|
 |
|
Award Recipient
Health Science/Provider Care
Alan Henderson
RehabCare Group
Alan
Henderson
|
For Alan Henderson
the best part about being an entrepreneur is creating substance
out of a vision. That's what he did with RehabCare Group, the largest
contract rehabilitation and temporary medical staffing company in
the industry.
Today the company has a market value of $730 million in revenue
among four product lines. It also happens to be the top market producer
on the New York Stock Exchange.
RehabCare was originally a subcontractor for acute care hospitals
in the management and operation of inpatient rehabilitation units.
The company grew as a subsidiary of Comprehensive Care. Eventually,
RehabCare was spun off in 1991 and Henderson became CFO. In 1998
he became CEO and was faced with a huge challenge.
Henderson turned a potential disaster into an opportunity when the
Balanced Budget Act of 1997 changed the way Medicare paid for therapy
services in nursing homes and hospitals. This created a surplus
of therapists and RehabCare's services weren't in strong demand
and revenues sank. Henderson conducted a market analysis and came
up with the idea to "redeploy" the staff into temporary nurse staffing.
This move has led to a series of acquisitions in 1998 and 1999 that
have boosted the business.
RehabCare became public in July 1991, with $10 million in assets
and $40 million in annual revenues from a single product line-management
of inpatient rehabilitation units for acute care hospitals. In May
of 1998, Henderson became CEO at which time the company had $100
million in assets, $168 million in revenue, and a market value of
$226 million. Today, only three years later, the company has more
than $230 million in assets, more than $450 million in revenue and
a market value of $730 million.
RehabCare has received recognition in many arenas. As a publicly
traded company, it was named the number one performing stock on
the New York Stock Exchange in 2000. And for the past five years,
the company has been on Forbes magazine's list of the 200 Top Small
Companies in America.
Like many entrepreneurs, Henderson says he surrounds himself with
the best people when it comes to his staff. He describes his management
style as, "I like to have qualified people in place, give them the
resources they need, and then get out of the way."
Tne piece of advice Henderson gives to others starting a business
is, "It takes twice as long and costs twice as much."
He also cautions to have a fallback plan. He fondly recalls his
days as a "ski bum" in Utah where he lived for 10 years.
His fellow employees now own the ski operation where he once worked.
"I can always get my old job back as a ski lift operator if
I need it," he jokes. (back)
|
|
|
|
|
-
- - - - - - - - - - - - - - - - -
-
- - - - - - - - - - - - - - - - -
-
- - - - - - - - - - - - - - - - -
-
- - - - - - - - - - - - - - - - -
|
