HealtheMed Scalability and Growth Transformation

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HealtheMed

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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.

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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.[/fusion_content_box][fusion_content_box title=”The Situation” icon=”fusion-prefix-classic-server” linktext=”Read More” animation_direction=”left” animation_speed=”0.3″]With the existing platform scalability limited and a noticeable absence of a formal organizational structure and accountability, HealtheMed was confronted with several hurdles. 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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.

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“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

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

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filter_contrast=”100″ filter_invert=”0″ filter_sepia=”0″ filter_opacity=”100″ filter_blur=”0″ filter_hue_hover=”0″ filter_saturation_hover=”100″ filter_brightness_hover=”100″ filter_contrast_hover=”100″ filter_invert_hover=”0″ filter_sepia_hover=”0″ filter_opacity_hover=”100″ filter_blur_hover=”0″ transform_type=”regular” transform_scale_x=”1″ transform_scale_y=”1″ transform_translate_x=”0″ transform_translate_y=”0″ transform_rotate=”0″ transform_skew_x=”0″ transform_skew_y=”0″ transform_scale_x_hover=”1″ transform_scale_y_hover=”1″ transform_translate_x_hover=”0″ transform_translate_y_hover=”0″ transform_rotate_hover=”0″ transform_skew_x_hover=”0″ transform_skew_y_hover=”0″ animation_direction=”left” animation_speed=”0.3″ last=”false” border_position=”all” first=”true” min_height=”” link=””][fusion_person name=”Bob Brogan” title=”Managing Partner– Chicago / Great Lakes” picture=”https://www.techcxo.com/wp-content/uploads/2020/06/Bob_Brogan_200x200.jpg” picture_id=”1380|full” pic_link=”https://www.techcxo.com/partners/bob-brogan/” linktarget=”_self” show_custom=”no” hide_on_mobile=”small-visibility,medium-visibility,large-visibility” pic_style=”none” pic_bordersize=”7″ pic_bordercolor=”var(–awb-color1)” pic_borderradius=”20″ hover_type=”none” content_alignment=”center” animation_direction=”left” animation_speed=”0.3″ animation_delay=”0″ /][/fusion_builder_column][fusion_builder_column type=”1_3″ layout=”1_1″ align_self=”auto” content_layout=”column” align_content=”flex-start” valign_content=”flex-start” content_wrap=”wrap” center_content=”no” column_tag=”div” target=”_self” hide_on_mobile=”small-visibility,medium-visibility,large-visibility” sticky_display=”normal,sticky” order_medium=”0″ order_small=”0″ padding_top=”0px” padding_bottom=”0px” hover_type=”none” border_style=”solid” box_shadow=”no” box_shadow_blur=”0″ box_shadow_spread=”0″ z_index_subgroup=”regular” background_type=”single” gradient_start_position=”0″ gradient_end_position=”100″ gradient_type=”linear” radial_direction=”center center” linear_angle=”180″ lazy_load=”avada” background_position=”left