In 2006, a couple of entrepreneurs noticed that the healthcare industry seemed to be getting the whole “technology” thing wrong. Instead of gaining efficiencies for the practice and the care team, healthcare technology created more busy work for everyone. As a result, providers found themselves increasingly interfacing with a computer rather than with their patients.
These IKS entrepreneurs also recognized that the technology burden was impacting more than the exam room. The business office was struggling to keep up while facing pressure to cut costs like never before because of challenges with declining reimbursements, payor complexity, and the need to expand rapidly to keep up with practice growth.
Driven by the mission to create a service model allowing healthcare providers to leverage the power of technology rather than being shackled by it, the IKS Founders identified a visionary investor, Rakesh Jhunjhunwala who shared their mission, hired a few like-minded friends, and in January 2007 found themselves wondering how they’d fill 25,000 square feet of empty office space. Twelve months later, there were 200 employees; within 24 months they hit 600; at three and a half years 1,000. Today, IKS Health stands at over 4,000 employees managing more than $1.5 billion in annual provider-based revenue.