Los Angeles-based provider of medical coding services ranks No. 96 on the 2008 Inc. 500, with three-year sales growth of nearly 2,000% to $18.5
million in annual revenues
LOS ANGELES, Aug. 25 /PRNewswire/ -- Inc. magazine today ranked The Coding Source No. 96 on its 27th annual Inc. 500 list of the fastest-growing private companies in the U.S. The list is the most comprehensive look at the most important segment of the economy -- America's independent-minded entrepreneurs.
The Coding Source was recognized for an astounding three-year sales growth rate of 1,965%, culminating in annual revenues last year of $18.5 million. In addition to its overall ranking in the top 100 for growth, The Coding Source ranked third among fastest-growing companies in the "Health" industry.
The Coding Source was founded in 2002 by Los Angeles native Greg Sinaiko, in response to the critical shortage and urgent need in the healthcare marketplace for qualified, certified medical coders. His vision quickly found success and the company now offers outsourced medical coding services, training of professional coders, Certified Professional Coder (CPC) educational programs, and chart review and physician education for health plans related to Medicare Risk Adjustment. Last fall, the company ranked second on the Los Angeles Business Journal's list of Fastest Growing Private Companies in Los Angeles and Sinaiko was recently selected as a finalist for the 2008 Ernst & Young Entrepreneur of the Year award in Los Angeles.
"If you want to find out which companies are going to change the world, look at the Inc. 500," said Inc. Editor Jane Berentson. "These are the most innovative, dynamic, fast-growing companies in the nation -- the ones coming up with solutions to some of our knottiest problems, creating systems that let us conduct business faster and easier, and manufacturing products we soon discover we can't live without. The Inc. 500 list is Inc. magazine's tribute to American business ingenuity and ambition."
The 2008 Inc. 500, as revealed in the September issue of Inc. magazine (on newsstands August 26 - September 30), reported aggregate revenue of $13.7 billion and median three-year growth of 1,046%. Total sales for Inc. 500 companies were 14 percent below last year's combined revenue of $16 billion; still, it was a stellar year for many companies. Not only did sales for this year's top 50 growers outstrip those of last year's top 50 by $541 million, but this year's fastest 50 also boasted a staggering 47 percent jump in average three-year growth from last year's top of the class. Additionally, the 2008 Inc. 500 companies were engines of job growth, having created more than 51,414 jobs since those companies were founded.
Complete information on this year's Inc. 500, including company profiles and a list of the fastest-growing private companies that can be sorted by industry and region can be found at http://www.inc5000.com.
"It's a tremendous honor to be recognized alongside such elite company by this prestigious magazine and I consider this ranking to be a real tribute to the hard work of our employees and loyalty of our customers," said Sinaiko. "I believe we had a solid business plan in place that allowed us to take advantage of a unique opportunity in the healthcare marketplace, but the fact is that we could not have achieved this rapid growth without the hard work of our staff, our coders, and other members of the management team."
The 2008 Inc. 500/5000 list measures revenue growth from 2004 through 2007. To qualify, companies must be U.S.-based and privately held, independent -- not subsidiaries or divisions of other companies -- as of December 31, 2007, and have had at least $200,000 in revenue in 2004, and $2 million in 2007.
About Inc. Magazine
Founded in 1979 and acquired in 2005 by Mansueto Ventures, LLC., Inc. magazine (http://www.inc.com) is the only major business magazine dedicated exclusively to owners and managers of growing private companies that delivers real solutions for today's innovative company builders. With a total paid circulation of 724,110, Inc. provides hands-on tools and market-tested strategies for managing people, finances, sales, marketing, and technology.
About The Coding Source
The Coding Source is a leading national provider of medical coding services and has been recognized by Inc. Magazine and the Los Angeles Business Journal as one of the fastest-growing private companies in the U.S. The company serves the needs of healthcare providers and payors by performing medical chart reviews, physician and staff education, outsourced coding services and compliance monitoring, certified professional coding education programs and Medicare risk-adjustment coding reviews. For more information, please go to http://www.thecodingsource.com.
|SOURCE The Coding Source|
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