Press Releases
CBaySystems once again named to the Deloitte Technology Fast 500 list.
590% growth places CBay among the 500 fastest growing
technology companies in North America for a third straight year.
Annapolis, MD - October 25, 2006 — CBaySystems a leading provider of transcription services to the healthcare industry, has been named for a third straight year to Deloitte’s prestigious Technology Fast 500, a ranking of the 500 fastest growing technology, media, telecommunications and life sciences companies in North America. Rankings are based on percentage revenue growth over five years, from 2001–2005. CBaySystems grew by 590 percent during this period.
“The entire CBay team is excited to have made Deloitte’s Fast 500 list once again,” said Christopher Foley, President, CBaySystems and Services, Inc. “We consider it a real achievement to have been selected as one the fastest growing technology companies in North America for three straight years.”
“Sustaining high revenue growth over five years is an exceptional accomplishment. We commend CBaySystems for making the commitment to technology and delivering on the promise of market longevity,” said Tony Kern, deputy managing principal of Deloitte’s Technology, Media & Telecommunications industry practice. “We are proud to honor CBay’s ranking on the Deloitte Technology Fast 500 list.”
“Today, hospitals and physician practices are being challenged as never before to improve patient care while controlling costs,” says Foley. “Our BPO solution has successfully combined innovative technology with global resources to deliver extremely high quality and high service levels while reducing costs by 20-30%. Doctors and Health Information Managers can focus on taking care of their patients, while we take care of essential back-office processes.”
In addition to ranking on Deloitte’s Technology Fast 500, CBaySystems also appeared on this year’s Maryland Technology Fast 50, which is a ranking of the state’s 50 fastest growing technology firms.
Fast 500 Selection and Qualifying Criteria
The Fast 500 ranks the fastest growing technology, media, telecommunications and life sciences companies in North America. It is compiled from Deloitte’s 16 regional North American Fast 50 programs, nominations submitted directly to the Fast 500, and public company database research. Companies are selected based on percentage revenue growth from 2001 to 2005.
Entrants must own proprietary intellectual property or proprietary technology that contributes to a significant portion of the company's operating revenues or devote a significant proportion of revenues to research and development of technology. Using other companies' technology or intellectual property in a unique way does not qualify. Base-year operating revenues must be at least $50,000 USD or $75,000 CD, and current-year operating revenues must be at least $5 million USD or CD. Companies must be in business a minimum of five years, and they must be headquartered within North America.
Since it was founded in 1998, CBay has achieved consistent growth year after year, and has been acknowledged by some of the industry’s leading publications and ratings institutions, including Forbes.com — Ten to Watch, Healthcare Informatics 100, Deloitte Technology Fast 500, and Inc. Magazine — One of the Fastest Growing Privately Held Companies in America.
Today, the company services thousands of leading hospitals, healthcare networks, medical clinics, and physician practices, including some of the most prestigious institutions in the world.
About CBaySystems
CBaySystems and Services Inc. is a leading provider of healthcare technology and business process outsourcing (BPO) services and the largest global provider of transcription services to the healthcare industry. CBay delivers fully integrated transcription and receivables management solutions that improve processes, lower costs, and ultimately help physicians to provide superior patient care. Using HIPAA-compliant web-based technologies, CBay's more than 5,000 highly credentialed medical language specialists and customer service professionals deliver the highest quality medical documentation to thousands of clients.
Since 1998, CBay has been serving major health systems, hospitals, clinics and physician practices 24 hours a day, 365 days a year — always with a commitment to the highest standards of quality and customer service. CBay is headquartered in Annapolis, Maryland. For more information, visit www.cbaysystems.com.
About Deloitte
Deloitte refers to one or more of Deloitte Touche Tohmatsu, a Swiss
Verein, its member firms, and their respective subsidiaries and affiliates.
Deloitte Touche Tohmatsu is an organization of member firms around the
world devoted to excellence in providing professional services and advice,
focused on client service through a global strategy executed locally
in nearly 150 countries. With access to the deep intellectual capital
of approximately 135,000 people worldwide, Deloitte delivers services
in four professional areas — audit, tax, consulting and financial
advisory services — and serves more than one-half of the world’s
largest companies, as well as large national enterprises, public institutions,
locally important clients, and successful, fast-growing global growth
companies. Services are not provided by the Deloitte Touche Tohmatsu
Verein, and, for regulatory and other reasons, certain member firms
do not provide services in all four professional areas.
As a Swiss Verein (association), neither Deloitte Touche Tohmatsu nor
any of its member firms has any liability for each other’s acts
or omissions. Each of the member firms is a separate and independent
legal entity operating under the names “Deloitte”, “Deloitte
& Touche”, “Deloitte Touche Tohmatsu”, or other
related names.
For additional information, please contact:
Stacey Cassidy
Tel: 866.295.4600 x3195
scassidy@cbaysystems.com