NEW YORK, August 16, 2022 – Today, Inc. revealed that Kermit is No. 4271 on its annual Inc. 5000 list, the most prestigious ranking of the fastest-growing private companies in America. The list represents a one-of-a-kind look at the most successful companies within the economy’s most dynamic segment—its independent businesses. Facebook, Chobani, Under Armour, Microsoft, Patagonia, and many other well-known names gained their first national exposure as honorees on the Inc. 5000.
Kermit saw a three-year growth of 107%, placing them on the Inc. 5000 list for the second consecutive year.
"Being named to the Inc. 5000 list the first time was special for the Kermit team, but the second appearance is more of an accomplishment for us," says Rich Palarea, CEO of Kermit. “We have built tremendous value by offering a service where our hospital customers pay us only for actual, achieved savings."
“When the pandemic closed most operating rooms across the U.S. for a prolonged period, elective surgeries were not being performed and hospitals were not realizing the savings achieved by Kermit. Thus, we were not receiving revenue. As our hospitals return to a more normal surgical schedule, the climate has changed. Shrinking margins and staffing issues are real and dire circumstances for hospitals, and our mission to improve the financial and operational health of these institutions has never been more critical. In 2022 and beyond, Kermit is positioned for even greater growth as we continue to work towards healing our hospitals."
Managing spending on implantable medical devices poses a distinct and complex challenge for hospital leaders. Devices fall within 21 distinct clinical categories and include items as varied as cardiac pacemakers, replacement knees, neurostimulators, artificial discs and all the accessory component parts. With physician preference adding further complexity, this category poses challenges that other items like bed linen and sutures do not.
Kermit helps hospitals manage these complexities through a mix of cutting-edge technology coupled with the clinical expertise and financial analysis necessary to contain costs and find additional savings opportunities.
Kermit’s unique approach to implant spend management reduces a hospital's implant costs by an average of 30%, even when compared to group purchasing pricing. Hospitals are paired with Kermit’s strategic advisors who have decades of experience in implants, including working for category manufacturers. These strategic advisors lead the implant RFP negotiations, including managing the project and equipping hospital supply chain with data and insights to obtain the best available price. Once this pricing is obtained, Kermit's best-in-class surgical billing automation software is deployed to audit every supplier’s surgical bill sheet for price accuracy and contract compliance ensuring that hospitals pay only what is owed.
Complete results of the Inc. 5000, including company profiles and an interactive database that can be sorted by industry, region, and other criteria, can be found at www.inc.com/inc5000. The top 500 companies are featured in the September issue of Inc. magazine, which will be available on August 23.
"The accomplishment of building one of the fastest-growing companies in the U.S., in light of recent economic roadblocks, cannot be overstated," says Scott Omelianuk, editor-in-chief of Inc. “Inc. is thrilled to honor the companies that have established themselves through innovation, hard work, and rising to the challenges of today."
More about Inc. and the Inc. 5000
Companies on the 2022 Inc. 5000 are ranked according to percentage revenue growth from 2018 to 2021. To qualify, companies must have been founded and generating revenue by March 31, 2018. They must be U.S.-based, privately held, for-profit, and independent—not subsidiaries or divisions of other companies—as of December 31, 2021. (Since then, some on the list may have gone public or been acquired.) The minimum revenue required for 2018 is $100,000; the minimum for 2021 is $2 million. As always, Inc. reserves the right to decline applicants for subjective reasons. Growth rates used to determine company rankings were calculated to four decimal places. The top 500 companies on the Inc. 5000 are featured in Inc. magazine’s September issue. The entire Inc. 5000 can be found at http://www.inc.com/inc5000.
The world’s most trusted business-media brand, Inc. offers entrepreneurs the knowledge, tools, connections, and community to build great companies. Its award-winning multiplatform content reaches more than 50 million people each month across a variety of channels including websites, newsletters, social media, podcasts, and print. Its prestigious Inc. 5000 list, produced every year since 1982, analyzes company data to recognize the fastest-growing privately held businesses in the United States. The global recognition that comes with inclusion in the 5000 gives the founders of the best businesses an opportunity to engage with an exclusive community of their peers, and the credibility that helps them drive sales and recruit talent. The associated Inc. 5000 Conference & Gala is part of a highly acclaimed portfolio of bespoke events produced by Inc. For more information, visit www.inc.com.
For more information on the Inc. 5000 Conference & Gala, visit http://conference.inc.com/.