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Founder conversationUnicorn $50m+

The Path to $100M: How We Doubled from $25m to $50m ARR TTM

Institutional capital, two acquisitions, AI automation, and a wider addressable market behind Reveleer's growth

Jay Ackerman · Reveleer

Published September 6, 2024
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Topics covered: Who you're going to learn from now is someone…; Partners Oak HC ft which is well known for…; Million and then we did the two Acquisitions we….

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Who you're going to learn from now is someone…

“who you're going to learn from now is someone that uh understands data understands growth understands how to do it in a full control kind of way please help me give it up for J revealer Jay come on up thanks for being here man super it's super it's super good to see you I remember um we caught up recently because they had you back on the podcast and I I never know how people have grown in terms of Revenue when you said the number I said what yeah what's going this is incredible yeah well we're g”
Watch at 00:00

Partners Oak HC ft which is well known for…

“Partners uh Oak HC uh ft which is well known for their work in healthcare and upfront Ventures located in Los Angeles your typical broad based long-term Venture investor so how do we build a company now approaching a billion dollars of uh value uh one we had the vision early on uh we had a vision to take a tech enabled Services market and transform it”
Watch at 04:50

Million and then we did the two Acquisitions we…

“million um and then we did the two Acquisitions uh we did an acquisition beginning at 22 a company that rounded out a solution set for us and a company in 23 that moved us from payer into the provider space um and we'll talk about how that's expanded our Tam and so as we've been thinking about this business and I and as I think about where we're going I am always focused on the total addressable Market uh I do think it gets overinflated I think that was a comment”
Watch at 09:37

Selling to tens of thousands of of endpoints so…

“selling to tens of thousands of of endpoints um so when you get one of those you try to have a big impact and you got to make sure you focus on retention you can see net retention um in lower left and I'll talk about some of our learnings on that front um and on historical headcount I just want to show um we're a Growth Company driven by product Innovation and you can see how the headcount is jumping our U R&D team product AI engineering jumping”
Watch at 14:23

Organic and inorganic strategy

“How We Built a Company Approaching $1B in Value © Reveleer 2024 | reveleer.com Vision Grit Transformational Capital Partner Product Driven M&A”
Read slide 5

TAM expansion

“Organic & Inorganic Actions Have Expanded Our TAM Powerful market and regulatory forces are accelerating shift to value-based care 2018 $2.1B +$2.1B of TAM established from the legacy Quality and Retrospective HEDIS solutions 2020 $14.1B The introduction of the Retrospective Risk Adjustment suite solutions yields an additional +$12.0B of TAM 2022 $16.3B The acquisition of Dynamic added +$2.2B of TAM through the introduction of Member Management enrollment solutions 2023 $20.9B +$4.6B of TAM added through the introduction of Prospective Risk Adjustment & Quality solutions from the acquisition of MDPortals Payers and providers are being rewarded for higher ratings and reimbursement is tied to managing riskier populations Trend of leveraging AI & NLP is accelerating due to increased efficiency, accuracy, and ability to action more members Medicaid reform will increase the number of insured individuals and drive demand for state-driven risk adjustment Rapid proliferation and adoption of Medicare Advantage plans across the country; 37M lives expected by 2026(1) Payer reimbursement is increasingly tied to accurate prospective risk assessment and care quality optimization © Reveleer 2024 | reveleer.com”
Read slide 7

Clinical data to insight

“Our Super Power — Transforming Clinical Data to Actionable Insights Structured and unstructured data are ingested and cleaned, then AI algorithms extract critical value and insights Structured & Unstructured Data Ingest, store and streamline clinical and claims data from multiple sources and format 120+ Data Network Sources ~880M Pages of Clinical Data Read & Processed Annually 10 Minutes From Data Ingestion to Clinical Review Electronic Health Record Networks Claims & Clinical Data Labs Pharmacies AI-Driven Workflows Perform every aspect of chart retrieval, medical coding, review and submission of dating utilizing highly trained AI built on proprietary rules and workflows to enable accurate clinical decision-making Closing Gaps in Care Transforming member and patient risk stratification into a proactive, strategic capability for appropriate reimbursement and to deliver better quality of care at the point of care Appointments Demographics Diagnoses Encounter Notes Lab Results Immunizations © Reveleer 2024 | reveleer.com”
Read slide 8

