Company attributes 253% revenue growth to increase in non-English speaking population, fueling $30 million linguistics services market
Deloitte Technology Fast 500
GLOBO CEO Dipak Patel credits the company's high growth rate with an accelerated need for language, translation, and interpreting services to support America's rising Deaf and non-English speaking populations, especially in the healthcare sector. GLOBO serves the Deaf and hard of hearing community, which includes an estimated 11 million individuals or 3.6% of the U.S. population, and people with limited English proficiency (LEP) who represent more than 25 million, accounting for approximately 8% of the U.S. population.
"GLOBO's extraordinary financial performance clearly reflects America's skyrocketing demand for quality, accurate, and empathetic language services,” said Patel. "We're fast evolving into a patient communications company with the goal to provide linguistic services at key touchpoints throughout the patient's health journey.”
"For 30 years we've been celebrating companies that are actively driving innovation. The software industry continues to be a beacon of growth, and the fintech industry made a strong showing on this year's list, surpassing life sciences for the first time,” said Steve Fineberg, vice chair, U.S. technology sector leader, Deloitte. "Significantly, we also saw a breakthrough in performance of private companies, with the highest number of private companies named to the list in our program's history. This year's winners have shown they have the vision and expertise to continue to perform at a high level, and that deserves to be celebrated.”
"Innovation, transformation, and disruption of the status quo are at the forefront for this year's Technology Fast 500 list, and there's no better way to celebrate 30 years of program history,” said Christie Simons, partner, Deloitte & Touche LLP and industry leader for technology, media and telecommunications within Deloitte's Audit & Assurance practice. "This year's winning companies have demonstrated a continuous commitment to growth and remarkable consistency in driving forward progress. We extend our congratulations to all of this year's winners - it's an incredible time for innovation.”
How GLOBO Reduces Language Barriers
According to Patel, although GLOBO supports multiple market sectors, nowhere is the need for language solutions higher than healthcare, where poor communication can result in harm to the patient and lead to escalating costs.
"Along with impacting quality of care, numerous studies cite unresolved language barriers and poor health literacy often leading to regulatory penalties and fines, opportunity loss, medical malpractice, and unnecessary expenditures, all impacting the total cost of care,” he said.
To improve healthcare access, GLOBO manages a network of highly qualified, industry-specialized interpreters who support 430-plus languages and are available 24/7/365. Services are delivered on-site or through audio or video technology or both. Providers can schedule interpreters via the GLOBO HQ platform or the GLOBO Connect mobile app. The platform enables users to schedule interpreting sessions at 15-second connection speeds and integrates via a simple application programming interface (API) into an electronic health record (EHR) system such as Epic.™ It also provides real-time access to linguistic data to monitor overall usage costs and analyze trends.
"Leveraging artificial intelligence support for translation and interpreting is clearly the next step,” Patel added. "AI is in use today as prompts for routine intake tasks, such as translated text messages for appointment scheduling. We expect AI-powered linguistics to become ubiquitous, eventually filling more gaps in care delivery.”
About the 2024 Deloitte Technology Fast 500
Now in its 30th year, the Deloitte Technology Fast 500 provides a ranking of the fastest-growing technology, media, telecommunications, life sciences, fintech, and energy tech companies - both public and private - in North America. Technology Fast 500 award winners are selected based on percentage fiscal year revenue growth from 2020 to 2023. In order to be eligible for Technology Fast 500 recognition, companies must own proprietary intellectual property or technology that is sold to customers in products that contribute to a majority of the company's operating revenues. Companies must have base-year operating revenues of at least US$50,000, and current-year operating revenues of at least US$5 million. Additionally, companies must be in business for a minimum of four years and be headquartered within North America.
About Deloitte
Deloitte provides industry-leading audit, consulting, tax and advisory services to many of the world's most admired brands, including nearly 90% of the Fortune 500® and more than 8,500 U.S.-based private companies. At Deloitte, we strive to live our purpose of making an impact that matters by creating trust and confidence in a more equitable society. We leverage our unique blend of business acumen, command of technology, and strategic technology alliances to advise our clients across industries as they build their future. Deloitte is proud to be part of the largest global professional services network serving our clients in the markets that are most important to them. Bringing more than 175 years of service, our network of member firms spans more than 150 countries and territories. Learn how Deloitte's approximately 460,000 people worldwide connect for impact at www.deloitte.com.
About GLOBO
GLOBO Language Solutions ("GLOBO") is ranked No. 6 in Nimdzi's 2024 top 10 U.S. healthcare interpreting companies facilitating effective patient communication between healthcare providers and LEP patients. The company manages an independent global network of more than 8,000 linguists who speak 430+ languages and dialects. GLOBO supports leading healthcare organizations across the country through on-demand audio, video, on-site, and sign language interpreting; actionable insights; and translation of documents, emails, texts, and chats in a single AI-powered platform. GLOBO has been listed on the Inc. 500|5000 eight times and is a 2024 Vendors Division Semi-Finalist in Healthcare Innovation Magazine's annual Innovator Awards Program. Become a fan of GLOBO on Facebook, follow us on X, LinkedIn, and Instagram.
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Attachments
CONTACT: Angela Jenkins
GLOBO Language Solutions
303.877.0115
angela@adjassociates.com