Company Reports Significant Revenue Growth Resulting from New Customers and Successful Go-Lives
BURLINGTON, Mass.–(BUSINESS WIRE)–August 13, 2019–
HealthEdge®, provider of the only integrated financial, administrative and clinical platform for health insurers, today announced the addition of millions of lives under management on HealthRules®, resulting from both newly signed health plans and successful implementations of numerous customers in the first half of 2019. This momentum is a continuation of strong sales success in 2018 and comes as HealthEdge continues to receive industry recognition as the leader in Core Administrative Processing Systems (CAPS) and as a next-generation CAPS vendor. As a result of this industry and customer driven momentum, the company achieved 21 percent growth in its annual reoccurring revenue (ARR) in calendar year 2018 and expects ARR to grow by an additional 35 percent in 2019.
“We continue to welcome health insurers of all sizes, geographies and lines of business into the HealthEdge family,” said Steve Krupa, CEO of HealthEdge. “These payers are part of the mainstream movement adopting the modern infrastructure of HealthRules to ensure resiliency to all types of ongoing changes in the market. Many of our customers report unprecedented success with operational and quality metrics that deliver them a competitive advantage and directly associate this success to their use of HealthRules.”
Specific company milestones include:
- HealthEdge achieved a 21 percent growth in its ARR in 2018, and to date has already exceeded its new customer bookings plan for 2019, setting it up for another record revenue year for 2019. The company expects ARR to grow by an additional 35 percent in 2019.
- Health plans from all areas of the U.S., with lines of business including Commercial, Medicare, Medicaid, Individual and Specialty, including large national plans as well as Blue Cross and Blue Shield organizations, have chosen HealthEdge as their long-term solution partner. Aging and obsolete systems that do not meet the changing requirements impacting payers served as the catalyst for change among many of these new HealthEdge customers.
- New HealthEdge customers, including Partnership HealthPlan of California and CommunityCare in Tulsa, Oklahoma, recognize the value of technology infrastructure transformation to successfully tackle internal challenges. They also realize key external opportunities such as member and provider satisfaction, compliance with regulatory changes and new membership acquisition.
- A significant number of new customers went live in Q4 of 2018 and H1 2019 via HealthEdge Professional Services, a testament to the strong capabilities of the company’s services organization. Close collaboration, planning and agile execution were hallmarks of these go-live projects, which ranged in size and complexity.
- HealthEdge continues to attract top talent from within the health insurance industry and beyond, experiencing a 41% growth in headcount since 2017. In recognition of the company’s focus on promoting a sustainable workplace, in 2018, HealthEdge received the Boston’s Best & Brightest Companies to Work For award.
- HealthEdge expanded to India, with the opening of Global Development Centers in Bangalore and Pune, India. Operating as HealthEdge Technologies India Private Limited, these centers help HealthEdge support growth in the U.S. health insurance market.
HealthEdge recently concluded its annual user conference, with record attendance among both customers and sponsor partners. The company shared its strategic vision for the future, solicited customer input on a variety of topics through listening sessions and agile workshops, and exposed customers to new perspectives from across the industry. Customers provided positive feedback on the event, many of whom sent large teams to cover the variety of sessions and conference offerings.
HealthEdge® provides modern, disruptive healthcare IT solutions that health insurers use to leverage new business models, improve outcomes, drastically reduce administrative costs and connect everyone in the healthcare delivery cycle. Our next-generation enterprise solution suite, HealthRules®, is built on modern, patented technology and is delivered to customers via the HealthEdge Cloud or onsite deployment. An award-winning company, HealthEdge empowers health insurers to capitalize on the innovations, challenges and opportunities that await in the new healthcare economy. For more information, visit http://www.healthedge.com.