Commerce urgent care, one of Australia’s hottest startups, is facing its biggest challenge yet: paying its bills.
Key points:Commerce urgent care has received more than $1.2 million in venture capital funding since it was founded in 2015The company says it has about 300 staff but has a backlog of more than 1,000 patientsThe company has only had one chief executive since it launched in 2015But despite its success, Commerce urgent healthcare has struggled to pay bills as the business grows and the team grows.
It is the second startup to launch in the industry in the past two years, after Australian-based health care technology startup MediTek received $1 million in capital in December.
The business has only been in business for about three years and has only managed to pay a small amount of bills, said chief executive Michael Kavanagh.
“There is a backlog we have had for quite a while.
We have been working very hard to meet it, but we are still in the process of getting it paid.”
We do not have a full staff but we do have more than a few patients in our care facility, we do not want to put the patients on hold.
“MediTec is one of several health-tech startups that are facing an influx of funding amid the global recession.”
In 2017, we have been very successful in raising more than half a billion dollars to accelerate our growth and get the business going,” Mr Kavanag said.”
Our goal is to grow to a capacity of one million beds and that’s a long way from that.
“Mr Kavanach said the business was in good shape financially but he would have to see how things progressed for a while before he could say how much more the company was expecting to raise.”
The business is still growing and we are growing as well, but the growth is slowing, and it’s going to slow down a bit more over time.
“It is going to take some time for the business to get the money it needs to pay the bills, and the business is not going to be able to do that overnight.”
Topics:business-economics-and-finance,business-group,health-policy,health,healthcare-facilities,healthy-business,health—access,community-and_society,australiaFirst posted October 02, 2019 06:03:39Contact Matthew Ahern