Hunt Valley, MD, November 4, 2021 – The Baltimore Business Journal today announced their Fast 50 List for 2021, ranking Kermit as the 19th fastest growing privately held company in the greater Baltimore region. Rankings are calculated as the highest average percentage change in revenue in the three year span from 2018 to 2020. To be eligible, companies had to have revenue of at least $100,000 in 2018 and $1 million in 2020, and also had to record consecutive growth each year. This is Kermit’s third time on the list and its second consecutive appearance where it ranked 7th in 2020.
“Being on the Baltimore Business Journal’s Fast 50 again in 2021 is a great honor for our team and company,” said Rich Palarea, Kermit co-founder and CEO. “The past eighteen months have been challenging for all, and especially those in healthcare. Our revenue model requires hospitals to perform elective surgery, so this announcement is even more special for our group. I am very proud of the fantastic work the Kermit team has done to navigate these times and contribute toward our growth."
Since being named to the 2020 Fast 50, Kermit processed its 100,000th surgical case, a process that digitizes a paper workflow for surgical billing by representatives who sell implantable medical devices to hospitals. Kermit’s technology-enabled service led to more than $65M in savings for its customers in 2020. Entering 2021, Kermit deployed a focused growth strategy which saw its staff expand from 12 to 21 in all areas of the company.
“Achieving the 19th spot among the prestigious list of Maryland companies, coupled with our freshman appearance on the Inc 5000 in the upper 25% and 402% growth has really been a catalyst for our team. They are empowered in their roles and oversight, producing amazing results for our customers and excited for the future. We all share a passion for helping our nation’s hospitals reduce their implant spend,” said Palarea. “With the team we have in place and their unparalleled expertise, there is truly no limit to what can be achieved.”
Kermit is healthcare’s first cloud-based spend management application for implantable medical devices. The 100,000 cases reviewed by Kermit come from 23 different surgical categories where implantable devices are used, including spine, total joint, and cardiac rhythm management. These complex cases have included more than 750,000 different parts from 140 device manufacturers and require a detailed and specialized knowledge of clinical procedures, national pricing benchmarks and surgeon utilization of these devices for proper evaluation.
When a surgery is performed at a Kermit client hospital, medical device representatives submit their invoices through CaseSnap, Kermit’s HIPAA-compliant mobile app. From there, each case is evaluated using Kermit’s customized business rules to identify potential issues related to utilization and invoicing waste, fraud and abuse . The software and approach are backed by Kermit’s team of expert analysts ensuring hospitals never pay more than their contractual obligation.
Hospitals typically save enough in the first few months to cover the entire software subscription for the year.
You can see the full Fast 50 list here.
To learn how Kermit can help your hospital reduce its PPI spend by 30%, email email@example.com, call 866-200-SAVE, live chat at kermitppi.com, or fill out the form below.
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