Chicago, IL (1888PressRelease)
June 11, 2008 - The economy may be sinking, but business at Rising Medical Solutions, Inc. is looking way up. This past March, the company’s revenues almost doubled over March 2007. Up a whopping 89.9%, CEO Jason Beans said the company, a national medical cost containment and care management organization servicing the auto, workers' compensation, and liability markets, is on track to have revenues of more than $15 million this year, up from last year’s $9.4 million.
These figures are tracked by the Entrex Private Company Index (PCI), a benchmarking tool that measures revenue performance of private companies in North America. An economic indicator that tracks the private sector, the PCI focuses on companies with revenues of $1 million to $250 million. PCI is sponsored by Chicago-based Entrex, Inc.
For its significant growth, PCI awarded RisingMedical Solutions a Top Growth Award for the month of March. “We’ll have a 70 percent growth rate this year,” said Beans, who started the company in 1999.
While Beans recognizes that this kind of growth isn’t the norm, he attributes it to looking ahead and planning to meet the economic downturn head-on. “Three years ago, we were slowing down and I took pause. We had an emergency meeting and did a cultural overhaul,” he said. “We rethought how we managed and hired people.”
Beans realized that he needed more help and was becoming overwhelmed by trying to do too many business functions himself. “In the beginning, I was hiring front-line staff and keeping everything on my plate. It became too overwhelming. As a CEO, you can’t do that.”
Rising Medical Solutions responded by hiring more experienced and capable people. With 135 staff members, today the company manages corporate and individual goals through a streamlined process that creates accountability. “Each quarter, the company and all our employees have three to five goals, and they’re posted and tracked where everyone can see.”
Hiring good people has been a key for Beans, who says that an economic downturn is an opportunity to hire quality people.
He also branched into new markets, like California, and expanded the services the company provides. In addition to its core services, Rising Medical Solutions now offers financial management of injury settlement funds, including auditing and paying medical bills for the injured parties themselves.
Beans said he chose to be part of the PCI as an opportunity to gauge how his business is doing compared to other companies its size. “The majority of U.S. economic growth comes from private companies, yet only a small percentage of private companies are actually followed. The PCI gives people a true picture of what is happening in business news. It’s like being part of a Dow Jones Industrial Average for private companies.”
Beans advises companies to look at their strategy and make sure they’re concentrating on their value proposition. “Make sure you haven’t limited yourself too much or spread yourself too thin. The most important thing is execution. Make sure your team is performing. There’s no purpose to your strategy if everyone isn’t buying in. You may move slower than you want, but taking the time to get your team in line is worth it. Take the time.”
Beans predicts that the economy will slowly turn around. “It may take a year – it’ll be one tough year – but the U.S. economy always comes around. In any economy, someone is doing well.”
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