A company known for its acquisitions is starting to see organic growth play a bigger mix in its revenue numbers.
Al Hildebrandt, CEO of QHR corp. (TSXV:QHR) presented at the M Partners Tech13 conference this afternoon.
The Kelowna-based company, which has consolidated the Canadian electronic medical records space with thirteen acquisitions since 2000 is starting to see an increase in its organic growth.
QHR’s Electronic Medical Records (EMR) division is now spinning off real growth it its products being adopted more aggressively by end users.
“We have seen significant growth in the number of new clinics,” says Hildebrandt. “We opened one new clinic every day of the year last year, this year we are already at 358.”
Hildebrandt says there is still runway left in the Canadian EMR space, but the company’s long term future growth will be spurred by the U.S. and international markets, where Hildebrandt says he is confident the company can compete effectively.
Recent data suggests QHR may be entering the American market at the right time. A report from MarketResearch.com said the U.S. EMR market is expected to grow from $2.17-billion in 2009 to more than $6-billion in 2015; an estimated compound annual growth rate of 18.1%.