[Press release]
Enterprise Health announces 70 percent recurring revenue growth in 2021
Fort Wayne, Ind., February 8, 2022 — Enterprise Health, a provider of occupational and employee health software solutions, today announced a 70% year-over-year increase in booked recurring revenues in 2021. This marks the fourth consecutive year the company has achieved double-digit growth, for an average annual growth rate over the period of 52%.
Enterprise Health SaaS solutions are deployed in large employer organizations that operate their own onsite employee health clinics as part of their occupational and employee health strategy. The company has a blue-chip client roster that includes hospitals and health systems, government agencies, and some of the largest corporations in the world. These clients use the software to automate and streamline medical surveillance, treatment of worksite injury and illness, regulatory compliance, and the provision of urgent and primary care services.
COVID has had a significant impact on the demand for Enterprise Health software. Prior to the pandemic, the company had developed pandemic response functionality and was able to rapidly configure it to support COVID-specific use cases and requirements. “Our clients are the individuals responsible for managing COVID response at their organizations,” according to Enterprise Health president Jeff Donnell. “All of our existing clients are using Enterprise Health to navigate COVID, and new clients have been starting with COVID modules and layering on additional functionality as time allows.”
“We were experiencing strong growth prior to the pandemic, but COVID is serving as rocket fuel for expansion,” noted Donnell. “If there is a silver lining in the COVID cloud, it’s the recognition in the C-suite of the critical importance of having present, productive and healthy employees. Organizations are investing in employee health programs and the digital infrastructure required to support them, having experienced the challenges of trying to manage COVID with spreadsheets, paper processes and software applications ill-suited to the task.”
Verdantix, an analyst firm that tracks the environmental health and safety sector, projected compound annual growth in the occupational health software market of 9.7 percent from 2021 through 2025. However, Verdantix forecasted only six percent growth for 2021, anticipating that the demands of responding to COVID would suppress initial growth potential.
“When Verdantix made this projection, it was early in the pandemic and few anticipated its duration or wide-ranging effects,” added Donnell. “Given the severity and global impact of COVID, it’s easy in hindsight to see that the 2021 growth forecast for our sector was low. At any rate, our 70% recurring revenue increase in 2021 indicates both strong market growth, and significant share expansion, as we replaced a legacy commercial application for most of our new clients.”
Enterprise Health is planning for continued growth in 2022 and beyond, and is investing in scale. The company added a chief commercial officer in 2021 to build out the sales team, and senior leadership has been organized to optimize sales cycles, streamline deployments, and enhance the overall customer experience.
“We are aggressively building value — for our clients and for our organization,” said Donnell. “We expect a fifth straight year of high double-digit growth in 2022, and we are carefully managing client relationships to maintain a near-zero attrition rate. We are fortunate to operate in a growing niche sector, with only a few competitors — none of whom share our intense and dedicated focus on occupational and employee health.”