Company Increased Revenue 170 Percent, Expanded Customer Base 27 Percent and Grew Workforce 20 Percent to Meet Demand for Third Party Healthcare IT Security Support
Austin, Texas, July 21, 2016 — CynergisTek, an authority in health information security, privacy and compliance, today announced that it achieved record growth in the first half of 2016, with a 170 percent increase in revenue and a nearly 50 percent increase in bookings when compared to the first half of 2015. Additionally, the company has experienced a compound annual growth rate of 63 percent in new customers since 2012. CynergisTek attributes this growth to ongoing demand for its specialized security expertise amidst increasingly sophisticated threats and complex regulations.
Frequent data breaches, evolving forms of ransomware and new regulatory changes in the industry are motivating healthcare providers and their business associates (BAs) to seek out third party security support more than ever before. Specific to the first half of 2016, CynergisTek saw a 27 percent increase in new customers and a 100 percent increase in BAs leveraging its security services, including notable companies such as DataFile Technologies and Audacious Inquiry. To maintain the highest level of customer satisfaction, CynergisTek simultaneously grew its workforce by 20 percent.
“Today’s security landscape demands that we enlist the best and brightest to safeguard patient information, and CynergisTek exemplifies that in healthcare,” said Trent Peters, Chief Information Officer at DataFile Technologies. “We view sound security as a business imperative to ensure that our data, as well as the data of our provider clients, is diligently protected in a way that only a specialized and dedicated security team like CynergisTek can provide.”
CynergisTek’s continued growth can also be attributed to its high retention rates and longstanding relationships with clients, as demonstrated by a 73 percent increase in renewed or expanded contracts in the first half of the year. CynergisTek significantly extended its contract with Tallahassee Memorial HealthCare, making it the company’s longest standing client. Other clients that expanded their contracts in 2016 include Gwinnett Medical Center and Pacific Alliance Medical Center.
“It is extremely rewarding to see our company continue to thrive as a result of both new and existing customer relationships,” said Dr. Michael Mathews, Chief Operating Officer at CynergisTek. “Our team has worked hard this year, and continues to raise the bar for excellence in customer support. This diligence is what motivates customers to expand contracts, and attracts new business as healthcare organizations seek to improve their security posture.”