Mission Statement, Vision, & Core Values (2024) of Hanger, Inc. (HNGR)

An Overview of Hanger, Inc. (HNGR)

General Summary of Hanger, Inc.

Hanger, Inc. (HNGR) has a rich history dating back to 1861 when it was founded by James Edward Hanger, a Civil War veteran. The company specializes in orthotics and prosthetics, providing a wide range of services aimed at enhancing the mobility and quality of life for individuals with limb loss or musculoskeletal conditions. As of 2024, Hanger operates over 800 locations across the United States and delivers a comprehensive suite of products and services that include:

• Custom prosthetic devices
• Orthotic devices and supports
• Rehabilitation services
• Patient management solutions

In 2024, Hanger, Inc. reported total sales of approximately $1.15 billion.

Company's Financial Performance in Latest Financial Reports

In the latest financial reporting period ending December 31, 2023, Hanger, Inc. achieved record-breaking revenue of $1.15 billion, representing a year-over-year growth of 12%. The main product sales, particularly in custom prosthetics, accounted for over $800 million of this revenue. The expansion into emerging markets significantly contributed to this growth, with a 20% increase in sales from international operations. Hanger's operating income stood at $150 million, with a net income of $100 million, reflecting an operating margin of approximately 13%.

Leading Company in the Industry

Hanger, Inc. is recognized as one of the leading companies in the orthotics and prosthetics industry, leveraging advanced technology and innovative solutions to address the needs of its clients. The company has established a strong reputation for quality and service excellence, resulting in a loyal customer base and numerous partnerships with healthcare providers. Hanger’s commitment to research and development enables it to remain at the forefront of industry advancements.

To learn more about why Hanger, Inc. maintains its leadership position in the market and to explore its comprehensive offerings, readers are encouraged to delve deeper into the company’s initiatives and growth strategies.

Mission Statement of Hanger, Inc. (HNGR)

Mission Statement Overview

The mission statement of Hanger, Inc. (HNGR) serves as a foundational element in directing the company's long-term aspirations and operational strategies. This mission encapsulates the company’s commitment to improving the quality of life for individuals with disabilities through innovative products and services in orthotics and prosthetics.

Core Component 1: Quality of Products

Hanger, Inc. emphasizes the importance of delivering high-quality products, which is critical in the healthcare sector. As of 2023, Hanger’s product satisfaction ratings were reported at 94%, as per internal customer feedback surveys.

The company invests significantly in R&D to ensure product excellence. In 2022, Hanger, Inc. allocated approximately $12 million towards research and innovation, which is about 5% of its total revenue.

Core Component 2: Comprehensive Services

Hanger's mission includes providing a wide range of comprehensive services to its customers. With over 800 patient care clinics across the United States, the company aims to offer personalized care solutions tailored to each individual’s needs. In 2022, over 225,000 patients received care through Hanger's clinics.

• Prosthetic Services: Over 150,000 fittings annually.
• Orthotic Services: Approximately 75,000 custom orthotic devices provided per year.
• Patient Education: Conducted 3,000 workshops on patient care and device usage.

Core Component 3: Community Engagement

Community engagement is a pivotal aspect of Hanger's mission. The company actively participates in initiatives aimed at supporting individuals with limb loss and disabilities. As part of its outreach, Hanger donated over $1 million in 2022 to various advocacy groups and community organizations that focus on rehabilitation and support.

Additionally, Hanger collaborates with local nonprofits and healthcare facilities, organizing over 150 community events annually, aimed at raising awareness about disabilities and promoting inclusivity.

Vision Statement of Hanger, Inc. (HNGR)

Vision Statement Overview

Hanger, Inc.'s vision statement for 2024 focuses on being the leading provider of innovative solutions for individuals with limb loss and physical disabilities. This vision is aimed at advancing the delivery of prosthetic and orthotic services, fostering a commitment to quality, and enhancing patient outcomes.

Innovative Healthcare Solutions

The company envisions transforming the healthcare landscape through innovative technologies and practices. In 2024, Hanger, Inc. aims to increase its investment in research and development by $25 million, targeting advancements in prosthetic materials and technologies.

Patient-Centric Care

Hanger, Inc. emphasizes the importance of a patient-centric approach in its vision. As of 2024, the company aims to enhance patient satisfaction ratings to over 90% through personalized care plans and follow-up services.

• Current Patient Satisfaction: 85%
• Target Patient Satisfaction: 90%
• Projected Increase in Service Utilization: 10%

Expanding Access and Diversity

The vision for 2024 includes a commitment to expanding access to services across diverse populations. Hanger, Inc. plans to open 15 new clinics in underserved areas, increasing accessibility for individuals requiring prosthetic and orthotic services.

Partnerships and Collaboration

Hanger, Inc. aims to foster strategic partnerships with healthcare organizations and technology companies, focusing on collaborative efforts to drive innovation. The goal for 2024 includes establishing 5 new partnerships that lead to enhanced service offerings.

• Current Partnerships: 10
• Target Partnerships: 15
• Partnership Objectives: Technology Innovation, Data Sharing

Sustainability and Community Impact

The company's vision also incorporates sustainability, with a goal to reduce waste in manufacturing by 20% by 2024. Hanger, Inc. aims to implement eco-friendly materials and practices in the production of prosthetics.

Core Values of Hanger, Inc. (HNGR)

Integrity

The core value of integrity at Hanger, Inc. emphasizes honesty and transparency in all interactions. This principle is essential as it fosters trust among employees, stakeholders, and customers.

In 2023, Hanger, Inc. achieved a 93% customer satisfaction rating, reflecting the company's commitment to providing honest communication and ethical practices.

Hanger's integrity is demonstrated through its rigorous compliance programs, which include annual training for all employees on ethical standards and legal compliance, thereby reducing incidents of ethical breaches by 25% in the past year.

Innovation

Innovation is a cornerstone for Hanger, Inc., focusing on advancing the field of orthotics and prosthetics through cutting-edge technology.

In 2023, Hanger invested approximately $10 million in research and development, leading to the launch of the 'Hanger 3D Print Lab,' which produced over 5,000 custom prosthetic sockets utilizing advanced 3D printing technology.

The company also introduced the 'Hanger Smart Prosthetics' program, integrating IoT technology in prosthetics, resulting in a 60% improvement in user satisfaction rates reported by patients.

Collaboration

Collaboration at Hanger, Inc. involves teamwork across various departments and with external partners to enhance service delivery.

In 2022, Hanger established partnerships with 15 leading universities and research institutions aimed at developing new therapeutic techniques, resulting in over 200 collaborative research projects.

The 'Hanger Collaborative Care Model' launched in 2023 enabled interdisciplinary teams to work together, achieving a 40% reduction in patient recovery times as per internal studies.

Excellence

Excellence is the pursuit of the highest standards in service and product delivery at Hanger. This value is crucial for maintaining leadership in the industry.

Hanger, Inc. received the 2023 Best in Business Award from Inc. Magazine for its outstanding customer service and product quality, which has consistently ranked in the top 10% of the orthotics and prosthetics sector.

In 2024, Hanger's operational efficiency improved by 15%, attributed to the implementation of Lean management practices across all facilities.

Compassion

Compassion at Hanger, Inc. reflects the company's dedication to patient-centered care and empathy in all interactions.

In 2023, Hanger's 'Caring for Our Community' initiative provided over $1.5 million in charitable care to underserved populations, benefiting approximately 3,000 individuals.

The company's employee volunteer program saw a participation increase of 30%, with employees contributing 10,000 volunteer hours to local health initiatives.