CASE STUDY: Healthcare sector
At a glance
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MEET THE CLIENT
Delivering smarter technology to healthcare workers
While working at McKinsey & Company and NHS London, Lantum CEO Melissa Morris saw first-hand how expensive and wasteful the staffing industry was in the healthcare sector. She founded Lantum in 2011 to address this challenge.
Fast-forward to today, Lantum has become a leading workforce management platform for the healthcare sector, using technology to simplify all aspects of staffing. Across the UK, 50% of GP practices use Lantum to gain access to local primary care staff.
The business has developed its platform to improve scheduling and flexible staff management for clinicians and healthcare organisations, dramatically reducing time spent on rostering administration, compliance, and invoice chasing. Its innovative and easy-to-use tools empower healthcare organisations to fill their shifts and professionals to fill their diaries, without the need for locum agencies.
THE CHALLENGE
Working capital to accelerate the speed at which clinicians get paid.
One of the key elements of Lantum’s strategy is its unique Rocketpay offering, which it offers for free to help improve clinicians’ quality of life. Rocketpay enables clinicians who have booked a shift on the platform to get paid the next day, rather than waiting 30 to 60 days to receive payment. This solution removes any administration headaches and immediately improves cashflow. Since its successful launch in 2018, the proposition has been welcomed by clinicians and healthcare organisations alike.
Melissa Morris, founder and CEO of Lantum Limited, explains: “Rocketpay is essentially an advanced payment mechanism. It means clinicians can access their earnings when they need to, rather than having to wait for the payment cycle of the Healthcare organisations concerned. When a clinician works a shift, we buy the invoice from them and pay them the next day.”
THE SOLUTION
Building a unique invoice financing approach.
Following an independent referral and recommendation, Investec structured a flexible working capital facility, enabling Lantum to roll out Rocketpay to its growing client base. Rachel Clelland, Finance Director at Lantum commented: “Rocketpay is a niche facility and requires a bespoke approach from a lending partner. You can’t just look at an invoice and borrow against it, as it’s the Locum invoice we’re borrowing against, not our accounts receivable. Investec worked with us to understand our processes and requirements in depth.”
“What we needed most from a lending relationship was flexibility and Investec demonstrated that very early on. Within three months, we recognised that the business was growing significantly faster than we had originally anticipated, so we shared our financial model with the Investec Working Capital team. They responded quickly by structuring an increased facility that will give us the headroom to encourage continued business growth.”
- Rachel Clelland, Finance Director, Lantum Limited
THE OUTCOME
Building a valued and trusted business.
With Investec’s invoicing facility in place, Lantum has established a significant presence in primary care and the secondary care market, and is on a mission to help save the NHS £1 billion in staffing costs. The company has also expanded its operations into Europe, Asia and Africa.
“Investec ticked all the boxes for us. From an early stage, they showed that they wanted to work with us as a key partner and got right behind everything we wanted to do. Our mission is to improve clinician well-being, and we look forward to working with Investec to help us drive further growth.”
- Melissa Morris, CEO, Lantum Limited
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