Major Customers Accelerate Roll-outs of Portico Solution
PHILADELPHIA, Nov. 1 /PRNewswire/ -- Portico Systems, the leader in Provider Network Management solutions, capped a nine-month period of rapid growth, with revenue climbing 67% year-over-year.
Customers -- including five of the top 30 health plans -- are accelerating roll-outs of Portico's solution, based on tangible evidence that the software dramatically increases bottom-line performance by optimizing provider network operations.
This growth is driving significant company expansion, including new hires and larger corporate headquarters, in Blue Bell, PA, where the company expects to hire more than 50 employees in the next 12 months.
Market Pressure Speeds Customer Roll-Outs
Health care plans are grappling with tighter regulations, tougher cost pressures and an absolute demand for transparency. This 'trifecta' makes accurate information a key business issue and a major factor in satisfaction as measured by patients, doctors and hospitals. Portico's current and future products are targeting the estimated addressable annual market of greater than $1 billion spent by health plans on obtaining, maintaining and servicing their provider networks.
"Health care plans have a tremendous challenge around managing their provider networks, and they are looking for ways to increase productivity and reduce errors and cost," said Ned Moore, CEO of Portico Systems. "We ensure that the data that is at the core of every transaction is clear, current and accurate. Our customers are the proof. They are looking at those numbers and noticing a dramatic improvement in their performance."
This broad market endorsement is reinforced by three major industry awards Portico received in the last 45 days: The Philadelphia 100(R), the 2007 Deloitte Greater Philadelphia Technology Fast 50 and the Inc. 5000.
50 New Hires
Portico, which already expanded its workforce 20 percent this year, expects to hire another 12 people in Q4, and as many as 40 in 2008, in software development and customer support.
The company is certainly a recognized success in Philadelphia. Its main investor includes Safeguard Scientifics, Inc. (NYSE: SFE), a holding company which is known to build value in growth-stage technology and life sciences businesses.
Portico's new headquarters is located at 518 East Township Line Road, Suite 100, Blue Bell, PA 19422. The company's new phone number is 215-358- 3800. More information about Portico can be found at http://www.porticosystems.com.
About Portico(TM) Systems
Portico Systems offers health plans software solutions exclusively focused on unlocking the value of Provider Network Management. Our hallmark Portico Provider Platform empowers health plans to infuse agility into their provider network management functions while delivering actionable provider information. The platform streamlines provider network processes while accelerating new revenue streams, enhancing employee effectiveness and optimizing provider relationships. Portico Systems is a partner company of Safeguard Scientifics, Inc. (NYSE: SFE) http://www.safeguard.com. For more information, please contact Chris Jones at email@example.com or 215-358-3723. You may also visit our website at http://www.porticosys.com.
|SOURCE Portico Systems|
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