Business Requirement Due Diligence

ConnectSx, LLC

Mentors

Chris Riedel, Co-Founder, CEO
Ryan Wright, Co-Founder

Background

ConnectSx is a SaaS startup delivering a mobile and web-based platform that addresses waste and inefficiency across the medical and surgical device value chain. By tracking asset location, usage histories, critical device metadata, event and sales activity, device knowledge, and billable transactions we help manufacturers and clinical providers save time, reduce costs, minimize waste, and eliminate manual errors.

Medical device operations are costly, with a significant percentage of revenue going to support inventory, including non-billable device instrumentation (the required tools used in procedures such as fixations and implantation). In the current environment, device companies cannot leverage their instrument as assets against debt, making it difficult for them to get favorable terms from traditional lenders. We believe there is an opportunity to use effective asset tracking against the dollars generated through use of those devices to enable manufacturers to shift these instruments from the expense category to the asset category. By doing this, medical device manufactures will be better positioned to secure traditional financing at lower rates. And with better access to favorable debt, we believe manufacturers will be more inclined to innovate their offerings and services, providing greater value to the health consumer.

Internship Description

Using both available data and individual interviews with financial institutions (banks, private equity firms, alternative lenders), develop a set of business requirements that would enable medical device manufacturers to leverage their instrumentation as capitalizable assets for purposes of debt financing.

Specific Objectives

Depending on alignment with skills and interest, the intern(s) will work on one or more of the following projects:

• Analysis of existing decision points for medical device manufacturer financing, including reasonings behind disallowing companies to include instrumentation in the asset calculation
• List of requirements to shift instrumentation from expense to assets for purposes of debt financing
• List of possible feature sets (including software features, new business processes, etc.) that would support the requirements defined above
• A whitepaper documenting the exercise, the outcomes, and the potential value/ROI to medical device manufacturers and banking partners

Qualifications

• Strong interpersonal skills and the ability to engage professionally in person, over the phone, or via video conference
• Strong writing skills
• Enthusiasm/interest in healthcare, entrepreneurship, and/or finance
• Strong work ethic and the ability to work independently
• Experience researching complex issues
• Preferred: Experience writing for a non-technical audience
• Useful but not required: business background, MBA or related coursework, or a general understanding of corporate financial reporting