IRVING, Texas, Jan. 6, 2016 /PRNewswire/ -- Alliance Family of Companies today announced year- end results for 2015.
"This has been an exceptional year for Alliance," said CEO Justin Magnuson. "Over the past 12 months, we increased our revenue by 114%, which helped us earn the No. 153 spot on the 2015 Inc. 5000 list of America's fastest-growing privately held companies. We are proud to receive this type of public recognition as our company grows, increasing the number of chronic care patients who can now have their care directed outside of the hospital. Our business model supports reducing overall costs to the healthcare system, and improving patients' quality of life."
In addition to organic growth, Alliance made two major acquisitions in 2015 as part of its plan to expand operations to all 50 states.
- TELEMEDX Corporation of The Woodlands, Texas: The company operates the largest digital receiving center for electroencephalography (EEG) data and other forms of neurological testing in the world. TELEMEDX also provides EEG, NCV, ambulatory EEG, and long-term monitoring services to more than 300 hospitals, medical centers, clinics and physicians' offices in 34 states.
- Coastal Diagnostics Group of South Daytona, Florida: Founded in 2012, Coastal Diagnostics Group is the premier provider of neurodiagnostic services in the state of Florida. The company offers electroencephalography (EEG), the most specific test for diagnosing epilepsy and other disorders because it records the electrical activity of the brain. Coastal Diagnostic's ambulatory EEG provides hospital-quality testing in the privacy of a patient's home.
"The acquisition of TELEMEDX allows us to support community hospitals, provide services to rural populations who may not have access to affordable healthcare, and reduce the financial burden to the healthcare system," Magnuson explained. "Acquiring Coastal Diagnostics Group is a key milestone for us, marking the first transaction in our core business to accelerate time-to-market." With these acquisitions, Alliance's market presence jumped from operating in four states to operating in 35 states.
Looking Ahead to 2016
"There is more interest in this industry than ever before and for good reason," Magnuson said. "When we see large entities like Natus Medical acquiring smaller regional companies, it reinforces our commitment to delivering an innovative business model focused on serving patients in their homes and optimizing a physician's ability to create treatment plans that improve their patients' quality of life. It also confirms our belief that there is still plenty of room for growth and we want to continue to be the dominant player in this category."
Magnuson continued: "We are also rolling out new programs to diversify sources of revenue and deliver more services to patients' outside of the hospital. These include new products such as mobile cardiac telemetry and innovative new methods of in-home sleep testing. While these services currently account for less than 10% of our total revenue, we see many growth opportunities for these technologies in all of the markets we serve this coming year."
About Alliance Family of Companies
Alliance Neurodiagnostics is the largest provider of in-home video monitored EEG in the country. We offer diagnostic testing with an emphasis on innovating the delivery of healthcare services that enables doctors to create treatment plans and improve our patients' quality of life. We work with more than 500 physicians to serve patients in 35 states, providing comprehensive in-home Neurodiagnostic services and monitoring the quality of data recorded, 24 hours a day 365 days a year. Our services are supported by a cloud-based platform that allows physicians and neurologists to access and review patient data from anywhere in the world. We also operate sleep diagnostic testing facilities nationwide to assist in identifying and treating sleep disorders, and offer the most comprehensive mobile cardiac telemetry service available today.
SOURCE Alliance Family of Companies