NightHawk Radiology Services in Coeur d’Alene has been named to the 2006 Inc. 500, Inc. Magazine’s list of the 500 fastest-growing private businesses in the country.
NightHawk ranks 43 on the list, with a growth rate of 1,272% from 2002 through 2005.
Inc. Magazine lists health care as one of the top growth industries and cites technological advances in imaging equipment, an accompanying increase in the number of scans being taken and an aging baby- boomer population as key factors to the growth of NightHawk Radiology Services.
“Our technology allows us to leverage the Internet in ways that will redefine the future of health care,” Chairman and Chief Executive Officer Dr. Paul Berger said. “As we continue to provide better care to patients and improve the lives of radiologists, we believe the demand for our services will continue to grow.”
NightHawk Radiology Services was co-founded in 2001 by Berger. The NightHawk Radiology Services business model allows for U.S.-trained physicians stationed both domestically and abroad to read radiological reports 24 hours a day, seven days a week.
The company grew 200 percent per year during its first three years, and attracted a $25 million private equity investment from Summit Partners in 2004.
From 2004 through 2005, the company increased revenues by 63 percent. NightHawk now provides services to more than 500 customers and 17 percent of all hospitals in the U.S.
The 2006 Inc. 500 list measures revenue growth from 2002 through 2005.
To qualify, companies had to be U.S.-based, privately-held and independent as of December 31, 2005. Companies also had to have at least $600,000 in net sales in the base year.