Anatomy of a tuck-in

“Anatomy of a Tuck-In Tuck-ins and bolt-ons into Reveleer’s solution suite is adding fuel to double digit growth Product Offering Acquisition Years ARR at Close ARR 12 Months After Close Member Management, Enrollment & Reconciliation Prospective Risk Adjustment $22M 2022 - 2023 $10M Dynamic’s enrollment platform has been a home-run addition, and the module significantly broadens Reveleer's capabilities: Growing demand in the product driven by new and emerging plans Sticky product given the heavy lift plans undergo with integrating to claims systems; Enrollment data significantly enhances Reveleer’s ChartLake data and is evolving our ability to create a more accurate longitudinal health record MDPortals has provided health plans and risk-bearing providers with a crucial forward-looking view of a patient’s conditions and treatments and has strengthened Reveleer’s risk adjustment solution by: Unlocking access to rich and disparate clinical data sources from outside both health plan and health system boundaries Delivering a concise, evidence-based, pre-encounter patient summary Providing functionality designed by physicians with actionable data embedded in the EHR workflow © Reveleer 2024 | reveleer.com”
Read slide 9

Critical learnings

“Critical Learnings Over Last 8 Years Customer Retention Partner Driven Innovation Scale Talent © Reveleer 2024 | reveleer.com”
Read slide 11

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About the speaker
Jay Ackerman

Jay Ackerman

President & CEO · Reveleer

LinkedIn

President & CEO of Reveleer, a SaaS platform empowering healthcare companies to manage quality and compliance programs.

Company revenue
$95M

More founder interviews

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Each slide with a short explanation of what it shows. Open the slide text for its exact wording.

13 passages

Reveleer’s $100M ARR journey

  1. Slide 1Open deck
    Slide text

    SaaSOpen, September 2024 Journey to $100m in ARR Jay Ackerman President & CEO, Reveleer

Revenue scale and strategic agenda

  1. Slide 2Open deck

    Agenda: glance, superpower, critical learnings

    The talk is organized into three parts over 20 minutes. Reveleer at a Glance covers value, revenue scaling, and organic and inorganic actions. Our Superpower covers TAM expansion, go-to-market, and AI. Critical Learnings covers people, partners, retention, and scale.

    Slide text

    Over the next 20 minutes We will cover… Approaching $1B Value Scaling Revenue Organic and Inorganic Actions How We Expanded TAM Accelerating GTM Leveraging AI © Reveleer 2024 | reveleer.com People Partners Retention Scale Reveleer at a Glance Our Superpower Critical Learnings

  2. Slide 3Open deck

    ARR grew from $3.3M to $102.9M

    Reveleer's ARR climbed from $3.3M in 2016 to $102.9M in 2024, a CAGR of about 55%. Growth was modest through 2021 ($15.2M), then steepened: $22.6M in 2022, $55.5M in 2023, $102.9M in 2024.

    Slide text

    Our Revenue Growth

AI solution and value-based-care market

  1. Slide 4Open deck

    Reveleer snapshot: $100M+ ARR, about 90% growth

    Reveleer is an AI solution for payers and risk-bearing providers in value-based care, with $100M+ 2024B ARR and about 90% YoY ARR growth from 2023A to 2024B. It also shows about 70+% 2024B gross margin and 250+ FTEs. Oak HC/FT, upfront, and Hercules Capital are shown as capital partners.

