Record Growth Due to Increased Regulatory & Enforcement Activity
The company achieved the highest annual revenue to date with 24% growth in 2012. The company believes that increasing regulations and enforcement of penalties combined with the company’s ongoing involvement in industry associations and publications aided this growth. As a result, in 2012 CynergisTek expanded its partnerships, signed new clients and added new staff resources.
CynergisTek is projecting growth to continue in 2013, with first quarter (Q1) new revenue already coming in up 421%, compared to Q1 2012. The company associates the stellar growth with new regulatory demands, including Centers of Medicare & Medicaid Services (CMS) Meaningful Use audits and the Office of Civil Right (OCR) HIPAA Audit Program, creating an increased need for comprehensive privacy and security solutions.
“For a consulting firm like ours, this kind of growth can be as much a challenge as a blessing, but our commitment to and focus on our customers has allowed us to propel forward at this rate,” said, Mac McMillan, CEO, CynergisTek. “Our entire organization is committed to providing quality service to our customers, and we promise to continue to meet the same standards that our clients expect as our company continues to grow.”
In December 2012, CynergisTek announced a new partnership with Blass Consulting & Compliance, LLC to offer an enhanced version of CynergisTek’s Surveyor solution series designed to help Covered Entities manage their Business Associates (BAs) and ensure a secure IT program. With this solution CynergisTek integrated Blass Consulting’s SaaS-based compliance tool, ComplyAssitant. Additionally, CynergisTek expanded offerings with partner, Iatric, to offer Virtual Privacy Service, which includes administration, maintenance, support and additional reporting solutions for clients using Iatric’s automated monitoring and auditing software, SAM.
“We’re excited to expand our portfolio of solutions by engaging in new partnerships, growing existing ones and offering new technologies to help the healthcare industry improve its overall security and privacy programs,” said Dr. Michael Mathews, COO CynergisTek. “In 2013 we plan to continue to build out our capabilities with solutions that add value for our customers and help them best protect their patients’ privacy.”
CynergisTek also attributes company growth to its increased involvement in industry conferences, associations and publications. In February 2013, CEO Mac McMillan co-presented with Linda Sanches of Office for Civil Rights at the 21st Annual HIPAA Summit in Washington, D.C., led multiple presentations at the annual HIMSS Conference in New Orleans, and is presenting compliance updates at several other conferences throughout the year, including a co-presentation at the 2013 NIST/OCR HIPAA Security Rule Conference later this month. McMillan has become a regular contributor to various leading healthcare IT news publications and has hosted multiple webinars to address the implications of the passing of the final Omnibus Rule.