2024 – Kismet – how Mark Woodland’s healthtech startup, NDIS platform Kismet just got $32 million richer, thanks to a successful funding round from investors. (From the archives!)
Sep 22, 2024
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Mark Woodland, a serial entrepreneur known for his innovative work in healthtech and childcare, discusses his journey with Kismet, a platform revolutionizing NDIS services. He shares how Kismet, started in 2022, quickly raised $32 million, enhancing compliance and reducing fraud in healthcare. Woodland highlights the evolution of digital check-ins and the emotional rollercoaster of securing venture capital. He also reflects on lessons learned while transitioning from military service to entrepreneurship, showcasing his unique insights into both sectors.
Mark Woodland's Kismet platform, launched after 13 years of contemplation, addresses NDIS participants' needs by linking them with approved service providers and reducing administrative burdens.
Kismet has rapidly grown by fostering partnerships and utilizing technology to ensure accountability and transparency in healthcare, significantly mitigating fraud within the NDIS system.
Deep dives
Mark Woodland's Entrepreneurial Journey
Mark Woodland's entrepreneurial journey began with a life-changing idea after witnessing the struggles of his family with aged care services. The need for a better system inspired him to co-found Kismet Healthcare in 2022, aiming to streamline the process for National Disability Insurance Scheme (NDIS) participants seeking health services. After spending 13 years contemplating this project, he launched the platform, which connects users with various service providers and automates appointment booking, dramatically reducing time spent managing care. In just two years, Kismet has evolved into a significant player in the digital health sector, raising $32 million in seed funding and establishing itself as one of the largest NDIS plan providers in Australia.
Innovations and Features of Kismet
Kismet offers a comprehensive feature set designed to tackle the administrative challenges faced by NDIS participants and their families. The platform not only provides easy appointment bookings but also utilizes Bluetooth beacons and a digital check-in service to streamline attendance tracking and fraud prevention. This innovative technology ensures that users are accurately checked in and out for their appointments, which protects against fraudulent claims related to non-attendance by service providers. Kismet's marketplace verifies approved providers, enabling users to leave genuine reviews based on actual experiences, enhancing accountability in the healthcare space.
Addressing Fraud in the NDIS System
Fraud prevention is a critical concern within the NDIS, and Kismet takes it seriously through sophisticated tracking and verification systems. By automating service bookings and ensuring accurate attendance reporting, Kismet helps to reduce instances of fraudulent billing and overcharging that have plagued the system. Woodland noted specific examples of discrepancies in billing, such as inflated costs for basic equipment, which highlight the urgent need for effective oversight. By creating a transparent and user-friendly platform, Kismet aims to mitigate fraudulent activities and ensure that funds are utilized effectively to support those in need.
The Importance of Relationships in Scaling Kismet
Building meaningful relationships has been pivotal for Kismet's rapid growth and scaling efforts since its inception. Woodland emphasizes the value of partnerships with various stakeholders, including healthcare providers, support coordinators, and governmental systems. Through these connections, Kismet was able to onboard thousands of providers and support coordinators in a short period, demonstrating that a deep understanding of sector dynamics is crucial for success. This approach not only fosters trust but also positions Kismet as a reliable platform that prioritizes delivering tangible benefits to its users while minimizing administrative burdens for care providers.
In late 2023 we brought you an interview with serially successful entrepreneur Mark Woodland, who co-created and built the Kismet platform to provide digital tools to help NDIS participants easily link up with approved providers, reducing fraud and overcharging & improving compliance along the way. Kismet only began life as a business in August 2022, after Mark had kept the idea in his bottom drawer for 13 years. Then in early 2023 Mark raised a whopping $4 million from venture capital veterans AirTree Ventures, Daniel Petre AO and others, an enormous tick of approval for Mark Woodland, a former soldier and proud product of a single mum household. Now the latest news in September 2024, is Kismet completed a successful $32.5 million seed funding round from venture capital investors. Wow. Not bad for just over 2 years in business! Then again, Mark had already built successful childcare business, xplor, to streamline the admin process for parents and childcare operators alike, which he sold in 2020 to US private equity, reportedly making xplor worth $100 million, and putting Mark onto the Financial Review Young Rich List. Mark’s is such a remarkable startup journey, we thought we’d share it with you again. Enjoy.
