Two senior living operators and other companies serving the industry are listed on the Inc. 5000 2022 list of America’s fastest-growing private companies, released Tuesday.
Trilogy Senior Living and Colonial Assisted Living are among the organizations to make the list, which ranks businesses according to percentage of revenue growth from 2018 to 2021. The two providers fall under the health services category.
San Marcos, TX-based Trilogy Senior Living, also known as Sodalis Senior Living, operates assisted living and memory care communities throughout Texas. The company ranks 4,523 on the list. Inc. cites a 97% growth rate.
Sodalis President Traci L. Taylor-Roberts told McKnight’s Senior Living that it is “humbling” to be on the list, but she said it is not a “be-all, end-all.”
“It means you’re on your way,” she said. “It means, ‘Great; you grew,’ but you have to grow with integrity and make sure you always treat your people really well.”
Taylor-Roberts said that Sodalis grew from nine communities two years ago to 24 communities in three states, employing 800 workers. Along with owning its own communities, Sodalis also manages properties for real estate investment trust Ventas and others.
“I think a lot of the growth and success we’ve had goes to how we treat our team,” she said. “We have 800 employees and every one of them has my cell phone number — we’re very accessible.”
Taylor-Roberts said the company has held backpack and toy drives for employee families, bought virtual reality goggles for staff members and residents, and provided on-site backup for sales, marketing and recruitment efforts.
Fort Lauderdale, FL-based Colonial Assisted Living, which also made the Inc. 5000 list in 2018, ranks 4,816 this year. The assisted living operator provides housing and skilled nursing and care services at seven locations throughout Florida. Inc. cites a growth rate of 86%.
Companies serving the senior living industry made the list as well.
For instance, Activated Insights ranks 1,705 overall, with a growth rate of 365%. The company, listed in the software category, oversees data collection for Great Places to Work and Fortune magazine.
“This honor is a testament to the loyalty and engagement of our customers and team. I’m excited for the opportunities and growth ahead,” said CEO Jacquelyn Kung, DrPH. “Since we survey our own team quarterly to make improvements to our culture, this award reflects our ‘Great Place to Work’ roots. In other words — the great workplaces lead to better business performance.”
For instance, Somerville, MA-based Rendever, a virtual reality company, ranks 1,139 overall, making 2022 the second consecutive year on the list for the Boston-based company. Inc. cites a growth rate of 571%.
Rendever is listed under the software category. A company spokeswoman said its growth over the past year primarily was due to its release of RendeverFit, a VR fitness platform designed to engage older adults physically.
“We’re working every day to fundamentally change the way the world sees aging, and it’s enthusiastically clear that it’s taking hold,” Rendever CEO and co-founder Kyle Rand said in a statement.
Among the senior living operators using Rendever’s platform are Benchmark Senior Living, Senior Resource Group and Revera. The company also has research funded by the National Institutes of Health and National Institute on Aging, as well as partnerships with the AARP.
West Newton, MA-based Icon, formerly VoiceFriend, is another company serving the senior living industry to make the list. Icon comes in at 3,513 and is listed in the software category. Inc. cites a growth rate of 147%.
In June, VoiceFriend acquired Caremerge’s family and resident engagement business. The combined company, now known as Icon, couples VoiceFriend’s omni-channel communication technology capabilities with Caremerge’s engagement platform to provide communication and engagement for senior living communities and skilled nursing facilities.
“As the aging population continues to grow, we are excited to provide intuitive technology that enhances overall well-being and independence,” Icon CEO Ryan Galea said.
Another company serving the senior living industry that made the list is Electronic Caregiver, a Las Cruces, NM-based digital health technology and services company, which ranked 968 and is listed in the health services category. Inc. cites a growth rate of 669%.
Over the past three years, Electronic Caregiver noted that it has experienced a 669% increase in revenue growth due to expanding service and demand for its digital health solutions. The company works with senior housing providers, home care agencies and other healthcare organizations to deliver hospital-at-home, chronic care management and remote patient monitoring programs.
Among other companies related to the industry and making the list are Texas-based Conversion Logix, which provides digital marketing services and licenses lead generation software, and residential real estate company the Surefire Group, whose CEO, Joseph McCabe, is a managing partner in assisted living communities and home care agencies.
Lakeway, TX-based Conversion Logix is listed at No. 3,467 on the list and is in the advertising and marketing category. Inc. cites a growth rate of 150%. The Wynnewood, PA-based Surefire Group is listed as No. 179 on the list and is in the real estate category. Inc. cites a growth rate of 2,919%.
7 million applied
Seven million businesses applied to be considered for the 2022 list, the 42nd annual one. Those that earned a spot rank within the top 0.07% of the fastest-growing private companies nationwide, according to the media outlet.
“The accomplishment of building one of the fastest-growing companies in the US, in light of recent economic roadblocks, cannot be overstated,” Inc. Editor-in-Chief Scott Omelianuk said. “Inc. is thrilled to honor the companies that have established themselves through innovation, hard work and rising to the challenges of today.”
Those who made the list will be recognized at the Inc. 5000 Conference in October in Phoenix.