HealtheMed

THE OVERVIEW

TechCXO stepped into the exciting and challenging arena of revitalizing a startup called HealtheMed. Harnessing the expertise of their seasoned team, they rolled up their sleeves and set to work – constructing vital processes, building a tech infrastructure with scalability at its core, and handpicking senior leadership talent. The mission? To ignite a sweeping transformation and steer the business towards brighter horizons.

Facing the Challenge

Post-seed-stage investment, HealtheMed encountered substantial challenges. The company had to validate its business model and build robust internal controls. The business was poised for expansion in all areas, requiring detailed capital planning. However, a crucial hurdle was the burn rate, standing at 2.5 times the revenue, coupled with the need to bolster annual revenues that were currently below $500K. The task was cut out – rein in the burn rate and enhance revenues to set a solid foundation for growth.

The Situation

With the existing platform scalability limited and a noticeable absence of a formal organizational structure and accountability, HealtheMed was confronted with several hurdles. There was an immediate need to develop a formal organizational structure, functional Key Performance Indicators (KPIs), and a financial operating model aimed at boosting operating efficiencies and lowering the burn rate, vital prerequisites for a successful Series A funding round.

TechCXO’s Proactive Approach

TechCXO engaged their team experts, Bob Brogan, Ram Sarabu, and Maria Goldsholl, to tackle these challenges head-on. The team took the initiative to establish core processes, implement functional KPIs, and set up an operating model to enhance efficiency. Together, they focused on building a scalable technology platform and recruiting crucial senior leadership roles to enable a substantial business transformation.

Measurable Success

With TechCXO at the helm, HealtheMed managed to increase its client base fourfold to 210 within a year. The team successfully overhauled the entire technology stack, brought the IP in-house, and made it adaptable to the company’s growth objectives. The team brought onboard key management roles that led to a major shift in operations, resulting in HealtheMed successfully raising a $20.0M Series A round in January 2023.

“TechCXO’s contributions have accelerated HealtheMed’s business immeasurably in all facets of the company. Your contributions have put us in a position to achieve sustainable, profitable growth in the years to come.”

-Steve Pontius
HealtheMed’s president

For more information, contact TechCXO Partner Bob Brogan, Maria Goldsholl, or Ram Sarabu.

Bob BroganManaging Partner– Chicago / Great Lakes

Maria GoldshollManaging Partner– Human Capital

Ram SarabuPartner– CiSOCTO