In this podcast, Lars Markull interviews Niklas Radner, CEO and co-founder of Nelly Solutions, a German startup revolutionizing the intersection of FinTech and healthcare. Nelly provides medical practices with innovative patient onboarding and payment solutions, aiming to reduce administrative work and improve financial processes in the healthcare sector.
The Genesis of Nelly
- Niklas Radner's background in FinTech, including experience at N26 and Klarna
- Initial focus on solving administrative problems in medical practices
- Development of a digital patient journey from check-in to check-out
- Creation of a proprietary signature solution for medical documents
Nelly's Unique Approach
- Started with a SaaS product to understand the target market before introducing FinTech solutions
- Focused on process innovation rather than technology alone
- Integrated their solution with legacy practice management systems
- Aimed to become the largest software-enabled bank in the healthcare space
Key Financial Products and Services
- Factoring solution to take over invoice and reconciliation processes
- Digital invoicing for medical practices, allowing one-click patient payments
- Plans to offer comprehensive financial services, including bank accounts and expense management
- Focus on practices with high out-of-pocket payments and frequent patient visits
Challenges and Strategies
- Overcoming the lack of healthcare industry experience in the founding team
- Building trust with medical practices through software solutions before upselling financial products
- Navigating partnerships with established practice management systems
- Addressing the shortage of skilled workers in medical practices
Future Vision and Advice for Entrepreneurs
- Aim to become a one-stop solution for medical practices, covering both administrative and financial needs
- Focus on making the healthcare profession more attractive by reducing bureaucracy
- Advice for entrepreneurs: Fall in love with the problem, not the solution
- The importance of starting with a core problem and exploring various solutions
This podcast offers valuable insights into the evolving landscape of Fintech in healthcare, showcasing how innovative solutions can address long-standing challenges in the medical industry.