BOSTON--(BUSINESS WIRE)--Best Doctors, Inc., today announced 24% revenue growth from EOY 2011 through 2012, exceeding $150 million in revenue delivered in 2012, up from $121 million in 2011. In addition, the Boston-based global health company reported 37 new corporate accounts including large health plan clients added during 2012; the successful launch of its new “Treatment Decision Support” program; a nearly 30% increase in staff worldwide; and several U.S. and international awards earned throughout the past year.
“Given how implementation of the Affordable Care Act is greatly influencing so many health care decisions and Medicare strategy for corporate America, the significance of our work to reduce wasted health care dollars while expanding access to quality care cannot be underestimated”
In August 2012, Best Doctors announced it had received a $45 million investment from BBH Capital Partners IV, L.P. (“BBHCP”), a private equity fund sponsored by Brown Brothers Harriman & Co. The BBHCP investment, viewed as a major vote of confidence for Best Doctors, will be used to support the company’s global expansion.
Serving over 30 million members worldwide, Best Doctors works with physicians from its database of the best five percent of physicians, audited and certified by Gallup®, to help people get the right diagnosis and treatment. In a world in which published studies indicate from 15-28% of patients are misdiagnosed – translating into needless suffering and billions of wasted health care dollars annually – a growing number of Fortune 500 companies and insurers are choosing Best Doctors’ diagnostic accuracy services and offerings.
In addition to earning 37 major new clients in 2012, including International Paper and Red Bull North America, Inc., Best Doctors delivered an impressive client retention rate of nearly 95%. Importantly, the company also successfully launched its new “Treatment Decision Support“ offering, specifically developed at the request of its existing clients. The Treatment Decision Support program empowers Best Doctors members by educating them on which surgeries or treatments are the best options for their particular preference-sensitive health conditions.
Best Doctors made tremendous strides in the health plan and insurance realm throughout 2012, as well, both domestically and overseas. Its services and offerings were selected by several prominent health plans, with the central goal of ultimately improving quality of care and health outcomes for millions of new members while reducing costs.
These strategic health plan alliances represent a notable step ahead for Best Doctors. As one example, many Medicare Advantage members now will have access to Best Doctors’ highest-ranked medical experts in over 400 medical subspecialties; these experts will work alongside members’ treating physicians and care management partners to find the correct diagnoses and treatment plans for members’ individual conditions. The end result is many more people nationwide will experience a greater level of collaborative clinical support and expertise.
“Given how implementation of the Affordable Care Act is greatly influencing so many health care decisions and Medicare strategy for corporate America, the significance of our work to reduce wasted health care dollars while expanding access to quality care cannot be underestimated,” noted David Seligman, chairman and CEO of Best Doctors. For their part, employees and health plan members throughout the U.S. now enjoy a greater sense of involvement in and control over their health decisions, he added.
Best Doctors has earned considerable growth overseas, as well. In a milestone during 2012, the company formed several new insurance-related alliances of note. Among them, the company achieved a strategic partnership with Seguros Agromercantil Guatemala (BAM) and its banking organization, Banco Agromercantil. This new partnership ushered in a premium level of care to individuals throughout Guatemala, offered via a group of global medical insurance advisors.
Additionally, Best Doctors secured among stiff competition an agreement with Banco Santander, one of the largest banks in Spain, to launch an insurance plan beginning this month. The insurance plan will be offered to Santander clients throughout its extensive network of branch offices nationwide. Best Doctors also established a multi-year contract with Generali which will cover approximately 19,000 of the Italian-based insurer’s members. And in the Netherlands, Achmea’s Interpolis health insurance contracted with Best Doctors to provide nearly 200,000 of its customers with access to the latter’s well-regarded health services and offerings.
New overseas markets added to Best Doctors’ roster in 2012 included Hungary, Poland, Greece, Sri Lanka, Slovenia and India. Furthermore, in its existing overseas markets, Best Doctors added several high-profile new accounts in Spain, Portugal, the Netherlands, Australia and the United Kingdom.
Best Doctors’ staff increase, both domestically and internationally, mirrored its revenue and asset growth throughout this past year. Named in April 2012 to the Boston Business Journal’s annual “Best Places to Work” list, the company increased its staff from 400 in 2011 to 516 worldwide by EOY 2012.
In 2012, Best Doctors launched a much more active social media presence, a new website which greatly enhances expert physician collaboration, and its new “The Reinvention of Right” brand. Best Doctors also launched its nationwide Public Affairs presence in 2012; the company now serves in active advisory roles with several nationally influential health policy organizations, including the American Benefits Council, the National Business Group on Health, the National Coalition on Health Care, the National Governors Association, and NEHI (formerly the New England Health Institute).
Recognition Earned in 2012
The expanding company also earned several U.S. and global health, business and product awards during 2012, presented by the likes of the 2012 International Business Awards™, Modern Healthcare, the Boston Business Journal, and the American Business Awards™. Of note, Best Doctors was named in 2012 for the second consecutive year to Inc. magazine’s list of the “Fastest-Growing Private Companies in America,” in recognition of its impressive revenue growth. Inclusion on the Inc. list has the health solutions business keeping company with the likes of such icons as Facebook, Levi Strauss, Microsoft, Timberland, Intuit, and Patagonia.
Best Doctors earned considerable press interest and coverage related to its focus areas throughout 2012, in outlets ranging from Fortune/CNNMoney, The Wall Street Journal, Money Magazine and WIRED, to The Boston Globe, CFO, Reader’s Digest Canada, The Seattle Times and Yahoo! News. A variety of broadcast outlets featured Best Doctors, as well, including ABC News Radio, CBS WUSA-TV, AARP Prime Time Radio, NY1 News Radio (Time Warner Cable), and CBS Radio.
“Our whole team at Best Doctors is encouraged and grateful for the progress we’ve been able to make in 2012,” said John Varvaris, president and chief operating officer at Best Doctors. “But given our continuing growth, particularly in the health plan and health tech realms, we believe this is just a snapshot of much larger expansion to come in 2013. We would not be able to achieve any of this progress without the trust and support of our clients and members, and thank them sincerely for the faith they have in us and in our offerings.”
About Best Doctors, Inc.:
Founded in 1989 by Harvard Medical School physicians, Best Doctors works with the best five percent of doctors, ranked by impartial peer review, to help people get the right diagnosis and right treatment. Gallup® has audited and certified Best Doctors, Inc.’s database of physicians, and its companion Best Doctors in America® List, as using the highest industry standards survey methodology and processes. The global health solutions company, which has grown to over 30 million members worldwide, uses state-of-the-art technology capabilities to deliver improved health outcomes while reducing costs. Best Doctors seamlessly integrates its trusted health services with large self-insured employers, insurers and other groups in every major region of the world. The company also designs and implements international insurance programs that help people be sure they get the right health solutions. For further information, visit www.bestdoctors.com.
To schedule an interview with Best Doctors’ Executive Team, contact Jen Beltz at Ph: 617.502.9319 or firstname.lastname@example.org.