ClinicSpectrum Speaks On Revenue Optimization: 3 Part Series with John Lynn, Part 3

John Lynn: Vishal, welcome back. Last time we touched upon another product from your technology platforms, what is it called?

Vishal Gandhi: It is called Invoice Spectrum.

John Lynn: Okay.

Vishal Gandhi: What it does is creates a template. For example, if you are charging a customer, say, $300 of monthly subscription or $400 or $350, it creates a recurring template plus it can take an external data sync. So for example, if I retain you as my consultant and if you are billing me a monthly retainer ship of say 10 hours at $200 an hour, right?, you raise me a $2000 invoice. You can make a template under ClinicSpectrum and you can say “every extra blog or content that I write for you Vishal, I am going to charge you extra ….this much money,” Right?

Interviewer: Right.

Vishal Gandhi: So right from your smartphone you can say how many other activities you have done, right? And the system synchronizes that data through XML into your template, populates those extra variable parameters, and creates your invoice, processes the credit card on its own, and sends you a receipt.

John Lynn: Interesting.

Vishal Gandhi: So, my entire business runs on InvoiceSpectrum right now.

John Lynn: I need to look at that, because we obviously do the monthly billing.

Vishal Gandhi: Absolutely mind boggling. You know, I am telling you several billing companies have adopted it and it has an option, suppose you are using a practice management system called CareTracker or, for that matter, AdvancedMD. You can actually just have an excel spreadsheet by provider, their monthly collection, primary, secondary, and you can import it and your invoices are ready. You can have a credit card on file or define the processing rules that you want to fax the invoice, email the invoice, send it through a secured email, or you want to do credit card processing and then send them as a print. You define the processing rule, the system will automate the entire processing on its own, and everyone will get a fax, emails, etc.

John Lynn: What do you charge for this product or how do you charge?

Vishal Gandhi: It is based on the recurring template, so if you have say, up to 200 recurring templates, you have 200 clients in short. So 200 recurring templates is $1 per month per recurring template, and above 200, it drops, so there is a scaling structure in place.

John Lynn: Right, in view of the other person.

Vishal Sir: Correct.

John Lynn: Interesting. Well, we are reaching the end of our time, but I want to ask one other question. Where do you think ClinicSpectrum will be going 5 years from now, 10 years from now? What would you be working on? Where will ClinicSpectrum be?

Vishal Gandhi: Our entire focus has been obviously on the human resource side because that is the fundamental, so we are developing a lot of technology into human resources. Our upcoming product will be HR Spectrum, which is complete management of employees. Right from the recruitment to when he/she joins, because we already have a productivity side, now if we combine recruitment side, we can give an industry the futuristic HR management right from scouting all the way to productivity management. We hope to double and triple our complete team size and grow the business as we grow, but we definitely want to contribute in what we call management of the human resources as the next focus for us.

John Lynn: Interesting. Do you think you are going outside of healthcare or do you think you will stay always in healthcare?

Vishal Gandhi: As of now, we are finding a lot of interest in healthcare, but once I do come up with the human resources side, I already have a couple of companies which are interested because we already have a document management side for the employees, which is being used by a couple of companies even though we are not actively marketing through referrals. Yes, we want to restrict ourselves to where we belong, but we will give those tools to other companies to take them into other industries.

John Lynn: Interesting. Thanks so much for spending time with us today, Vishal. It was an interesting conversation and I look forward to staying up-to-date and we will do it again.

Vishal Gandhi: Thank you very much John, thank you for the opportunity.