CynergisTek Growth Attribute to Increased Demand for Trusted, Outsourced Support in Protecting Sensitive Patient Data
CynergisTek, an authority in health information security, privacy, and compliance, today announced that it achieved record growth in 2015, with a more than 50 percent increase in revenue over the last calendar year, representing a compound annual growth rate (CAGR) of 37 percent over the last three years. Additionally, the company saw approximately 80 percent increase in bookings, representing a CAGR of nearly 70 percent over the last three years. CynergisTek attributes this continued growth to increasing demand by healthcare organizations and business associates for its specialized services that address the latest data security challenges and government regulations.
In addition to record revenue and bookings, CynergisTek also expanded its client base in 2015, adding notable providers such as Henry Mayo Newhall Hospital, Methodist Le Bonheur and Vermont Information Technology Leaders to its roster. Further, the company doubled the number of organizations that utilize its Compliance Assist Partner Program (CAPP), which builds on CynergisTek’s standalone Risk Assessment Service with ongoing technical testing, advisory services and executive reviews that provide insight on technical program maturity. CAPP contract growth represents a CAGR of 135 percent over the last three years.
To support both new clients and expanded contracts in 2015, CynergisTek also added additional staff last year, increasing its total number of employees by 30 percent. “2015 was another amazing year of growth for the company,” said Mac McMillan, CEO of CynergisTek. “When I look around at all the new faces and talent that have joined us I can’t help but be excited for 2016.”
“This has been another tremendous year for CynergisTek with growth across our entire business. As threats to protected healthcare information increase and become more sophisticated, the need for the specialized support we offer has become critical,” said Dr. Michael Mathews, COO, CynergisTek. “We owe our continued success to the dedication of our excellent personnel that have been truly exemplary in delivering the highest level of service to each and every one of our clients. We are proud to end 2015 on such a positive note and look forward to what 2016 holds for us.”