    Slide text

    Reveleer at a Glance The industry-leading AI solution for payers & risk-bearing providers in Value-Based Care programs Reveal actionable member insights at the point of care with proprietary AI and a nationwide network of clinical data sources © Reveleer 2024 | reveleer.com $100M+ ~90% ~70+% Well-Capitalized with strong partners 2023A – 2024B YoY ARR Growth 2024B Gross Margin 2024BARR 250+ FTEs

Organic and inorganic growth strategy

  1. Slide 5Open deck

    Four ingredients behind a near-$1B company

    The path to approaching $1B in value is drawn as a loop of four elements: Vision, Transformational Capital Partner, Product Driven M&A, and Grit. Arrows connect them in a cycle rather than a one-way sequence.

    Slide text

    How We Built a Company Approaching $1B in Value © Reveleer 2024 | reveleer.com Vision Grit Transformational Capital Partner Product Driven M&A

  2. Slide 6Open deck

    Four milestones preceded roughly $100M in revenue

    Revenue scaling is tied to four numbered events: AI-driven automation in 2019, institutional investment from Oak HC/FT in 2021, the Dynamic Healthcare Systems acquisition in 2022, and the MD Portals acquisition in 2023. The revenue bars rise toward about $100M in 2024, with a 53% CAGR.

    Slide text

    Rapidly Scaling Revenue 10+ year history of driving innovation organically and inorganically pave the way to +$100M in Revenue 2019 Introduction of AI Driven Automation 2021 Institutional Investment from Oak HC/FT 2022 Acquisition of Dynamic Healthcare Systems 2023 Acquisition of MD Portals 1 2 3 4 ~$100M in Top Line Performance © Reveleer 2024 | reveleer.com

TAM expansion and clinical-data insight

  1. Slide 7Open deck

    Product launches and acquisitions expand the market

    Reveleer's addressable market grew from $2.1B in 2018 to $14.1B in 2020, $16.3B in 2022, and $20.9B in 2023. The 2020 jump came from the Retrospective Risk Adjustment suite (+$12.0B); Dynamic added $2.2B and MDPortals $4.6B. Market forces listed at right include Medicare Advantage growth and AI adoption.

    Slide text

    Organic & Inorganic Actions Have Expanded Our TAM Powerful market and regulatory forces are accelerating shift to value-based care 2018 $2.1B +$2.1B of TAM established from the legacy Quality and Retrospective HEDIS solutions 2020 $14.1B The introduction of the Retrospective Risk Adjustment suite solutions yields an additional +$12.0B of TAM 2022 $16.3B The acquisition of Dynamic added +$2.2B of TAM through the introduction of Member Management enrollment solutions 2023 $20.9B +$4.6B of TAM added through the introduction of Prospective Risk Adjustment & Quality solutions from the acquisition of MDPortals Payers and providers are being rewarded for higher ratings and reimbursement is tied to managing riskier populations Trend of leveraging AI & NLP is accelerating due to increased efficiency, accuracy, and ability to action more members Medicaid reform will increase the number of insured individuals and drive demand for state-driven risk adjustment Rapid proliferation and adoption of Medicare Advantage plans across the country; 37M lives expected by 2026(1) Payer reimbursement is increasingly tied to accurate prospective risk assessment and care quality optimization © Reveleer 2024 | reveleer.com

  2. Slide 8Open deck

    Clinical data pipeline is the company's superpower

    Reveleer ingests structured and unstructured data from sources like EHR networks, labs, pharmacies, and claims, then runs AI-driven workflows to close gaps in care. Headline figures are 120+ data network sources, about 880M pages of clinical data processed annually, and minutes from ingestion to clinical review.

