A to Z Software and SaaS Operational Benchmarking Series: athenahealth

In this series, I will go through a list of public (and formerly public) software and SaaS companies, and run through a set of operational benchmarks based on publicly available data. Using public information such as SEC filings, press releases, earnings transcripts and investor presentations, I have pieced together a variety of items that are noteworthy to monitor and understand for these companies of varying scale, growth rates and profitability. Given the sheer amount of publicly available data and information circulated over the time horizon considered in this article, I may have missed item(s) worthy of consideration (so please leave me your thoughts!) and will not be adjusting all of the historical financials on a pro forma basis for M&A. I have conducted this analysis myself and it expresses my own opinions and work product, as I have no business relationship with the company mentioned in this article.

Introduction

The next company covered in the A to Z Software and SaaS Operational Benchmarking Series is athenahealth.

Athenahealth provides hospitals and ambulatory clients with medical record, revenue cycle, patient engagement, care coordination and population health services through its platform offerings. The company utilizes its network to provide its clients with improved insight across their organization, along with the ability to reduce back office work that providers deal with on a daily basis.