Hartford-based API Healthcare today reported a 60 percent year-over-year increase in sales bookings.
Record bookings in the fourth quarter of 2012 were a result of signing dozens of health systems and staffing agencies seeking to optimize their workforce, the company said.
“Our strong financial performance in 2012 is highlighted by double-digit growth in sales bookings, revenue and EBITDA,” said J.P. Fingado, president and chief executive officer, API Healthcare. “That growth positions API Healthcare to continue to deliver innovative solutions and our distinctive strong service levels to the market. As the health care industry continues to adapt to the dynamic challenges of health care reform, we anticipate the increased demand for innovative workforce management solutions will carry over into 2013 and well beyond.”
API Healthcare provides workforce management solutions for the health care industry. The company says its staffing and scheduling, patient classification, human resources, talent management, payroll, time and attendance, business analytics, and staffing agency solutions are used by more than 1,600 hospitals and staffing agencies.
“The growth trajectory (of the company) can be attributed to a number of factors,” Fingado said. “Decreasing reimbursements, increasing health system operating expenses and more focus on quality have directed healthcare executives to place a great deal of attention on the labor pool. With labor costs amounting to an estimated 60 percent of these operating costs, and the need to optimize the placement of staffing resources from both a financial and quality perspective, many leading health care systems are shifting to API Healthcare’s integrated platform of staffing, time and attendance, human resources and payroll and talent management solutions.”
Health care systems recently signed by API Healthcare include: Baptist Health in Louisville, Ky.; Boston Children’s Hospital; Fairfield Medical Center in Lancaster, Ohio; and Memorial Sloan-Kettering Cancer Center in New York.