Principal: Brandon Edwards, founder and president
Offices: Santa Barbara, CA, and Nashville, TN
Revenue: $4.85 million
For ReviveHealth, 2012 was a year of major change. The agency rebranded, changing its name from Revive to emphasize its focus on healthcare-related services and expanded its leadership team bringing on for the first time a chief strategy officer and chief operating officer.
“2012 was a pivotal point for us,” says founder and president Brandon Edwards. “[It] gave us a foundation that enables us to go from a successful boutique agency to a midsize agency in the future.”
Robert Berra was named chief strategy officer in December 2012. His appointment came a few weeks after the arrival of Phil Stone, former CFO at the Cancer Center of Santa Barbara, as the firm's first COO. Mirena Bagur and Matt Bassett transitioned from SVPs to senior counsel roles.
“Being perfectly honest, it's hard to find people that match our culture and we anticipated that it would have taken longer to find someone who was a good fit,” says Edwards in regard to Stone's appointment.
The firm's revenue grew 5.4% in 2012 on a year-over-year basis to nearly $5 million. Profit margin was 27% compared to 37% in 2011. Two-thirds of growth was organic and one-third new business. Thirty-four clients were added last year, including two AOR relationships, one with Health To You, the wellness division of Hospital Corp. of America, and the other with InVivoLink, an orthopedic implant data collection and registry software company.
About 15% of ReviveHealth's revenue came from the health technology sector, an area that's providing a growing source of new business for numerous firms.
The sector is very competitive as several agencies have established health technology practices in the hopes of grabbing a piece of the $30 billion in grants incentivizing expansion of such technologies from the 2009 Health Information Technology for Economic and Clinical Health Act.
However, the firm's offering is distinctive, says Edwards. “We have a deep understanding of communicating both to the consumer and to the businesses in this area.”
Edwards is proud that turnover at ReviveHealth was 16%, lower than the industry average. Whenever someone wants to leave, he gets personally concerned. “Voluntary turnover is a sign there is something missing in the agency,” Edwards adds.