NEW YORK (TheStreet) -- Evolent Health (EVH) went public on the New York Stock Exchange on Friday and the company's CEO told TheStreet he sees big opportunities for growth. As a health-care software company, Evolent is described by its managers as a provider of "integrated technology, tools and team to advance value-based care."
CEO Frank Williams told TheStreet, "If you think about health care in the United States, it costs too much and we're not getting value from the dollar that we're spending. So we're really working with providers that want to change the model."
Williams said his company tries to keep people out of the hospital and make chronically ill patients healthier. It strives to provide "technology, knowledge, people to work with the leading health care providers and really work toward a new model of care," he said.
Describing his company as both a knowledge and a technology company, he said, adding when it comes to health care, technology itself is not going to transform a system. People need technology, knowledge and expertise -- and his company is trying to bring all these things together to help transform businesses, he said.
Evolent Health has grown to have more than $100 million in revenue in the last couple of years, Williams said, adding that he sees a $50 billion market opportunity. Williams is committed to his company's achieving at least a 30% growth rate for long term.
Evolent Health is currently working in 20 markets, with what Williams called the "Who's Who" of health -- systems including MedStar Health, IU Health in Indianapolis and Vanderbilt in Tennessee.
With a current staff of 850 people and expanding, Evolent's goal is to build an integrated care team around a physician so that a patient can be supported once he or she leaves the doctor's office, considering that a physician might see 30 patients a day and spend five minutes with each, Williams said.
On Friday, Evolent's stock price reached $18.86 by the market's close, a rise of 10.94% for the day.