With a three-year revenue growth of 5,189 percent, Austin-based company ranks no. 90 among America’s Fastest-Growing Private Companies; no. 10 in Texas.
NEW YORK, August 15, 2023—Inc. magazine revealed that Norwood ranks No. 90 on the 2023 Inc. 5000, its annual list of the fastest-growing private companies in America. This prestigious ranking provides a data-driven look at the most successful companies within the economy’s most dynamic segment—its independent, entrepreneurial businesses. Facebook, Chobani, Under Armour, Microsoft, Patagonia, and many other household brands gained their first national exposure as honorees on the Inc. 5000.
“I’ve had my eye on this iconic award since I was in college majoring in entrepreneurship,” said Norwood Founder and CEO Justin Satterfield. “These were the companies I looked up to, the people making it happen, the ones living my dream. It’s an honor and a privilege to be on this list.”
The Inc. 5000 class of 2023 represents companies that have driven rapid revenue growth while navigating inflationary pressure, the rising costs of capital, and seemingly intractable hiring challenges. Among this year’s top 500 companies, the average median three-year revenue growth rate ticked up an astonishing 2,238 percent. In all, this year’s Inc. 5000 companies have added 1,187,266 jobs to the economy over the past three years.
Founded in 2016, Austin, TX-based Norwood has made a rapid ascent in staffing, consulting, and managed services. Norwood serves the mid-revenue cycle of U.S. hospitals, a group that includes medical coding, clinical documentation integrity, and case management professionals, as well as social workers and trauma and oncology registry professionals. Norwood’s clients include some of the nation’s largest healthcare organizations. Up through 2021 it focused on staff augmentation, including temporary and permanent job placements. Since then the company’s services have expanded to include solutions (consulting and managed services), including medical coding auditing, CDI program implementation and support, and assistive software solutions.
Norwood cracked the top 10 staff augmentation providers on the 2023 Inc. 5000 (no. 7) and was the highest-ranked company dedicated to the hospital mid-revenue cycle to make the prestigious list. The hospital mid-revenue cycle is a competitive landscape, but Norwood’s relentless focus on people experience and custom solutions have allowed it to thrive, even in a difficult economy. Since 2019 Norwood’s revenue has grown 5,189 percent.
“I’m so proud of this team. It’s the collective growth of every individual here that made this happen,” Satterfield said. “My sincerest gratitude extends to every team member, client, and friend that believed in this. We’re not done. This is one peak of many and we’ll keep climbing.”
“Running a business has only gotten harder since the end of the pandemic,” said Inc. editor-in-chief Scott Omelianuk. “To make the Inc. 5000—with the fast growth that requires—is truly an accomplishment. Inc. is thrilled to honor the companies that are building our future.”
For complete results of the Inc. 5000, including company profiles and an interactive database that can be sorted by industry, location, and other criteria, go to https://www.inc.com/inc5000/2023. The top 500 companies are featured in the September issue of Inc. magazine, available on newsstands beginning Tuesday, August 23.
Companies on the 2023 Inc. 5000 are ranked according to percentage revenue growth over the last three years. To qualify, companies must have been founded and generating revenue by March 31, 2019. They must be U.S.-based, privately held, for-profit, and independent—not subsidiaries or divisions of other companies—as of December 31, 2022 (Since then, some on the list may have gone public or been acquired). The minimum revenue for 2019 is $100,000; the minimum for 2022 is $2 million.
Norwood is a healthcare staffing and consulting company specialized in the mid-revenue cycle. Founded in 2016 by CEO Justin Satterfield, Norwood helps hospitals streamline operations, optimize revenue, and improve their ability to deliver better care. Norwood is on a mission to revolutionize the healthcare staffing industry. Its approach is simple: prioritize integrity and authenticity. Instead of industry-standard, one-size-fits-all solutions, Norwood collaborates to deliver thoughtful and strategic outcomes based on a thorough assessment of each organization’s needs. People are Norwood’s lifeblood and its mid-revenue cycle solutions experts and people experience team are passionate about delivering great people experience. For more information visit www.norwood.com.
Inc. Business Media is the leading multimedia brand for entrepreneurs. Through its journalism, Inc. aims to inform, educate, and elevate the profile of our community: the risk-takers, the innovators, and the ultra-driven go-getters who are creating our future. Inc.’s award-winning work reaches more than 50 million people across a variety of channels, including events, print, digital, video, podcasts, newsletters, and social media. Its proprietary Inc. 5000 list, produced every year since 1982, analyzes company data to rank the fastest-growing privately held businesses in the United States. For more information, visit www.inc.com.
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