Epic Pharmacy injects $A1.5 million into CX co-creation startup Flamingo
One of Australia’s largest specialty pharmacy groups, Epic Pharmacy, will invest $A1.5 million in software startup Flamingo, to co-create healthcare solutions for Australian consumers.
Flamingo is one of the pioneers in the emerging field of vendor relationship management. Its platform — launched earlier this year — is designed to enable customers to co-create the experience they want by personalising the way they communicate and interact, and how they want to be treated by an organisation, along with the mix of goods or services they want to receive.
Flamingo will use the cash to build out customer-directed healthcare solutions, initially with healthcare insurers and hospitals.
According to founder and CEO Dr Catriona Wallace, customised healthcare is of growing interest and concern to the majority of Australians. She said the funding would allow her company to help consumers co-create a personalised experience with a health service provider to meet their own individual needs, beyond just the product. “We will also provide customers with a Personal Cloud to store and manage their own healthcare data.
“Flamingo already has clients in the financial services, professional services and digital business sectors, and this funding allows us to provide the platform to healthcare providers initially in Australia and, by June 2015, to the North American market.”
The company says it developed its software to overcome the challenge organisations face providing personalised experiences to customers, where they lack the tools to do so.
The platform guides employees through customer journeys that address the needs, problems and goals of customers —but within the parameters that the organisation can deliver. Real-time reporting and predictive models of customer experience are provided by data analytics tools.
The company says organisations can centralise customer experience information, allowing the generation of an accurate picture of past interactions and future likely requirements. “This results in an organisation understanding exactly what each individual customer is experiencing, and providing a practical way to treat every customer as an individual,” according to a company statement accompanying the Epic Pharmacy announcement.
Customers are then invited to review and personalise their relationship with the organisation through a web-based interface.
Cathie Reid, managing partner, Epic Pharmacy, said “Co-creation via Flamingo puts the customer at the centre of every business decision. As healthcare professionals, we instinctively understood the power that a ‘patient first’ perspective can deliver.”
Since launching earlier this year, Flamingo says it has already secured strong interest from industries ranging from banking, fashion, insurance through to Federal Government. It has already racked up an impressive list of clients including National Australia Bank, Imalia Insurance Brokers, Her Fashion Box, and digital mentoring business PropellHer.
The company also recently closed a second round of funding which was over-subscribed, with $A2.1 million being raised from a mix of private and institutional investors including Andy Lark, former Chief Marketing and Online Officer at the Commonwealth Bank of Australia and now CMO at accounting software insurgent Xero.
Reid will now join the Flamingo board, which also has private investors including Paul Hunyor, founder of One Big Switch, and Doc Searls, from the Centre of Internet and Society at Harvard.