Can you explain exactly what your company does?
Procura provides software solutions for home and community healthcare organizations in the United States, Canada and Australia that help them meet regulatory requirements, reduce costs and provide a higher quality of care. Due to ever changing laws and patient needs, these organizations face distinct administrative and documentation challenges. Our software solutions drive an organization’s stability and growth, streamlining operations at every level; from the clinician at the point of care to the executive director and above.
We believe that with the technological capabilities of today’s tablets and smartphones, supported by software like ours, home healthcare will be a panacea for affordably delivering quality, compassionate care.
How did Procura get started?
A little more than twenty five years ago, Procura began as an in-house solution at a home care organization in Victoria, British Columbia.
Since then, the company has grown exponentially, adding a breadth of knowledge rarely found in a localized industry, to first-hand insight into the challenges and day-to-day requirements of the home care community. Today, Procura is a global provider of healthcare software solutions that address pain points and improve operations based on extensive knowledge of the myriad regulations and operating procedures across the U.S., Canada and Australia.
What are some of the specific challenges you’ve faced as the company has grown and how have you addressed them?
As a global healthcare organization serving three countries and numerous market segments, we are continually challenged to adapt to rapid changes and stay on top of regulatory and compliance issues on a state and international level. However our biggest challenge has been finding the right people to help scale our go-to-market strategy and taking the company to the $100 million level in three years.
We offer innovative solutions, and we deliver great customer service. In fact, recently one customer called us “the best kept secret in home care.” It’s this challenge — taking the company to the next level and expanding awareness and customer base across three separate countries — that motivated us to involve an equity partner who could help us capitalize on the growth potential in an accelerating global market.
Tell us about your decision to bring in an equity partner.
In early 2013, the leadership team set a goal to significantly expand as a global healthcare solutions provider. The target is to accelerate growth by acquiring market share over the next five years in order to be top- of-mind for both SaaS and Enterprise buyers. We recognized that we could not do this alone and decided that an investor with a broad market perspective was needed to help achieve the growth and profitability objectives that we set.
What are the benefits of working with a group like Carrick Capital Partners?
Carrick has provided exceptional guidance based on a breadth of experience having worked with hundreds of companies in healthcare and technology. Their principle of adding value to their investments exceeded our expectations. From day one they began to affect change, aligning the organization around business objectives and immediately implementing a variety of tactics to achieve our business goals. With Carrick’s help we have executed a best practice process that is highly metric driven, based on years of software success. Additionally, their capital investment has given us the financial flexibility to make strategic acquisitions at a more rapid pace.
Combined with Procura’s market expertise, outstanding product depth, and dedication to customer service, Carrick’s financial strength and management expertise is increasing our ability to achieve the objectives that we’ve been striving toward.
What’s next for Procura?
As the population ages and healthcare costs continue to rise, there will be increased focus on proactively managing client populations in the most comfortable and cost-effective settings available: the client’s home. Procura’s software solutions are instrumental in reducing healthcare costs and improving clinical outcomes. This shift toward more in-home and patient directed care will increase the demand for Procura software and contribute to company growth.
With Carrick’s help driving strategic growth, Procura will become a dominant player in the global home health and residential health markets, capitalizing on the rapid changes in the healthcare landscape, and helping our customers keep pace with the changes. Moving forward, our customers will continue to see exciting and innovative solutions that will help them operate at the highest level.