SpendMend Achieves Record Growth and Strategic Investments in 2022
SpendMend sets company growth records in 2022 while receiving multiple strategic investments and completing multiple acquisitions.
GRAND RAPIDS, Mich., January 26, 2023 (Newswire.com) - SpendMend, a leading provider of cost-saving solutions for the healthcare industry, today announced record earnings in 2022, marking their fourth consecutive year of over 30% revenue growth. The company saw a 20% increase in employee count and a healthy increase in clients to over 150 major U.S. health systems, comprising over 3,000 hospitals and facilities. Clients also shared in the good news, enjoying a 32% increase in hard dollar savings delivered to their bottom line as compared to the previous year.
In addition to the strong growth indicators, SpendMend completed several major deals throughout the calendar year of 2022. The company secured a controlling investment from Morgan Stanley Capital Partners ("MSCP"), joined by additional investments from Corewell/Spectrum Health Ventures and Memorial Hermann Health System.
"For several years, SpendMend has been establishing a new critical segment for the healthcare industry, the Cost-Cycle," states Steve Rodgers, Managing Director and Head of Healthcare at MSCP. "In 2022, we saw accelerated adoption in this growing segment; hospitals and health systems are using SpendMend's emerging cost-cycle platform as an effective strategy to drive significant bottom-line revenue and cost-savings while managing through pricing pressure, supply chain delays, and other lingering effects of the pandemic."
SpendMend, in the past year, expanded its cost-cycle platform through the acquisition of three leading healthcare providers including: VIE Healthcare Consulting, a leading cost consultant for hospitals; Trulla, a next-generation pharmacy procurement platform; and finally, the healthcare division of Moody Associates, P.A., a provider of profit recovery and contract-compliance services.
Through their innovative suite of cost-cycle solutions, SpendMend helped U.S. healthcare networks to illuminate the "dark data" in their cost-cycle, unlocking trapped dollars and improving operations and overall efficiency.
"Controlling costs is arguably the biggest challenge facing health systems across the country today," said Scott McLean, Managing Director at Corewell/Spectrum Health Ventures. "Simply put, SpendMend's suite of cost-cycle solutions helps hospitals reduce costs and optimize future savings. SpendMend is a perfect fit for the Corewell/Spectrum portfolio, and they are fast becoming an indispensable partner for U.S. Health Systems."
"For years, we have been guided by a mission to positively impact patient care by delivering value to our clients through our innovative cost-saving solutions," states SpendMend founder and CEO, Dan Geelhoed. "Through that lens, I believe our biggest success from the past year was watching our clients invest the bottom-line benefits of our work back into their patient communities."
SpendMend is the leading provider of tech-enabled, cost-savings solutions in the healthcare industry. By combining data, proprietary technology, and analytics with healthcare expertise, SpendMend partners with healthcare networks to expose and improve hidden costs in meaningful ways. The company's mission is to help its clients improve patient care through innovative cost-saving solutions.