Business Overview
- Mikehuttonsquire (Unlicensed)
Vision
To support people living with disability to live their fullest life by easing the burden of the financial administration for their care.
Problem Statement
Managing the financial aspects of ones disability is complex. Participants have numerous providers who deliver care to the participant and the overhead of paying/authorising all these providers is onerous.
Solution Statement
<Cevian> is a plan management service supporting the funding and financial management of a person living with disability. The service is underpinned with a best-of-breed user interface and an automated payment management system that presents data to participants and providers, and interfaces into NDIA claiming systems. The objective is to be the fastest and easiest disability payment management system in the market.
Business Principles
Technology should be the first resolution to any human business process
Get to MVP within 6 months
Validate the solution regularly with participants and with known planners (Human Centred Design)
Prioritise development investment over management costs
tbc
Assumptions
Participants find the job of keeping up to date with funding their care onerous.
The Plan management market is still developing with around 40% of all NDIS participants using a plan manager.
The NDIA will move away from being a plan manager (Agency managed) and will encourage the market to do more of this work. (I’ve got someone validating this)
Developing a largely self-service, automated plan management system will be welcome by the industry as it saves time for participants and can increase payment speed for providers.
We have access to the resources to be credentialed by the NDIA as a plan manager.
We have sufficient seed funding to get us to MVP + first tranche of marketing investment.
The market is around 400,000 participants. Each participant is eligible for $1500 per year in plan management funding which is unlikely to change.
Within one year from launch we could acquire 2,000 participants resulting in $3M recurring revenue.
Questions:
How often do participants pay providers directly? Do providers mainly bill directly to the NDIA?
Will we gain more marketing traction if we are a social enterprise? https://www.forbes.com/sites/meimeifox/2016/08/08/5-reasons-why-social-entrepreneurship-is-the-new-business-model/?sh=63da225044ca
Research
Their daily tasks include helping participants receive invoices, paying their service providers, tracking funding budgets, managing financial reporting for NDIS audits, and claiming funds through the NDIS portal. They can also help their clients improve their financial and plan management skills and teach them how to self-manage their funds.
From <Here’s How to Become an NDIS Plan Manager [Full Guide] | NDIS Plan Management Provider >
Workforce:
Competitors:
Bright NDIS Plan Management | Australia
Data on the sector:
532 organisations offer plan management, 96 do it exclusively. (Clickability)
120,000 participants use a plan manager. ~30% (Steve said LN thought this 57%)
47% of plan manager did not make a profit in the last year
https://www.ndis.gov.au/about-us/publications/quarterly-reports (MHS: This market is maturing but there is much more upside here)
