Case Study
Careteam Technologies
Quick Hits
Goal:
To develop a capital raising strategy, gain financial management support and offload daily bookkeeping duties from the CFO.
Results:
Goals achieved. Careteam has received significant funding through several successful rounds, and increased operational efficiency by digitizing bookkeeping and administrative systems. Additionally, the team has almost doubled in size, and recently expanded into international markets.
Tandem Team:
Stefan Aleksander, Bookkeeper
Will Lai, HR Support
Tandem Services:
Bookkeeping, AP, Payroll, Monthly Close, Tax Compliance, Cash Flow Management, Grant Management, Financial Modelling, Strategic Growth Support, Reporting, Forecasting, Due Diligence, Capital Raising, Investor Relations, Recruiting, HR Admin, HR Advisory
Milestones:
“Tandem has been an amazing partner, and incredibly responsive to our needs. We appreciate how well they understand our business and have integrated into our core team. This relationship has only gotten stronger over the past several years, and we look forward to continuing to rely on Tandem as a partner!”
Rob Attwell, Founder and COO
Careteam Technologies
About the Company
Careteam is an award-winning digital collaboration platform that enables health teams to ensure patients, families and other health professionals can manage health issues proactively and collaboratively in order to improve the experience and outcomes of care while optimizing costs and use of resources. Built by clinicians and patients and sold to health organizations seeking to accelerate their move to patient-centered care, Careteam flexibly adapts to all situations and offers patients full control of who from their support network gets involved.
Why We Love Them
We love Careteam’s commitment to innovation and accessibility in the medical and healthcare domain, an area where we all agree there is a real need for change. Careteam presents a collaborative, technological solution that brings focus back to the patient and to proactive timely care.
Scope of Work
Our collaboration began in 2019 when Careteam received an investment from Pique Ventures, a fund where Tandem founder Tania Lo has a stake. Careteam was in need of strategic support, so Tania quickly connected them with a fractional CFO to prepare them for another round of investment. However it soon became clear that they needed someone with more aligned niche expertise and connections, so they parted ways.
As Careteam’s growth began to accelerate, their management team became stretched thin, constantly weighed down by administrative tasks. Careteam’s bookkeeping systems needed to be upgraded for the new phase in growth. That’s when we brought in Stefan Aleksander, a Bookkeeper with extensive experience in cloud-based bookkeeping. His immediate focus was to transition Careteam’s accounting tech stack – from QuickBooks Desktop to QuickBooks Online, and introducing Hubdoc for document management and Pluto for accounts payable.
Stefan also became an important collaborator to the founders, helping to tell Careteam’s financial story, including their financial model, where they were at and what decisions to make going forward. He and the management team worked together to build a roadmap for securing funding, after which Stefan galvanized the investor community and facilitated Careteam’s market entry with the necessary resources.
Stefan Aleksander, Senior Accountant
Will Lai, HR Specialist
Outcomes
Stefan’s digital overhaul significantly streamlined internal processes, allowing team members to instantly share and collaborate on financial documents, saving time and collective effort on day-to-day operations.
With an enhanced bookkeeping and financial management system in place, Careteam successfully navigated multiple funding rounds and almost doubled its team size.
In order to grow the team, we brought in William Lai, an HR Specialist who could support Careteam in managing recruitment, employee onboarding and offboarding processes, along with other HR responsibilities.
What We Learned
Financial Storytelling Starts With The Books
Sometimes a bookkeeper is more than a bookkeeper – they’re a storyteller.
Having a System Prevents Damaging Backlogs and Bottlenecks
For growing businesses, systemization is a priority and an evolving work in progress.
Continuous Process Improvement is Key
Processes and digital systems for streamlining operations must be continuously optimized for quality and efficiency.
What's Next
This year, Careteam is focused on continuing to expand its market presence in Canada and the US by partnering with more health systems, ultimately improving the lives of more people with complex chronic conditions.
