Early Stage Healthcare Services Telemedicine Company
Background: The founder and CEO of an early stage company working in the new healthcare delivery model of telemedicine requested assistance with financial management, business planning and strategy, and raising capital. Among other things, the founder, who had several large customers, was advised to: develop each customer relationship in the practical sense of deeply understanding customer utilization dynamics; grow utilization and revenue; to perfect the payment pipeline process; and to manage provider costs as tightly as possible. The client was also advised to position himself as the "thought leader" in the behavioral health services / telemedicine space which was not hard to justify given that the client was a true industry expert in behavioral health and further along the telemedicine delivery path than many. The client was also advised that strategic transactions have long sales cycles and to "stay visible" and participate in industry level discussions and conferences with customers and peers. This ultimately proved to be beneficial in an industry segment where many are pioneering. The client was also advised that companies are bought, not sold, with the buyer making a build vs. buy decision focused on filling specific needs. Annual revenues were in the mid - high six figures.
Scope: As a consultant and interim CFO worked closely with the founder, legal counsel, internal staff, and vendors to help take the company to the next level.