top” background_repeat=”no-repeat” background_blend_mode=”none” sticky=”off” sticky_devices=”small-visibility,medium-visibility,large-visibility” filter_type=”regular” filter_hue=”0″ filter_saturation=”100″ filter_brightness=”100″ filter_contrast=”100″ filter_invert=”0″ filter_sepia=”0″ filter_opacity=”100″ filter_blur=”0″ filter_hue_hover=”0″ filter_saturation_hover=”100″ filter_brightness_hover=”100″ filter_contrast_hover=”100″ filter_invert_hover=”0″ filter_sepia_hover=”0″ filter_opacity_hover=”100″ filter_blur_hover=”0″ transform_type=”regular” transform_scale_x=”1″ transform_scale_y=”1″ transform_translate_x=”0″ transform_translate_y=”0″ transform_rotate=”0″ transform_skew_x=”0″ transform_skew_y=”0″ transform_scale_x_hover=”1″ transform_scale_y_hover=”1″ transform_translate_x_hover=”0″ transform_translate_y_hover=”0″ transform_rotate_hover=”0″ 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hide_on_mobile=”small-visibility,medium-visibility,large-visibility” sticky_display=”normal,sticky” order_medium=”0″ order_small=”0″ padding_top=”0px” padding_bottom=”0px” hover_type=”none” border_style=”solid” box_shadow=”no” box_shadow_blur=”0″ box_shadow_spread=”0″ z_index_subgroup=”regular” background_type=”single” gradient_start_position=”0″ gradient_end_position=”100″ gradient_type=”linear” radial_direction=”center center” linear_angle=”180″ lazy_load=”avada” background_position=”left top” background_repeat=”no-repeat” background_blend_mode=”none” sticky=”off” sticky_devices=”small-visibility,medium-visibility,large-visibility” filter_type=”regular” filter_hue=”0″ filter_saturation=”100″ filter_brightness=”100″ filter_contrast=”100″ filter_invert=”0″ filter_sepia=”0″ filter_opacity=”100″ filter_blur=”0″ filter_hue_hover=”0″ filter_saturation_hover=”100″ filter_brightness_hover=”100″ filter_contrast_hover=”100″ filter_invert_hover=”0″ filter_sepia_hover=”0″ filter_opacity_hover=”100″ filter_blur_hover=”0″ transform_type=”regular” transform_scale_x=”1″ transform_scale_y=”1″ transform_translate_x=”0″ transform_translate_y=”0″ transform_rotate=”0″ transform_skew_x=”0″ transform_skew_y=”0″ transform_scale_x_hover=”1″ transform_scale_y_hover=”1″ transform_translate_x_hover=”0″ transform_translate_y_hover=”0″ transform_rotate_hover=”0″ transform_skew_x_hover=”0″ transform_skew_y_hover=”0″ animation_direction=”left” animation_speed=”0.3″ last=”true” border_position=”all” first=”false” min_height=”” link=””][fusion_person name=”Ram Sarabu” title=”Partner– CiSOCTO” picture=”https://www.techcxo.com/wp-content/uploads/2023/05/Ram-Sarabu-200×200.png” picture_id=”12869|fusion-200″ pic_link=”https://www.techcxo.com/partners/ram-sarabu/” linktarget=”_self” show_custom=”no” hide_on_mobile=”small-visibility,medium-visibility,large-visibility” pic_style=”none” pic_bordersize=”7″ pic_bordercolor=”var(–awb-color1)” pic_borderradius=”20″ hover_type=”none” content_alignment=”center” animation_direction=”left” animation_speed=”0.3″ animation_delay=”0″ /][/fusion_builder_column][/fusion_builder_row][/fusion_builder_container]

