Front row, seated: Steve Cates, founder; Terry Cates, founder. Back row from left: Sherry Hall, principal; Brian Hall, president; Tyler Hall, intern; and Jack Hall, intern. Photo by Christine Carignan.
Physicians Resources in Merrimack manages back-office functions for physician practices and hospitals. That includes medical billing, coding, staffing and compliance issues. “We take the administrative burden off providers so they can focus on health care,” says President Brian W. Hall.
“A lot of clients called in panic,” Hall says of the many specialty practices that suddenly found themselves shut down when the pandemic hit. Because Physicians Resources already had the technology to have its workforce remote within 24 hours, the company was able to focus on helping their clients collect on outstanding receivables.
“We worked with patients on flexible payments terms and [worked with] insurance companies on what was unpaid,” says Hall, adding they provided consulting services to help clients secure government assistance and quickly pivot to offering telemedicine.
Hall says most of the firm’s clients remained in business and most have returned to business as usual. But 2020 wasn’t just about maintaining status quo. Physicians Resources added new clients, which has already contributed to record growth for Q2 2021. Hall says they expect 2021 revenue to be up 20% to 30% over 2020.
Hall credits the firm’s success to his employees and to the mentoring he received from his in-laws and company founders Terry and Steve Cates, who launched Physicians Resources in 1984. The Cates hired Hall, who was dating their daughter (and has since married her), to do odd jobs. But what was supposed to be a temporary gig turned into a career for Hall after his in-laws spent 10 years grooming him to take over.
Other changes over the past year include the addition of a mobile payment system, two new positions: director of talent and director of operations, and an expanded sales team, all of which contributed to a 12% increase in revenue in 2020. And Hall expects to add another 10 to 15 positions by next January.
“We expect double digit growth year-over-year in our five-year plan,” he says. While the bulk of the firm’s 70 customers are in New England, it serves clients across the eastern U.S.