On Tuesday, API Healthcare reported a 60 percent increase (year-over-year) in its sales bookings. The Hartford-based healthcare company experienced record bookings in the fourth quarter of 2012, likely as a result of its recent signings with health systems and staffing agencies looking to boost the company’s workforce.
This isn’t the only factor that led to the jump in sales bookings, however.
“The growth trajectory can be attributed to a number of factors,” said J.P. Fingado, president and CEO at API Healthcare.
Among the reasons Fingado listed were, “decreasing reimbursements, increasing health system operating expenses and more focus on quality.”
API Healthcare is responsible for workforce solutions used by more than 1,600 hospitals and staffing agencies all over the United States, so its recent numbers are a sign that the solutions API provides are gaining in popularity across the board.
“Our strong financial performance in 2012 is highlighted by double-digit growth in sales bookings, revenue and EBITDA. That growth positions API Healthcare to continue to deliver innovative solutions and our distinctive strong service levels to the market,” added Fingado.
The range of solutions provided by API Healthcare includes staffing, scheduling, talent management, patient classification, human resources, payroll, attendance and business analytics.
Fingado described the positive outlook his company has, saying, “As the health care industry continues to adapt to the dynamic challenges of health care reform, we anticipate the increased demand for innovative workforce management solutions will carry over into 2013 and well beyond.”
API Healthcare has also grown recently to include Baptist Health in Louisville, Kentucky, Boston Children’s Hospital, Fairfield Medical Center in Lancaster, Ohio, and Memorial Sloan-Kettering Cancer Center in New York. With these added businesses, API Healthcare can now make its solutions available to many more customers, encouraging even more sales bookings for the New Year.
“With labor costs amounting to an estimated 60 percent of these operating costs, and the need to optimize the placement of staffing resources from both a financial and quality perspective, many leading health care systems are shifting to API Healthcare’s integrated platform,” Fingado explained.
Edited by Brooke Neuman