Company Achieved Record Client Renewal Rate and Expanded Employee Base by More than 125 People
FRAMINGHAM, MA – February 5, 2019 – Definitive Healthcare, the leading provider of data, intelligence, and analytics on the healthcare provider market, today, announced record results for the year, ended December 31, 2018, with a 51 percent growth rate year-over-year, and a record client renewal rate for the same period. In addition, Definitive Healthcare expanded its talent base by adding more than 125 employees in 2018 and expects to add another 100 in the year ahead.
“I am incredibly excited about Definitive’s phenomenal growth in the past year and particularly pleased with our ability to deliver expanded innovation to so many new companies. As we broaden our provider data, add compelling new insights with our all-payer Commercial Medical and Rx Claims and Clinical Trials products, and deliver enhanced visual dashboards, we address more and more use cases across our existing markets and move quickly to help build growth strategies in new ones,” said Jason Krantz, CEO of Definitive Healthcare.
The company now serves over 2,200 customers, including the addition of 600 new customers in 2018 alone, and realized the impact of its expanded offerings with a 25 percent increase in average contract value. Data and analytics platform innovation also dramatically accelerated market share in the provider, biotech, financial services, and staffing markets, as it drove consistent growth in IT, life sciences and consulting, among others. Currently, the company serves 9 out of the top 10 pharmaceutical companies, 9 out of the top 10 healthcare information technology firms, and 9 out of the top 10 medical device companies. In January of 2019, Definitive Healthcare announced the acquisition of HIMSS Analytics’ Data Services, further expanding its provider IT install and purchasing insight.
This year marks another successful year of growth for the company, with a three-year growth rate of 131% – since 2016. In 2018, Definitive Healthcare was honored with inclusion on the Deloitte’s Fastest-Growing Companies, Inc.’s 5000 list of Fastest-Growing Companies, and Boston Business Journal's Fast 50 lists for the second year running.
“At the end of the day, innovation and growth like this comes from an ability to really listen to and support our customers. I feel incredibly lucky to be working, every day, with the remarkably dedicated and committed people who make up the Definitive Healthcare team. We all care deeply about what we do and about the people and markets who we serve,” continued Krantz. “No matter how much or how quickly we grow, we maintain the important underpinnings of service – to our customers, to each other, and to the community at large. As proud as I am about our numbers, I am even more proud that, in 2018, the DefinitiveCares Charity Program donated $193,901 to 30 different charities, with 100% volunteer participation across our enthusiastic team.”
In 2018, Definitive Healthcare was also recognized again as one of the Best Places to Work by both the Boston Globe and the Boston Business Journal in the comprehensive surveys they published annually.
About Definitive Healthcare
Definitive Healthcare is the leading provider of data and intelligence on hospitals, physicians, and other healthcare providers. The company serves 9 out of the top 10 pharmaceutical companies, 9 out of the top 10 healthcare information technology firms, and 9 out of the top 10 medical device companies. Its product suite provides the most comprehensive and highest quality data available anywhere on 8,800 hospitals and IDNs; 148,000 physician groups; 1.7 million physicians, nurses, and allied health professionals; 11,200 ambulatory surgery centers; 14,600 imaging centers; 91,600 long-term care facilities; 40,000 clinics; 1,400 ACOs and HIEs; and 900 Canadian hospitals. The company’s data provides its 2,200+ clients with the analytics and insight needed to effectively segment and research the healthcare provider market. Definitive Healthcare is backed by Spectrum Equity. For more information, or to trial the service, visit https://www.definitivehc.com/.