Company Grew Revenue More than 70 Percent, Expanded Customer Base and Doubled Personnel to Meet Increased Demand for Healthcare IT Privacy and Security Expertise
Austin, Texas, February 3, 2015 — CynergisTek™, an authority in health information privacy, security and compliance, today announced that it achieved record growth in 2014, with a more than 70 percent increase in revenue over the last calendar year, representing a compound annual growth rate of 61 percent since 2012. Additionally, the company experienced a compound annual growth rate of 108 percent in new customers since 2012. CynergisTek attributes recent growth to increased demand for experienced privacy and security partners by provider organizations and business associates that are subject to the enforcement of HIPAA regulations, including costly penalties for noncompliance.
Specifically, CynergisTek saw a sharp increase in customers using its Compliance Assist Partner Program (CAPP) service, which builds on the company’s standalone Risk Assessment by offering ongoing technical testing, advisory services, and executive reviews that provide insight on technical program maturity. CynergisTek saw the number of new CAPP customers more than double in 2014, representing a compound growth rate of 261 percent since 2012. To meet growing demand for its CAPP and other privacy and security services, CynergisTek increased its workforce by more than 100 percent in 2014.
CynergisTek also continued its commitment to enhancing the state of security in the healthcare industry in 2014, participating in dozens of educational sessions and supporting key organizations. Specifically, the company contributed to KLAS’ effort to develop its first ever report on firms providing privacy and security services, released in May 2014, entitled “Security and Privacy Perception 2014: High Stakes, Big Challenges,” in which CynergisTek was recognized as one of three firms provider organizations are turning to most often for privacy and security assistance. Additionally, the company was invited in August 2014 to be a founding member of a new College of Healthcare Information Management Executives (CHIME) association group, Association for Executives in Healthcare Information Security (AEHIS).
“We are so proud of what we have been able to accomplish in just one year, within our company and for the industry as a whole,” said Dr. Michael Mathews, COO of CynergisTek. “The hard work of our dedicated team has been instrumental, both in delivering superior service to our clients and to our continued success. We are looking forward to continuing this momentum throughout 2015 and beyond.”