GRAND RAPIDS, Mich., January 21, 2020 (Newswire.com) – SpendMend, the leading provider of cost recovery and audit solutions in the healthcare industry, announced record growth marked by a 31% increase in revenue over fiscal year 2018.
These results combined with significant new customer wins and technology innovation position SpendMend as healthcare’s leading provider of cost recovery and optimization.
“SpendMend has helped us find significant funds through various methods,” said Ken Hall of The University of Texas Medical Branch. “I’ve been amazed at how they’ve been able to even find these items. With SpendMend, we have reduced risk and have better control of our costs. All of this leads to our ability to fund better patient care.”
A review of client results conducted at the end of 2019, SpendMend’s operations team observed that clients who leverage SpendMend’s insights and recommendations enjoy a 59% decrease in transactional errors within two years of the completion of an engagement.
Key milestones achieved during fiscal year 2019 include:
- Secured Significant New Customer Wins: SpendMend works with 64% of the top 50 IDNs.
- Moved Global Headquarters to a New State-of-the-Art Facility: SpendMend has completed a relocation of its headquarters to a 31,000-square-foot office space in Grand Rapids, Michigan. The move supported 31% employee growth in 2019.
- Expanded Partnership with Major GPOs: SpendMend marked its 20th year as a Vizient-awarded supplier as well as its 23rd year as a Premier-awarded supplier, enjoying a sole-source distinction.
- Added Significant Product Enhancements: An expanded development team delivered a continuous stream of SpendMend updates, including new reporting features visibility and insight into client systems.
- Received Key Industry Awards: In 2019, SpendMend was honored as The Company of the Year for Healthcare Products by One Planet Awards, was named the Silver Winner for HealthCare Technology by Golden Bridge and was among the 101 Best Places to Work by “Best and Brightest.”
- Sponsored Company-wide Charitable Giving: In 2019, SpendMend sponsored company-wide participation in charitable events including The Purple Community 5K; Be Brave 5K; Kids Food Basket; Toys for Tots; American Red Cross Blood Drives and more.
“I’m proud of the team’s success, but we give a lot of credit to our clients who’ve trusted us to do great work with their organizations,” said Dan Geelhoed, CEO and founder, SpendMend. “We deliver visibility, insight and optimization into the hospital’s cost cycle to help the hospital control costs and reduce risk while driving recoveries to fund better patient care.”
About SpendMend
SpendMend is the leading provider of cost-saving solutions in the healthcare industry. Our goal is to provide enhanced visibility into the procure-to-pay cycle while leveraging our in-depth industry expertise, gathered over 25 years of serving the industry, to identify the root cause of financial leakage and provide actionable insights to help hospitals and health systems prevent profit loss.
Media Contact: Amanda Geelhoed Papach, ageelhoed@spendmend.com
