TEMECULA, Calif., Aug. 10, 2021 /PRNewswire/ -- It is with deep sadness that Raintree Systems, a software development company that provides value-based solutions for the healthcare industry, announces the passing of the company's Founder and CEO, Richard Welty. The company is mourning this loss and extends our condolences to his wife, their children, and the entire Welty family.
Terrence Sims, former Chief Operating Officer and current President of Strategic Growth & Marketing has been appointed Interim CEO.
"Richard was full of life, love, and he had the broadest, deepest, and most inclusive heart of anyone I've known," states Sims. "Our business and product plans are well established. We know the impact of Richard's legacy, but it is because of that legacy we will continue on our path and continue to fully support the Raintree mission. We will honor his memory fueled by his passion to build industry leading software and by promoting Software-as-a-Relationship."
Welty started Raintree Systems with his father in the early 80s, and it has been flourishing ever since in terms of products, services, people and revenue. During Welty's tenure at Raintree, he coined the term, Software-as-a-Relationship, and strived to conduct business for the common good by leveraging technology to deliver high quality healthcare that highlighted the WHO while working on the WHAT. He often stated that "Software is Raintree's passion, but people are our purpose."
"We are shocked and saddened by the passing of my best friend and husband, Richard Welty. He was a brilliant and loving human being, and his departure leaves a huge void in the hearts of so many around the world," adds Lorraine Welty, President of the Product Division & Executive Chairman of the Board of Directors. "On behalf of the Board of Directors, we want to express our confidence in and appreciation for the leadership team executing on my husband's vision."
Raintree is well positioned to accelerate the growth and expansion spurred by the addition of Sims as COO in 2007. During the twelve-year span from January 2008 to December 2019, the company revenue grew by 499.2% or 15.7% CAGR. A corporate restructuring led by Richard Welty was completed in 2019 and effectively distributed strategic operations to divisional presidents, all of which have in excess of 15 years of experience with the company. Since then, the company has tripled its cash reserves, continues to increase profitability and is on track to double its revenue again over the next 3 years.
About Raintree Systems Raintree Systems is an industry leading software company that provides the most complete, comprehensive, and custom configurable solutions for the healthcare marketplace. Raintree has a proven track record of success and client satisfaction in patient engagement & communications, revenue cycle management (RCM), physical therapy & rehabilitation, rheumatology, pulmonology, ambulatory surgery, behavioral health, long-term pediatric rehabilitation, chiropractic, pain medicine, and billing service sectors. With more than 2,500 implementations and more than 25,000+ users deployed, in more than 50 specialties, our customer base includes commercial, nonprofit and government agencies across the US and Canada. Raintree's commitment to "Software-as-a-Relationship" uniquely distinguishes them from other providers in the market.