SBLI of Massachusetts

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 SBLI of Massachusetts

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THE CHALLENGE

Following the acquisition, Jim Morgan, the CEO of SBLI, approached Lewis Goldman, a fractional Chief Revenue Officer at TechCXO, to develop a go-to-market strategy to best leverage the new asset for SBLI of Massachusetts. Three objectives were established for 2022:

Stabilize the business and integrate it into SBLI

Develop a plan to break even or better for the first year

Integrate LegacyShield features and functionalities with SBLI’s platform for existing policyholders to support retention, cross-sell, and differentiate SBLI’s Term Life policy offering from competitors selling directly to policyholders.

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THE SITUATION

SBLI needed a business plan quickly to leverage LegacyShield’s capabilities while not negatively impacting SBLI’s overall financials.

With the acquisition, only a handful of LegacyShield employees joined SBLI of Massachusetts, leaving SBLI with a skeletal staff during the pivotal period of integrating into a new company.

A unique new product opportunity arose early in 2022, providing significant growth opportunities in 2023 and beyond. Due to limited staff, the company needed help to execute the deal and launch the new product, especially in marketing/business development, as SBLI didn’t have a Chief Marketing Officer at the time.

LegacyShield’s lockbox vault feature was a valuable and beneficial product offered in conjunction with a life insurance policy. SBLI needed help to best leverage its uniqueness to drive policy retention and growth, given the lack of a CMO.

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TECHCXO INTERVENTION

•For the previous two years, Lewis Goldman of TechCXO assisted with a variety of new product and marketing projects at SBLI, including mentorship of various marketing personnel until a permanent VP of Marketing was hired in late 2022.

•TechCXO worked closely with the CEO and SBLI management to create a comprehensive business plan and go-to-market strategy to support LegacyShield’s business and marketing objectives for 2022, including presenting the plan for approval by the Board of Directors following the acquisition in Q3 of 2021.

•Create a business and financial plan for LegacyShield to support the remainder of Q4 in 2021 through the end of 2022.

•Negotiated and executed distribution opportunities leading to the growth of third-party revenue for LegacyShield.

•Spearheaded a task team consisting of the technology department at SBLI to establish and implement an integration strategy for LegacyShield and SBLI’s core servicing platform (MySBLI.com), as well as on the SBLI.com website.

•Assisted in hiring a new sales representative to work with the key 3rd party distribution partner to stabilize the distribution channel and revenue stream.

•Created a financial model following a new partnership with LegacyShield Provider Network (LSPN), where SBLI would offer an enhanced LegacyShield product along with other services provided through advisors to end customers.

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THE OUTCOME

Acting as a fractional business leader, Lewis Goldman solved the revenue growth concerns following the acquisition of LegacyShield with go-to-market strategies, business, and financial models. As a result, the company exceeded its renewal goals, adding numerous new advisors to its distribution channel, and soft launched the new product in Q4 2022 with significant marketing support and expansion planned for early 2023. The company projects to increase revenue from LegacyShield by 50% in 2023 vs. 2022.

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“Lewis has been an asset following our acquisition of LegacyShield. His expertise in innovative go-to-market strategies and establishing appropriate business structure has accelerated our revenue growth and allowed us to expand our market offerings in 2023.”

– CEO, Jim Morgan

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For more information, contact TechCXO Partner Lewis Goldman.

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Catabasis Pharmaceuticals

by

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Catabasis Pharmaceuticals

[/fusion_text][fusion_separator style_type=”single solid” hide_on_mobile=”small-visibility,medium-visibility,large-visibility” class=”” id=”” sep_color=”#c9a866″ top_margin=”” bottom_margin=”4%” border_size=”5″ icon=”” icon_size=”” icon_circle=”” icon_circle_color=”” width=”90px” alignment=”center” /][fusion_text columns=”” column_min_width=”” column_spacing=”” rule_style=”default” rule_size=”” rule_color=”” hide_on_mobile=”small-visibility,medium-visibility,large-visibility” class=”” id=”” animation_type=”” animation_direction=”left” animation_speed=”0.3″ animation_offset=””]

THE CHALLENGE

Building and financing a drug discovery platform company.

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THE SITUATION

Within two months of creating Catabasis Pharmaceuticals, the company’s two founders had developed an innovative approach to drug discovery and development.

Catabasis wanted to build a portfolio of new medicines for their focus area.

Catabasis had initially funded the company through a round of convertible debt but needed a financing plan, an infrastructure and systems to move forward.

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TECHCXO INTERVENTION

TechCXO provided overall strategic direction as well as finance and operations systems — everything from cash management to budgeting and forecasting to advising on organizational and employee needs.

TechCXO helped to hire the company’s full-time in 2013 and has continued to provide financial leadership through the recent IPO.

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THE OUTCOME

Catabasis raised several rounds of equity financing to fund its development and expansion. TechCXO helped to develop the company’s financial and operational capabilities. Catabasis had its initial public offering in June 2015 (CATB) and now has two Ph2 assets in the clinic as well as a robust portfolio of investigational new medicines for the treatment of various disease indications.

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“TechCXO has led finance and key operational functions from our founding, through early capital raises, to our IPO.”

Jill Milne, Founder & CEO

Catabasis Pharmaceuticals

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