|[January 24, 2013]
Global Health Company Best Doctors, Inc. Announces Robust 2012 Revenue Growth, Major New Clients, and Global Staff Expansion
BOSTON --(Business Wire)--
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.
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
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 heath 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
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
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,
website which greatly enhances expert physician collaboration, and
"The Reinvention of Right" brand. Best Doctors also launched its
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
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 (News - Alert), Timberland, Intuit, and
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.:
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,
To schedule an interview with Best Doctors' Executive Team, contact Jen
Beltz at Ph: 617.502.9319 or firstname.lastname@example.org.
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