Are Payments the Secret to Scaling your HealthTech Start-Up?

Scaling a healthtech start-up is no small feat. In the ever-evolving healthcare landscape, building innovative solutions is just the first step. To truly thrive, you need to expand your reach and impact. So, what's the secret to scaling your healthtech start-up? Let's have a look in depth at the moves you should start to make to achieve scale up growth.

Automate Everything

Scaling requires efficiency, and automation is the key. Setting up cloud storage, marketing automation, quick payroll processing, and seamless onboarding and training practices can automate many aspects of your business. While it may take some time initially, the long-term benefits are worth it. Automation allows you to hire faster, pay easier, access data quicker, and streamline operations for a truly scalable business model.

Boost Your Marketing

No one can scale a start-up if no one knows it exists. Now is the time to focus on your marketing strategy. Content marketing, with its evergreen value and viral potential, is a powerful growth method for healthtech start-ups. Track where your leads come from to refine your marketing strategy further.

Cultivate Culture

Creating the right company culture is fundamental for a healthtech start-up's success. A bad company culture can hinder your ability to hire and retain the best talent. Define your company's values, educate employees on your culture, and screen for culture fit with each new hire.

Hire the Right People

Effective scaling requires the right team. Specialist, motivated individuals who share your company's mission and values are essential. Avoid hiring the wrong skills for a role, as this can be a costly mistake. And if you’re truly ready to scale you need to be considering hiring a CFO – at least part time. An experienced Finance Director or CFO will understand your business AND your balance sheet and help strategically guide you to that 20% year on year growth sought to achieve the milestone of scale up.

Payments: The Unseen Hero

Now, here’s a specific twist for you to consider. How does your start up or scale up take payments? Do you sell a product or a service? Do you outsource the payment of that service to a merchant provider? Could you add a financial product to your service – an account, an exchange of currency, a prepaid payment card, perhaps?

What if you could BE the account and hold your customers funds for them, taking payment as they use the services? What if you could offer your customers a payment card?

If you embed the financial and payment services into your business – you could not only take end to end control over the cashflow of your business – but you can also provide your customers with an even better experience of your service.

Consider the case of a this medical research company, now apart of a huge global organisation. They needed to deliver clinical trials across 45 countries, involving multiple currencies and a high level of data security.

Although their business was health and clinical trials - payments were at the heart of their operations. They had to reimburse trial subjects, pay consultants, technicians, nursing staff, suppliers, and more, often in different currencies.

Enter Caxton, a solution that simplified payments by allowing them to bring them into their operations. Unlike traditional banking platforms, The Caxton system was user-friendly, required minimal training, and provided powerful analysis tools.

But the real magic happened on the patient side. By streamlining payments, our client created a patient concierge service that revolutionised the clinical trial experience. Participants, who were previously deterred by complex reimbursement processes with poor timing, now found it convenient and accessible. This innovation meant more people could participate, including populations that might have otherwise been excluded.

Payments are the unsung heroes of healthtech start-up scaling, not just for business efficiency but also for enhancing the patient and customer journey. Scaling your healthtech start-up? Don't overlook the power of payments in making healthcare innovations more accessible and patient-friendly.

If you are looking for more information on the Healthcare Industry, visit our Healthcare Industry Payments Hub.

Caxton Payments is an alternative to traditional banks, established over 20 years, we help businesses make faster payments more reliably. We offer streamlined processes, automation through API and a collaborative solution to complex payment issues all from a single platform. Our payment capability extends from business expense management, to payroll payments, supplier payments, and currency risk management. We also offer personal prepaid travel cards and international money transfer.