Address: 86 Hopmeadow St., Simsbury
Leadership: William Moschella, co-founder and CEO
Not all the high-tech start-ups are located in the Silicon Valley.
Simsbury-based eVariant, founded less than five years ago, is growing exponentially right in the shadow of Avon Mountain.
The company's cloud-based HealthConnect platform helps hospitals and large health care systems gather and analyze enormous amounts of data to accurately measure the effectiveness of their marketing strategies, and manage relationships with physicians and patients. eVariant's clients span the country and include hospital systems like Hartford HealthCare and large academic medical centers such as the University of South Carolina and the University of Utah, as well as some statewide or multi-state physician practices.
Bill Moschella, co-founder and CEO, was running an advertising firm when he saw that the business was increasingly turning toward digital, interactive and relationship marketing. The company was born when Moschella met Rob Grant, co-founder and executive vice president, who had a background in health care. The two gradually developed the concept that became eVariant.
"We realized that we had all this data and all these relationships under one roof," Moscella said. "We're the only company with both disciplines combined under one platform."
Through HealthConnect, eVariant collects vast amounts of data, including clinical information, and mines it to help clients gain insight into where their best marketing opportunities lie. For example, a hospital system can analyze the profitability and successful outcomes of particular service lines such as cardiology, bariatrics, or oncology, build statistical models to predict the types of patients who are likely to use those services, and tailor marketing campaigns to those patients. The system is so precise that it can tie individual patients to specific marketing campaigns and identify a client's net profit for that patient, Moschella said. Hospitals and physician practices can also proactively reach out to patients and their caregivers with wellness programs, invitations to classes, and other health care services.
"It took a while to bring all our ideas together, but then the company took off very quickly," Moschella said, noting that eVariant has experienced over 12,000 percent growth since its founding in 2008. "Obviously that's not a sustainable growth rate, but we don't see it leveling off for two or three years. We're looking for 50 to 75 percent growth now, and a 30 percent growth rate year after year would be amazing."
To provide the capacity for that kind of growth, eVariant has entered into a relationship with Health Enterprise Partners, a New York-based private equity firm that invests in health care and technology companies. In addition to investing capital, "they're very active partners," Moschella said. "They have a lot of expertise in this area and they're always actively looking for new clients for us."
The company has grown to more than 50 employees, including 18 new hires within the past three months, and plans call for adding up to 10 more positions by the end of the year. The employee mix is heavy on technical experts such as developers and engineers, but its major focus is now shifting to data analysts and data integration specialists.
"We've really become less of a marketing business and more of a data business," Moschella said.
The company plans to stay in Connecticut, where it operates from a recently-expanded and updated facility on Hopmeadow Street in Simsbury. An open environment encourages communication and collaboration, and employees dress casually, enjoy flexible hours, and often take part in extracurricular activities together.
"We have that cool start-up culture and one of my top initiatives is to make sure we keep that culture," Moschella said. "We have a great group of people here and we hope they'll want to be here for the rest of their careers."