#4 Fastest Growing Private Company: CoreMedical Group

Aram Hampoian, president and CEO. (Courtesy of Coremedical Group)

Three-Year Average Annual Growth: 62%
Rank on Private 100: 12
Headquarters: 655 South Willow St., Suite 128, Manchester
Product/Service: Health care staffing and recruiting agency
President and CEO: Aram Hampoian
Founded: 1989
Total Number of Employees: 175

When hospitals and other medical facilities had to shut down all non-essential surgeries and procedures when the pandemic hit, CoreMedical Group took a revenue hit as demand for allied workers and temporary staffing slowed significantly, says President and CEO Aram Hampoian.

The company experienced its second worst year for demand in 2020 behind the recession of 2009, Hampoian says. However, as hospitals were able to return to full operations, “demand rose so incredibly it was hard to keep pace,” he says.

While CoreMedical provides staffing solely to the health care industry, Hampoian says it is still a diverse company with five divisions—travel nursing, permanent placement, interim health care leadership, travel therapy and locum tenens—allowing it to pivot. 

In 2020, with no physical or occupational therapy occurring for months, demand in the allied division plummeted by up to 70%. However, hospitals needed certified nursing assistants and CoreMedical placed unemployed physical and occupational therapists who were qualified.

Faced again with shortages, hospitals are focused more on finding permanent placements than temporary ones, leading to brisk business in the permanent placement division, Hampoian says. And with a backlog of surgeries and more people needing physical therapy, the allied division has come roaring back, he says. This year has been a “good growth year” for all but one of CoreMedical’s divisions as travel nursing experienced a modest decline, Hampoian says.

The future for CoreMedical lies in artificial intelligence and increased investment in technology, he says.  “Rather than customers coming to us with a need, we want them to search through our roster and say which candidates they are interested in,” Hampoian says. CoreMedical is focusing on training its staff for that future and integrating AI more fully into its operations. “In the next two quarters we hope to have a matching solution for our recruitment team,” Hampoian says, noting it could help the company achieve its next goal of a half-billion dollars in sales.