PrimaHealth Credit: Positioning a fintech startup for success

PrimaHealth Credit spent several years building a fintech platform to help elective healthcare providers offer patients a financing solution when out-of-pocket costs became prohibitive. Their innovative software, however, was in search of a go-to-market strategy that could articulate why they existed and what they offered to healthcare providers, who are notoriously averse to change. 

After conducting an extensive competitive and marketplace audit, interviewing dozens of providers, and performing a design thinking exercise, a compelling position came into focus: don’t shy away from the 800-pound gorilla in the market (CareCredit), as virtually all competitors do; instead, become a complement to them. In effect, our strategy is to quiet the “noise” of a cadre of competitors by inviting providers to consider just two (CareCredit and us), and tune everyone else out. It also quickly articulates the company’s core value proposition: a financing solution for those who are turned down by products catering to patients with “prime credit.”

The resulting positioning, We pick up where CareCredit leaves off, is now front-and-center on all investor, marketing and sales materials. It was instrumental in securing a second round of funding and propelling the company’s sales growth.

This “manifesto” became the rallying cry for the company – helping to focus everyone involved on our strategy

Our investor presentation doesn’t shy away from stating forcibly what we’re great at