How this Boulder defense contractor plans to triple revenue by 2021

by   – Reporter, Denver Business Journal

Medical staffing firm provides services to U.S. Department of Defense facilities

Out of his home office in Boulder, Dr. Bill Rivard has built one of the nation’s fastest-growing medical staffing companies — and one that is focused exclusively on providing health professionals to military bases.

Rivard, an optometrist who spent 21 years on active duty with the Army and seven with the reserves, launched Matrix Providers Inc. in 2010 because he’d grown concerned near the end of his term of duty with a supply chain of medical staffers that he felt produced sub-par outcomes, often because those doctors and nurses were late to fill jobs. After a two-year buildup, he found that the U.S. Department of Defense was interested in what he had to offer, and his revenue grew from 2012 through 2017 at an annual compounded rate of 84 percent.

Military health facilities are a mix of active-duty personnel, government employees and contracted medical staff — a group that makes up about one-third of those jobs, Rivard estimated. The government spends about $2 billion per year on contracts with medical contractors to supply those staffers. And it’s an area that is ripe for small businesses to win contracts, since federal officials look to fulfill their 3 percent quota of contracting with small companies in areas like these rather than in high-dollar areas like military-weapons production that don’t have small-business bidders, he noted.

Rivard acknowledged that he got into the medical-contracting business at the right time, as changes in reimbursement from public and private insurers have made it harder to operate a profitable physician’s office over the past decade, leaving some practitioners to sell their companies to large health systems and others to seek the contracting route. While Matrix has 32 full-time employees on staff, it contracts with about 400 physicians and nurses at any time, taking advantage of this “liquefied” personnel base to supply workers when and where they are wanted by the Army, Navy, Air Force and Coast Guard.

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