Locumate.ai is a comprehensive technological platform that acts as a bridge between external on-demand workers and organizations. Their all-in-one solution integrates the potential of internal talent pools, existing networks, external marketplaces, and recruitment agencies to empower and enhance the future of shift workers and the organizations that rely on their services. The primary goal is to unite shift workers and employers in order to create thriving communities.
Leading the company as CEO since its establishment in January 2022 is Surge Singh, one of the co-founders. Initially, the platform began by assisting pharmacies in Australia in quickly connecting with temporary pharmacists, commonly referred to as locums. This assistance was particularly vital during instances of sudden unavailability due to factors like illnesses, vacations, or increased workloads. Pharmacies can easily post their shift requirements on the app, instantly notifying available locums. Once a locum selects a shift, the app streamlines the process by automating time-keeping and invoicing once the job is completed. With scalability at its core, the platform is now poised to expand its services into other industries.
Within the pharmaceutical industry, a common question arises: What benefits do we derive from using a particular product or service? Although the idea of rebates was novel to Singh, he learned that they hold substantial importance within the industry. As a new software provider in the pharma industry, Locumate.ai had to innovate a rebate strategy to align with this model and effectively cater to the industry's needs.
Singh tells us, "In the pharmaceutical industry, every pharmacy banner encompasses multiple member pharmacies. However, each one has its own unique operations. While the head office and the individual pharmacies function as separate entities, from a sales vantage point, we can either directly approach each pharmacy or liaise with the head office. To incentivize the head office to utilize its resources to amplify our message and bring customers onboard, we've introduced rebate programs."
He continues, “Our business model hinges on the principle that we only generate revenue once shifts are facilitated on the platform. Consequently, we refrain from guaranteeing anything upfront. Instead, we've devised a system where rebates are triggered after a certain volume of shifts. This flexible arrangement aligns seamlessly with our operational framework, which is centered around scalability. By expanding within a specific group, we ensure that both parties benefit: the group's head office receives increased rebates, resulting in a mutually advantageous outcome.”
Establishing a Rebate Strategy
Locumate.ai is a newcomer to the realm of rebates. In this regard, the valuable insights provided by Enable have proven extremely beneficial. Singh says, “I've been pleasantly surprised by the variety of rebate programs Enable has presented to me, as I was previously unaware of their existence. This is precisely why we rely on Enable's community and expertise. Enable guides us towards novel approaches and introduces concepts that are not commonly practiced. Some strategies might have seemed overly complex if done manually, but with Enable’s automation, we can potentially unveil innovative rebate programs that have never been considered previously.”
Locumate.ai is currently in the process of exploring various rebate programs. Enable has assisted them in determining how to provide incentives for both sides of the marketplace. Rebate structures are familiar to pharmacies and are relatively straightforward. However, the concept of rewarding individuals solely for their hard work is novel and inventive.
Singh says, “Every group has distinct preferences for their rebate structure, making it impossible for us to simply replicate the same program multiple times. This leaves us with two fundamental questions to address: how to implement rebates for individual pharmacies and how to structure rebates at the group level. Our approach varies; at times, it involves offering the 10th shift for free, while in other instances, it entails providing a certain percentage reduction after a specific number of shifts. These diverse models are contingent upon the projected volume from a given pharmacy group.”
From Annual to Monthly Rebate Agreements
When Locumate.ai initiated their first rebate program, the path forward was unclear until Enable came into the picture. Their initial plan was to operate on an annual basis. However, feedback from their set of clients was clear: they wanted monthly agreements.
Singh says, “The challenge was managing this frequency without increasing manpower or resorting to tedious manual processes. But with Enable on our side, I can confidently tell our clients, "Bring on any challenge, and we'll automate it." This empowers me to present plans to potential clients, assured in the knowledge that we have the capability to automate the processes behind them.”
Partner Dashboard and Reporting
Singh says, “I'm navigating an industry that's not accustomed to automation. Currently, they rely on us to furnish them with data, which involves us manually logging in, generating reports and sending them over. However, with our recently implemented templates in Enable, this process has been streamlined to a single click.”
He continues, “In an ideal scenario, my objective is to give our customers access to Enable seamlessly via the Partner Dashboard, gaining comprehensive insights through real-time reporting. This would create a unified platform where all stakeholders are integrated, eliminating the need to request reports. Instead, they could effortlessly retrieve information in real time.”
Singh praises the end-to-end automation side of Enable. He says, "I don't need to overthink it. Enable provides me with ready-made rebate programs that have been proven with various customer segments. This means I have a clear understanding of what resonates with different groups. The data further highlights which features are actively utilized, as well as those that aren't, pinpointing where our customers derive the greatest benefit. As the next year unfolds, we anticipate gaining even deeper insights, which will serve as the foundation for identifying the most successful templates. This isn't solely about automation; it's about obtaining insights that distinguish between what's impactful and what's not."
Expanding Our Rebate Offerings
Upon discovering the potential of Enable, Singh realized the platform’s capacity to facilitate Locumate.ai’s approach to pharmacy groups. It became clear that utilizing rebate management software would allow them to present well-structured plans for recouping their investments, thus fueling their expansion. With a comprehensive understanding of the software's capabilities, Singh gained the assurance he needed to formulate and propose effective rebate programs.
Singh, comments, "Despite initially having just one rebate program, I took a calculated risk, confident that automation would attract more opportunities. Thanks to Enable, we've transitioned from having a single customer rebate agreement covering just 10% of Australia's pharmacy retail market to securing four more, now covering over half the industry. After our initial agreement, I was stumped on how to manually manage it. That's when we discovered Enable. With its automation, we can efficiently handle even more agreements."
He continues, “This success bolstered our confidence and emboldened us to venture further. I'm now actively engaging my team in discussions about enhancing the system's dynamism. Our goal is to introduce various rebate structures that cater to diverse user preferences, including commissions and other incentives.”
Using Rebates Instead of Discounts
While having a conversation with one of his partners, they told Singh how they utilize various discount programs to incentivize membership purchases. Singh says, “I told them, by employing a rebate program through Enable’s software, you can go beyond offering mere discounts and instead establish an automatic revenue stream for themselves. It was a revelation that emerged from thinking outside the box, and now, whenever the topic of offering discounts arises, I find myself consistently highlighting the capabilities of Enable's software. It's no longer just about discounts; it's about transforming them into something more impactful."
Future Plans for Locumate.ai
"We have ambitious visions ahead. We're on the brink of revolutionizing the very model we've created, challenging our own boundaries with our upcoming release. While our origins lie in pharmacy, our ambitions reach far beyond. Our goals are twofold: firstly, to expand globally within the pharmacy realm and secondly, to venture into diverse verticals. We’re pleased Enable is on this journey with us."
Surge Singh | Co-Founder