46. Health Metrics

Revenue: $4.4 million
Growth: 54.4%
Founders: Steven Strange, 50, Lisa Papettas, 50
Head office : Cheltenham, Victoria
Year founded: 2008
Employees: 45
Industry: Healthcare and medical
Website: www.healthmetrics.com.au

Founders Steven Strange and Lisa Papettas were not prepared for the complexities of the aged care sector when they launched aged care software provided Health Metrics in 2008. Despite Strange’s background working for Ansett airline, he says the aged care sector is the most complex industry he has encountered.

“A big challenge early on was to understand the aged care industry’s complexities, including wading through government legislation and compliance requirements,” the founders told SmartCompany.

Despite these complexities the duo’s business has thrived, turning over close to $4.4 million in the last financial year, and employing an extra 10 staff members. The company’s aged care management software eCase was also recently picked up by major aged care providers in New Zealand, including Bupa NZ and Arvida.

This is the second time Health Metrics has made it into the Smart50, after coming in at number 36 in 2015.

“In terms of learnings, it is best to dive in first, and be okay with tripping up every now and again,” Strange and Papettas say.

“Thinking back, if we had a concept of how hard it was going to be, we wouldn’t have taken the leap.”

Constant legislative changes from governments worry the founders, as any significant change could turn their industry on its head instantly.

But while every new federal budget has introduced major changes for the aged care sector, Strange and Papettas choose to respond by continuing to focus on their customers’ needs.

“Most recently the 2016 budget has meant that government funding will be slashed for aged care providers,” they say.

“That is where we step up for our clients and evolve our product so that it assists in providing efficiencies and revenue protection, whilst maintaining the highest care outcomes.

“In addition, the ageing population will see older people staying in their homes longer. Aged care providers will most likely need to introduce an ‘in home’ service to stay competitive,” they add.

In the future, Strange and Papettas want to continue the expansion of Health Metrics into the Asia Pacific region and New Zealand, and pursue a presence in the US.