Health Professionals Alliance Grows Despite COVID-19 Crisis,
Poised for Wider Expansion in 2021
Company Meets Pre-Pandemic Projections Defying Sector-Wide Challenges in 2020
Lake Oswego, Ore. – (April 6, 2021) — Health Professionals Alliance (HPA), which enables doctor-owned practices to remain independent, cultivate financial growth, and more effectively manage their business, today announced company growth across several key metrics in 2020 and the first few months of 2021.
Despite healthcare sector declines brought about by COVID-19, HPA’s investment commitment recently hit pre-pandemic projections of $24.5M. Membership numbers, internal staff levels, and service provider contracts all expanded exponentially during 2020 and the first quarter of 2021 to date. This return to pre-COVID trajectories represents a strong foundation for continued growth in 2021.
“While many businesses have struggled to survive during the pandemic, we ultimately grew in large part because our business was designed to help our members respond to uncertainty,” said HPA CEO, Roy Rose.
The past year delivered unprecedented challenges to the healthcare industry, which had the second-highest total loss of jobs during Q1 2020, surpassed only by the hospitality sector. In that time, healthcare provider production and revenue dropped nearly 60 percent. The primary drivers of this decline were restrictions on elective procedures, state-level stay-at-home orders, and shortages of personal protective equipment (PPE) required to keep healthcare professionals and patients safe. Though the sector stabilized in Q2 through Q4 with the lifting of restrictions and increased availability of PPE, the healthcare sector did not grow year-over-year.
Growth on Multiple Fronts
With an average note amount of $846K per member, HPA reached a total note value of $21M in 2020. HPA added 24 practices, including 29 member doctors in 2020, accounting for 2 percent overall network growth, in the most challenging environment for doctor recruitment to date. With these new additions, overall members currently within HPA’s extended network rose to include 1,545 medical and dental professionals.
Data Analytics Offering as Key Advantage
These numbers reflect a strengthened relationship with an advanced analytics platform, DataDx. The technology provides streamlined data analytics and operating assistance to all Alliance members resulting in more business intelligence at a time when private practices are navigating increased costs and lower revenue. New software innovations in versions 2.0 and 2.1 of DataDx improved its front and back-end capabilities, boasting better speed and functionality, along with the launch of a dedicated Dental Module to complement the existing Medical Module.
“DataDx Consulting rapidly changed our focus with clients from a conversation about their growth to a frame of survival. They needed a quick return on investment,” says Kate Othus, President of HPA and CEO/Founder of DataDx. “We became a trusted resource that helped a healthcare community that was in business survival mode. Like never before, doctors needed real-time business insights to make critical decisions about their practice.”
New Resources Procured
Additionally, HPA negotiated contracts with eight additional partners in 2020, allowing its members access to new discounts averaging 20 percent off the normal retail market price on a suite of critical professional services including billing, data analytics, IT and HIPAA compliance, marketing, SEO services, Medicare patient platforms, tax services, human resources, and wealth management. HPA is currently in due diligence to expand available member savings in 2021, introducing valuable assistance in categories like insurance, credit card processing, practice financing, and a centralized CFO service.
HPA made several key hires in 2020, an investment in its continuing goal of improving an already high level of member service. The vice president of membership position was newly created and is charged with overseeing member onboarding, ongoing member management, and service delivery. The company hired its first of several intended regional manager positions, a role intended to streamline interactions between HPA and its members and service providers.
Even though it rebounded quicker than other industries hard hit by COVID-19, the healthcare sector shed 3 percent of jobs in 2020. Through its membership, HPA to date has sold more than 3,600 hours of consulting, at a value of more than $1,000,000. This number is expected to climb significantly over the remainder of 2021, necessitating the expansion of HPA’s consulting roster.
About Health Professionals Alliance
Founded in 2018, Health Professionals Alliance provides a suite of personal and professional services intended to empower and preserve the independent doctor. The company works with dentists, physicians, and others to help them build equity in the ever-changing healthcare landscape. It has created a customized platform of support including diversification strategies, comprehensive data analytics, and financial options from lending to practice liquidity. This alliance employs a holistic approach to growth that helps doctors focus on what they do best, caring for their patients. For more information, visit hpamembers.com.