; the specific amount was not disclosed.

2016 Revenue: $5.5 million

Revenue Growth Rate Over the Past Three Years: 96%

Founded in 1993, CommunicateHealth is a health education and communication company dedicated to improving people’s health literacy through user-centered design, research, and content production. The company helps clients develop content strategies, conduct audience surveys and research, design visual and interactive programs, and provide health literacy consulting.

2016 Revenue: $20.7 million

Revenue Growth Rate Over the Past Three Years: 91%

Medical Guardian provides affordable and reliable medical alert devices for seniors in the United States, enabling them to quickly notify emergency medical personnel in critical situations.

2016 Revenue: $80.5 million

Revenue Growth Rate Over the Past Three Years: 90%

GetWellNetwork provides interactive video services to help healthcare providers improve clinical performance and patient treatment outcomes, while delivering medical education to patients and their families. Founded in 1999, the company has completed four rounds of financing, raising a total of $19 million.

2016 Revenue: $4.4 million

Revenue Growth Rate Over the Past Three Years: 90%

Founded in 1995, Intellicure provides trauma care software systems and a technology platform built around physician workflows, enabling hospitals to transmit prescriptions directly to pharmacies via e-prescribing while ensuring the consistency and security of medical records.

2016 Revenue: $23 million

Revenue Growth Rate Over the Past Three Years: 86%

Founded in 1993, ImagineSoftware is a global software, data, analytics, and services company dedicated to providing portfolio asset management and risk compliance solutions for financial institutions and clinics worldwide, including automated billing software and revenue management applications.

2016 Revenue: $4.5 million

Revenue Growth Rate Over the Past Three Years: 85%

SecureNetMD is a Delaware-based company. The company is dedicated to developing information technology services that comply with the Health Insurance Portability and Accountability Act (HIPAA), serving healthcare providers across the United States.

2016 Revenue: $22.7 million

Revenue Growth Rate Over the Past Three Years: 80%

Wellness Corporate Solutions is a company based in Bethesda, Maryland. The company provides customized and efficient wellness programs for corporate clients. Additionally, it offers biometric screenings as well as comprehensive health and medical coaching services.

2016 Revenue: $6.1 million

Revenue Growth Rate Over the Past Three Years: 75%

iSalus Healthcare is a company based in Indianapolis, Indiana. The company provides integrated emergency care, billing, scheduling, and telemedicine services, allowing clients to access its full suite of offerings with a simple login. This marks iSalus Healthcare’s first appearance on this list.

2016 Revenue: $125 million

Revenue Growth Rate Over the Past Three Years: 74%

Homecare Homebase was founded in 2001 and is headquartered in Dallas, Texas. The company is dedicated to developing software for the post-acute care industry, including home health, hospice, and private duty care services. In March 2011, Homecare Homebase secured $56.55 million in venture capital funding.

2016 Revenue: $11.6 million

Revenue Growth Rate Over the Past Three Years: 71%

In 1999, CollaborateMD was founded in Orlando, Florida. The company’s ranking rose slightly compared to last year (it was ranked 4,115th last year). The company provides cloud-based medical practice services and billing management services.

2016 Revenue: $17 million

Revenue Growth Rate Over the Past Three Years: 71%

Audacious Inquiry is a company based in Maryland. As a software firm with 88 employees, it offers services including healthcare information systems, master data management, web applications, data analytics, and government or public policy consulting. Audacious Inquiry has appeared on this list no fewer than seven times.

2016 Revenue: $444 million

Revenue Growth Rate Over the Past Three Years: 68%

Since 1999, eClinicalWorks has been providing comprehensive electronic medical records and practice management services, helping ACOs (Accountable Care Organizations), clinics, hospital outpatient departments, community health centers, health departments, and urgent care clinics improve efficiency and enhance the effectiveness of patient care.

2016 Revenue: $25 million

Revenue Growth Rate Over the Past Three Years: 59%

TSI Healthcare is a company based in North Carolina. The company is dedicated to providing information technology services to physicians through the implementation and support of electronic health records, practice management systems, and electronic data interchange. TSI Healthcare successfully rose from rank 4,826 on last year’s list to rank 4,374 this year.

2016 Revenue: $16.4 million

Revenue Growth Rate Over the Past Three Years: 52%

Preventure is a company based in Coventry, Rhode Island. The company provides employee wellness programs for staff members of numerous enterprises across China. To date, it has delivered a wide range of services—including medical care, health management, and employee engagement initiatives—to more than 4.5 million corporate employees.

2016 Revenue: $19.1 million

Revenue Growth Rate Over the Past Three Years: 48%

In 2008, three world-leading data experts founded LaunchPoint Venture, based in Itasca, Illinois, which provides software and cloud services to healthcare organizations. Additionally, the company is dedicated to information management and analytical consulting.

2016 Revenue: $68.3 million

Revenue Growth Rate Over the Past Three Years: 48%

SCIO Health Analytics, headquartered in West Hartford, Connecticut, employs 965 people. As a healthcare analytics services provider, SCIO Health Analytics leverages health data, predictive analytics, and industry experts to deliver solutions that help clients reduce costs, improve healthcare outcomes, increase revenue, and enhance return on investment and stability. The company has raised a total of $15.93 million across two rounds of financing.

2016 Revenue: $8 million

Revenue Growth Rate Over the Past Three Years: 41%

Med Tech Solutions is a company based in Valencia, California. The company primarily collaborates with healthcare clients across China to provide medical cloud computing services. Its infrastructure features all-flash storage for superior system performance and processing speed, employs static encryption to address data security concerns, and meets EHNAC certification standards. In July of this year, Med Tech Solutions acquired Constellation’s healthcare IT business.

2016 Revenue: $4.9 million

Revenue Growth Rate Over the Past Three Years: 40%

Sonic Boom Wellness, based in Carlsbad, California, is dedicated to providing corporate clients with employee wellness programs designed to help employees cultivate better daily health habits through gamification and incentives.

References:

https://www.inc.com/inc5000/list/2017/

https://incmagazine.zendesk.com/hc/en-us/articles/203554285-What-is-the-Inc-5000

http://www.mobihealthnews.com/content/50-digital-health-companies-share-2016-revenues-land-inc-5000-list