Posted on Feb 01, 2013 by Sergio Ulloa
2012 was a great year for Best Doctors, Inc.. The company has reported and continues to announce exciting happenings in terms of expansion both domestically and internationally. The company recently announced 24% revenue growth during 2012, exceeding $150 million in revenue last year . The Boston-based global health company stated that they added 37 new corporate accounts, including large health plan clients during 2012. Last year also saw the launch of the company's new "Treatment Decision Support" program, an almost 30 percent increase in staff worldwide,and several U.S. and international awards earned throughout the past year.
In August 2012, Best Doctors received a substantial financial investment from a prominent private equity firm. BBH Capital Partners IV, L.P. ("BBHCP"), a private equity fund sponsored by Brown Brothers Harriman & Co, gave Best Doctors an investment of about $45 million. This significant investment has been viewed as a good sign and positive outlook for Best Doctors and will greatly assist the company's international expansion.
Best Doctors has more than 30 million members worldwide and works with physicians from a highly authoritative database in order to make sure that people receive not only a correct diagnosis, but also the best treatment available. Published studies show that anywhere from 15-28% of patients are misdiagnosed, which leads to needless suffering and millions - even billions -of dollars wasted on healthcare costs.
Last year was also an impressive year for the company in regards to adding new clients and the retention of existing clients. Best Doctors added 37 new and major clients to their already growing list last year, including International Paper and Red Bull North America, Inc.. Along with attracting new clients, the company experienced a client retention rate of just under 95 percent. In addition to these positive reports, Best Doctors also launched its new "Treatment Decision Support" that was designed with existing clients in mind. The new program provides information and resources to educate members about the best options for surgeries or treatments in regards to their specific needs.
The company has also seen some benchmark moments in regards to their health plan and insurance offerings in 2012, both domestically and overseas. Best Doctors' services and offerings have been chosen by many prominent health plans, with a common goal of improving healthcare and the quality of care for more people at lower costs.
One such way these methods are being implemented is in that many Medicare Advantage members are now able to receive care from Best Doctors' highest-ranked health experts in some 400 different specialties. These experts will work alongside a member's treating doctor or physician and care management partners so that they have the most accurate diagnosis and course of treatment. Through this partnership, people will be able to receive more diversified care and treatment so that their medical illness, condition or injury will be well taken care of.
"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. Employees and health plan members throughout the United States will be able to be more involved and have greater control of their healthcare.
The company's growth and expansion is not limited to North America though. Last year, Best Doctors was able to expand their operations and mission overseas by establishing new insurance-related alliances. One of the high points in this area for Best Doctors was its partnership with Seguros Agromercantil Guatemala (BAM) and its banking organization, Banco Agromercantil. The new cooperation will allow for greater levels of care for people in Guatemala through a select group of global medical insurance advisors.
The company was also able to secure an agreement with Banco Santander, one of Spain's largest banks, to launch an insurance plan beginning in January 2013, which will be available to Santander clients worldwide. Additionally, the company has set up a multi-year contract with Generali that will provide coverage for about 19,000 Italian-based customers. Best Doctors has seen further expansion in Europe with an agreement with Achmea's Interpolis health insurance to offer nearly 200,000 people access Best Doctor's highly regarded network of healthcare professionals and facilities.
Other countries where Best Doctors saw expansion in 2012 included Hungary, Poland, Greece, Sri Lanka, Slovenia and India. In countries where the company has already been established for some time, they were able to add several high-profile new accounts, including the countries of Spain, Portugal, the Netherlands, Australia and the United Kingdom. Other areas of expansion for the company also came in terms of staff numbers, both internationally and domestically. The company increased its staff from 400 in 2011 to 516 worldwide by the end of 2012. In addition, the company was busy launching a new website and public affairs presence in the United States.
Along with strong reports from its business sides, Best Doctors now plays an active role in quite a few nationally influential health policy organizations, which include the National Business Group on Health, the American Benefits Council, the National Governors Association, the National Coalition on Health Care and NEHI (formerly the New England Health Institute).
During 2012, the company saw many achievements in different areas of its operations and their efforts to provide a broader range of services, expansion in existing and new areas and overall growth earned Best Doctors a few substantial awards. Some of those awards were given by the 2012 International Business Awards, Modern Healthcare, the Boston Business Journal, and the American Business Awards.
"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."