    Slide text

    Our Super Power — Transforming Clinical Data to Actionable Insights Structured and unstructured data are ingested and cleaned, then AI algorithms extract critical value and insights Structured & Unstructured Data Ingest, store and streamline clinical and claims data from multiple sources and format 120+ Data Network Sources ~880M Pages of Clinical Data Read & Processed Annually 10 Minutes From Data Ingestion to Clinical Review Electronic Health Record Networks Claims & Clinical Data Labs Pharmacies AI-Driven Workflows Perform every aspect of chart retrieval, medical coding, review and submission of dating utilizing highly trained AI built on proprietary rules and workflows to enable accurate clinical decision-making Closing Gaps in Care Transforming member and patient risk stratification into a proactive, strategic capability for appropriate reimbursement and to deliver better quality of care at the point of care Appointments Demographics Diagnoses Encounter Notes Lab Results Immunizations © Reveleer 2024 | reveleer.com

Tuck-in acquisitions and GTM performance

  1. Slide 9Open deck

    Tuck-ins more than doubled ARR within 12 months

    Two acquisitions, covering member management and prospective risk adjustment, were made in 2022 to 2023. Their combined ARR rose from $10M at close to $22M twelve months after close. The slide credits Dynamic with a sticky enrollment product and MDPortals with pre-encounter patient summaries.

    Slide text

    Anatomy of a Tuck-In Tuck-ins and bolt-ons into Reveleer’s solution suite is adding fuel to double digit growth Product Offering Acquisition Years ARR at Close ARR 12 Months After Close Member Management, Enrollment & Reconciliation Prospective Risk Adjustment $22M 2022 - 2023 $10M Dynamic’s enrollment platform has been a home-run addition, and the module significantly broadens Reveleer's capabilities: Growing demand in the product driven by new and emerging plans Sticky product given the heavy lift plans undergo with integrating to claims systems; Enrollment data significantly enhances Reveleer’s ChartLake data and is evolving our ability to create a more accurate longitudinal health record MDPortals has provided health plans and risk-bearing providers with a crucial forward-looking view of a patient’s conditions and treatments and has strengthened Reveleer’s risk adjustment solution by: Unlocking access to rich and disparate clinical data sources from outside both health plan and health system boundaries Delivering a concise, evidence-based, pre-encounter patient summary Providing functionality designed by physicians with actionable data embedded in the EHR workflow © Reveleer 2024 | reveleer.com

  2. Slide 10Open deck

    Quota, deal size, retention, and headcount all rose

    Four charts show growth in sales quota ($8M in 2021 to $50M forecast for 2025), average deal size ($192K to $800K), net retention (99% to 110% YTD 2024), and headcount (72 to 297). Sales team FTEs rose from 4 to 21 alongside deal size.

    Slide text

    Driving Top Quartile Performance Super-sized revenue growth with a best-in-class metrics Accelerating Go-To-Market Coverage Historical Deal Size Net Retention Historical Headcount 126 188 297 72 Total Sales Quota © Reveleer 2024 | reveleer.com

Critical learnings

  1. Slide 11Open deck

    Four lessons from eight years

    The critical learnings are grouped into four interlocking puzzle pieces: Talent, Scale, Customer Retention, and Partner Driven Innovation. The slide names them without further detail.

    Slide text

    Critical Learnings Over Last 8 Years Customer Retention Partner Driven Innovation Scale Talent © Reveleer 2024 | reveleer.com

  2. Slide 12Open deck

    Recap: doubling growth, AI, and acquisitions

    The recap repeats the three agenda parts with concrete takeaways: doubling growth YoY and reaching $1B in value through organic and inorganic strategies, AI algorithms extracting value and insights with acquisitions bolstering the suite, and learnings on talent, partners, and scale.

    Slide text

    Over the last 20 minutes, I shared: With real examples … © Reveleer 2024 | reveleer.com ‹#› Doubling growth YoY Achieved $1B Value via synergistic Organic and Inorganic Strategies AI algorithms extract critical value and insights Acquisitions have bolstered our solution suite Talent Partners Scale Reveleer at a Glance Our Superpower Critical Learnings

  3. Slide 13Open deck

    Thank you from Reveleer's CEO

    The closing slide thanks the audience and shows Jay Ackerman's photo, title, and company. It includes his contact email so attendees can reach out.

    Slide text

    SaaSOpen, September 2024 Jay Ackerman Thank you! [redacted email] President & CEO, Reveleer