Our friends at Allied Advisors have found that valuable business insights on an industry are obtained from successful entrepreneurs who have grown a significant business in that industry (“been there and done that”).
Allied Advisers conducted an interview with their former client Jay Nitturkar, who bootstrapped a vertical SaaS healthcare technology company to 8-figure ARR and exited successfully to PSG Equity, a $10B+ fund. Founders and management teams will benefit from learning about some of the playbooks in the journey from inception to a successful exit highlighted in the Allied Advisors report.
Here are a few highlighted Q&A with Jay Nitturkar:
Allied Advisors: What was the inspiration behind pVerify and what market gap were you trying to address
Jay Nitturkar:
- As Director of Operations in medical billing, I saw physician practices lose over 20% of revenue due to insurance claim denials and patient delinquencies
- Traditional verification methods were inadequate and time-consuming
- pVerify was created to provide comprehensive and efficient patient insurance and benefits verification, offering customizable products and excellent customer service to address the issues
Allied Advisers: How did you build your customer segmentation and go-to-market strategies? How did you enable customer acquisition, growth and retention?
Jay Nitturkar:
- We developed a niche SaaS product targeting physicians and hospitals, initially focusing on specialist offices for quicker sales cycles and better ROI
- We relied heavily on SEO and targeted Google AdWords campaigns to manage customer acquisition, despite limited funds
- Inbound leads from effective SEO efforts became our main revenue source, with ~20% conversion rate
- The strategy we used included offering a free trial to potential customers, which boosted conversions and aligned with a product-led growth (PLG) strategy
- Exceptional customer service led to strong word-of-mouth referrals and high client satisfaction in the healthcare industry
Allied Advisers: How did you compete against companies which were well funded compared to you?
Jay Nitturkar:
- We competed against well-funded companies by offering customer-centric products and exceptional 24/7 customer service from offices in the USA and India. Additionally, the quick implementation times in days outpaced competitors who often took weeks or months
To read the full HealthTech report and insights, including captures of the transactional trends in healthtech and features a few leading private and public healthtech companies that have become market leaders in their focus areas, click here.