In an interview with Mergermarket, a leading provider of M&A data and intelligence, Tim O’Brien, CEO of Vitori Health, shared that he would consider acquisitions as part of the firm’s overall growth strategy.
Vitori’s focus for the next few years will be growing its revenue and customer base and scaling its business nationwide. According to O’Brien, “We have found strong initial success, with client plan members in 48 states. And we’ve seen strong interest from brokers and advisors looking to save costs for their self-insured client health plans.”
The firm is in talks with about 100 organizations exploring health plan options, and anticipates administering more than 100,000 lives by the end of 2022. Vitori also expects to grow its workforce in that time by a factor of five, and has been hiring an average of three people per week to handle growth. Revenue for 2022 is projected to be double what is booked for 2021, and profits will be reinvested into growth and resources to enhance member value.
The company administers fair-market prices for services, sources prescription drugs, and streamlines claims to deliver savings that Vitori backs with a monetary guarantee. Employers who sponsor their own health insurance get claims administration, pharmacy benefits and member support under one umbrella. Service providers benefit from receiving market-determined payments in a timely fashion.
With successful and continued growth, the company would consider buying smaller administrators that are unable to quickly scale up their technology to competitive standards and that could use Vitori’s platform. Although Vitori has already been approached by companies looking to sell, it plans to build what it needs internally.
“We’re really focused on growth,” said O’Brien, “and we’ve got a great trajectory.”